In a fast moving world, with legislation varying from province to province within a country, let alone from country to country, merchants specialising in CBD and hemp products are strggling to find banks and financial products that will provide the services they need to run and operate their businesses. It is seen as a high risk industry and some banks don’t want to accounts for companies in the industry, as it in turn leaves them exposed to risk.
With the legalisation of CBD products spreading though, more and more legitimate merchants need such services in order to run their businesses and that is where a CBD Merchant Account can come in handy.
With fast account opening times, and a high approval rate, more and more merchants are turning to this kind of account to ensure their business can continue to operate and flourish.
It’s not just CBD merchants who are turning to such banking services though, with other high risk industries or companies using them to grow their business. High risk can cover anything from the products they sell (such as CBD and hemp products), adult and dating services, right through to comapanies with little or no credit history which would normally put off a “traditional” financial company. Some high ticket items can also flag up as high risk meaning that some high end companies need an alternative processing system for their business.
I’ve worked in the finance industry myself previously, but it’s a fast paced and changing industry. When I was there, small businesses and those in the more “risky” industries were penalised, and instead of there being products to help them grow their business and income, there was very little in the way of support, so finding out about such services, in particular those from Ethos Pay means that small businessess and in particular, CBD and hemp product sellers can really flourish. After all, it’s about time the finance industry caught up with changing legislation and the world we live in today, I mean what’s the point in allowing people to legally buy these products if no-one can actually buy they due to a lack of payment gateways?