For the last couple of years, Terpenes have been one of the most common terms among cannabis consumers. Like CBD, Terpenes are not psychoactive, but they might benefit your health.
Indeed, Terpenes are often used as analgesics (pain-relieves), which reduces anxiety or Alzheimer’s disease. However, it’s difficult for owners of a Terpene retailer to obtain a merchant account. Here are the reasons.
Why Won’t The Bank Process Payments for Terpenes?
Like CBD and THC, Terpenes are associated with cannabis, which is a highly regulated industry. Many banks, payment processors, and underwriters consider terpene merchant account in the high-risk category.
As a result, many companies like Square, Stripe, and PayPal are not likely to touch businesses with unstable federal legal frameworks. Besides, if you try to use the “instant approval” processors from the above companies, you may risk getting your account getting closed without warning and all funds held by the processor.
What Is a Terpene Merchant Account for Payment Processing?
To accept credit cards on your online store, merchants need a terpene-friendly payment processor, which allows their eCommerce site to connect to their merchant account. It is an integration that helps connect merchants’ shopping platforms like WooCommerce or Shopify and their banks. Therefore, the terpenes merchant processor has a vital role in making the integration process straightforward.
Besides, after the merchants set up payment processing for their Terpenes, which automatically updates or constants maintenance, the merchants do not need to check the payment processes constantly.
How To Get A Terpenes Merchant Account?
As mentioned before, Terpenes are considered high-risk, and it needs high-risk merchant accounts to process payments online. At IPP, we will work with the merchants through the approval process, including finding the best payment processors and guiding you through the underwriting process.
Contact us today to receive a free cost analysis to assess your processing needs and determine the best solution for your Terpenes merchant account.