Just curious. What kind of products do you sell online? And do you sell via retail outlet as well? Feel free to post a link to your website.
With the name "headshop9", I assume that maybe you sell paraphernalia for the consumption of cannabis, tobacco, and perhaps glass, pipes, bongs, grinders and so forth? It that's the case you should go with [online bank direct debit] as an alternative to credit cards. You can get approved today (no credit check) and start accepting payments by morning.
I wish you the best of luck trying to find a US domestic credit card processor that accepts paraphernalia. CBD isn't a problem, but smoke and paraphernalia is an uphill struggle.
Agree! A lot of banks would give you credit for opening a business that sells hemp-based products. First of all, marijuana is not legalized everywhere. Obviously, the bank cannot give money to you for any illegal activities. Secondly, not all creditors would believe that CBD is not that harmful, and actually can cure a lot of things. This problem is actually quite huge for all the retailers. That is the reason why it is so hard to find a local store in small towns that sells CBD. I usually order CBD products online on https://knockoutcbd.com/cbd-product-category/cbd-vape-pen/. Recently, I ordered a vape pen and cannot wait to try it.
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IMPACT OF COVID-19 ON HIGH-RISK MERCHANT ACCOUNTS (CBD, Hemp flower, vapes, kratom, and more). October 26, 2020
Millions are laid off work or lost their job during the coronavirus pandemic. The payments industry noticed how consumer credit card charge-backs and disputes skyrocketed from an industry norm of 0.5% to a historic 20%. Travel companies, for example, have seen a 300 percent increase in chargeback issuances since February. For other verticals, though, the impact will hit later.
By September things got worse. Consumer chargebacks industry-wide catapulted to an unprecedented 15 to 50 percent above the industry norm.
In mid-October 2020 PayPal, Stripe, Square, and other leading payment processors announced that they will begin adding “dispute fees”.
Starting in November, some credit card processors will enact a 30% reserve hold on funds to cover chargeback risks. PayPal Holdings Inc., Stripe Inc., Square Inc., and Worldpay are making some businesses wait additional days or weeks to access funds deposited in their accounts, citing the need to protect themselves against losses when buyers pursue a refund.
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