A client we work with regularly wanted to take advantage of being able to sell hemp oil since it was legalized in the 2018 farm bill. We knew this was a smart move, but there was a major challenge the client faced.
How would they accept payment for the product?
Since the selling of hemp oil had just been legalized we knew finding merchant processors and banks that would allow these products to be sold could be difficult.
Seeing Challenges in a New Light
After some digging we identified multiple merchant processors that were allowing hemp oil products to be processed and sold. We also discovered several banks in the US that would permit those transactions to flow through their bank.
Even with the passing of the farm bill, there are currently only three banks in the nation that allow this process to take place. These banks are nearly impossible to find online. In fact, when searching caution has to be used due to the amount of people who are trying to convince businesses that they can get this process done, but in reality lack the resources.
After intense, careful research we ran five applications simultaneously through five different channels. We weren’t sure who to trust and who would be able to get the job done effectively.
We put non-disclosure agreements in place, provided all of the information needed in an exceptionally well-organized package and managed these five relationships simultaneously 24 hours a day, seven days a week.
If there were any questions, we always had answers. If reports or ratios were needed, we provided them. We were prepared and able to present any and all requested information and we did it quickly.
Over time we found out that some of the processors were over-promising and under-delivering. This made the elimination process easy.
The More Options The Better
About six weeks into the process we were able to successfully acquire Merchant Identification Numbers from the three banks that were capable of carrying out the processing our client needed.
Each Merchant ID came in within three days of each other so we were able to choose which deal would fit our client best. We chose the option that made the most sense, integrated and our client launched their product.
Within the first four hours, our client sold over $100,000 dollars of hemp oil product.
The product has been insanely successful and worth every minute invested in the initial process. By being prepared our team was able to help our client navigate a tricky situation and turn it into a substantial stream of revenue.