Herbal Merchant Accounts
Herbal Merchant Accounts
Herbal merchants will quickly realize that their businesses are considered high risk by banks and payment processors worldwide. These herbal merchants will need to work with a payment processor that specializes in their industry. Herbal merchants that are setup with a normal low risk merchant account will find their account closed quickly and their funds held for an extended period of time. Herbal merchants should be wary of merchant account companies offering extremely low rates for herbal product payment processing. If the rates are too low the merchant can be assured their account was setup with a low risk processor.
Herbal merchants will experience a number of negative consequences if they are setup with a low risk merchant account. Herbal merchants will have all their funds held that have not been paid out to them by the payment processor or bank, usually for six months. Herbal merchants will not be able to avoid any chargebacks or returns from their customers after their funds are held, their returns and chargebacks will be taken directly from their checking account, not from their held funds. If herbal merchants do not continue to send out orders and products for orders that have been placed, even if the funds are held, the merchant risks being placed on the TMF or terminated merchant file and never being able to open another merchant account again. Lastly, are the obvious inconveniencies such as loss of business since there are no other ways to process the orders and also the merchant’s requirement to find a new merchant account.
Offshore Merchants has been setting up herbal merchant accounts since 2007 and is able to assist your business with their payment processing requirements. Herbal merchant accounts are approved and setup within 2-3 days. Herbal merchants will receive competitive pricing along with phone and email support. Work with Offshore Merchants and expand your herbal business today.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.