E-Cigarette/Vape/CBD Business Whether you are a start-up business looking to make your mark in the industry or a wholesaler that is already processing large volumes, LightFire Merchant Services is the. Fast Approval. As a result of increased pressure from U. Low Rates. 1. Selling CBD is a high-risk business. Remember that credit card processing for smoke shops may come with a higher challenge of merchant account approval due to the perceived higher risk. Accelerate the growth and opportunity in your business. We saw this as an opportunity to make our tools available to sellers in the CBD space so they can start, run, and grow their business on Square. 0. Up-to-date certificate of analysis (COA) for CBD products. Pretty standard application process, but they can get you up and running pretty quickly. Card-not-present transactions. GREENWAY Payments has over 4 years experience specifically with CBD merchants. Moonlight Payments. 3. The company was founded by a group of industry veterans and offers merchant services to cannabis, CBD payments and other high-risk sectors. With easy integration, our top-of-the-line products give you more flexibility to accept payment for CBD and Delta 8 however and whenever you like. While it’s less common than Delta-9 THC, the psychoactive ingredient that most cannabis users know best, more and more is being learned about this cannabis ingredient. However, like other high-risk businesses, CBD merchants have to undergo a. Before we get started, let’s take a look at some frequently asked questions. Unlike other types of merchant accounts, CBD merchants must undergo heightened due diligence. First and foremost, you need a processor that securely handles high-risk merchant transactions. High-Risk Payments with Shift4. Therefore, alternative payment processors such as. Benefits of a Kava Merchant Account Services. S. Applications take an average of 15 days for approval. Enjoy faster funding, as soon as same-day. FINALLY, we have the first 100% above board, legal CBD merchant accounts in the US & Canada. This happened because the DEA in 2017 listed kratom as a “Drug of Concern” and most financial services companies cut ties with these businesses. To sell CBD products, however, most merchants will need a high-risk CBD merchant account and an acceptable CBD payment gateway. Here their processing company will collect important information. To help you on this journey, we've compiled a list of seven qualities you should look for in a payment processing partner for a CBD merchant account. Accept payments for CBD products with a CBD payment gateway → 100% approval rate Expert risk management 24/7 support - Grow your business. Square Payments. Provide us with your info to get started and a payments expert will contact you. a. All payments processed while participating in the CBD Program, including non-CBD items, will have the following costs: Payment Method. In this blog post, we'll take an in-depth look at 7 simple yet effective tips that will help ensure that you get the right CBD merchant processing services for your business. Merchant service providers that are willing to take on CBD accounts can be hard to find. Durango Merchant Services: Best For Offshore Merchants. The key lies in finding the right partner for CBD credit card processing. lawmakers, Facebook has decided to remove. Moonlight Payments is our recommended choice for CBD merchant account services, with its industry-focused features, integrated solutions, and commitment to legal. PayKings focuses on customizing your banking solution and making sure you have the lowest rates possible. The exact process varies from one merchant processor to the next. Signing up with the best CBD merchant processing company from day one saves you the time and frustration of getting shut down by. PaymentCloud. On top of merchant cash advances, we offer a variety of cannabis payment processing solutions to businesses in the marijuana industry, including: Contact Paybotic at 844. A disclaimer page to help your store’s aesthetic and, of course, pass information and warnings to customers. A. Your merchant account, once submitted will take about 15 days for approval, integration (if needed) and any other processes to help get your company’s eCommerce or retail store properly integrated to accept credit cards again. A New York-based investment bank by the name of Cowen & Co. Depending on the business’ industry, the history of the business or its owner, these can affect a merchant requires a high-risk merchant account in order to operate. However, Shopify currently only supports the hemp and CBD market in the US (maybe Canada), so for now, you can only have a Shopify CBD business in this market. We offer lower prices than the competition and 20 years of expertise. com. Lower prices. Rates begin at 2. S. CBD businesses may be subject to unavoidable high-risk merchant account fees. Due to the higher-risk categorization, the CBD industry often uses alternative payment processors such as HighRiskPay. High Risk Payment Gateways. Our offerings include a reliable, affordable, and safe credit card processing along with ACH. We only focus on the CBD and hemp industry and stay informed of the latest regulations and developments within the market to assure that our large. Charlotte's Web is a large and recognizable supplier with potential for better sales. We make it simple for you to get a CBD merchant account in as little as. Merchants can begin processing in less than 1. Bankcard International is a payment services provider that offers POS and virtual processing services for diverse industries, including the CBD sector. Who we are. Offering secure payments at your dispensary is essential. The CBD processor HighRiskPay. Currently, PaymentCloud is our top recommendation for talking card payments as a hemp business. Once you receive approval for a CBD merchant account, your payment processor will send you any POS hardware and integrate it with all your existing software to get you up and running. Payment Gateway Processor: When To Use One For Your Business. Moayyer indicated she had contacted 13 merchant service providers in the day preceding the interview and one – Square – said they do serve CBD businesses but the program is an invite-only beta. As CBD merchants are considered high-risk businesses, many credit card processing providers and payments processors will not allow CBD merchant accounts. Prior to applying for merchant accounts, you should ensure they have several months of good processing histories and few chargebacks. Accept payments in your business via credit cards, online, or mobile options. 79%. The key lies in finding the right partner for CBD credit card processing. Banks underwrite and subcategorize CBD. 2) Chargebacks: Chargebacks are the bane of many merchants. Read Also Is Shopify Still Profitable for eCommerce. 4% + 15¢. To get a Shopify CBD account, you’ll have to go through three different processes. 840. 4. 25 per transaction. Your business needs a powerful and secure high risk payment gateway, chargeback prevention, dynamic currency conversion, and a suite of fraud prevention tools. HighRiskPay. At Corepay, we specialize in high-risk processing, with. 5 weeks!As a result, CBD/Cannabis merchant accounts have become increasingly popular in Canada as a way for businesses to accept credit and debit card payments from their customers. 6% + 10 cents for every tap, dip, or card swipe that happens in person. Open a Merchant Account. Elavon was responsible for a rumored 90% of online CBD merchant payment processing in the United States. We provide Smoke Shop Merchant Accounts credit card processing with Free POS and 2. Many banks consider CBD sellers "high-risk," making merchant services — like simple credit card processing — a struggle. CBD is thought to have an array of health benefits. Our merchant services incl. If you’re serious about taking your CBD business to the next level and establishing a payment processing solution that will last as long as you do, contact us today. 1 Best CBD Merchant Account Providers in 2021. How to apply for a CBD Merchant Account. CBD businesses can get approved in as fast as one day. It offers additional functionality beyond payment processing. CBD merchant accounts are payment processing accounts specifically designed for businesses that deal with CBD products. A merchant account is essential for CBD businesses because it allows you to accept credit and debit cards, as well as ACH payments. PayKings – The best choice for businesses looking for interchange-plus pricing and eCommerce shops ( Shopify). For many CBD business owners, this is a welcome development. Those that have had greater stability typically come with higher costs and monthly. Charlotte's Web is a huge company with strong brand recognition. Square CBD Merchant Account Pricing. The best rates for CBD credit card processing in the USA and Canada. The explanation for CBD Merchant Processing Optimus Merchant Solutions is a CBD payment processor that gives CBD merchants a surcharge on high-risk merchant…New York state is requiring that licensed manufacturers and processors comply with current federal GMP regulations — 21 CFR Part 111 (for dietary supplements), or 21 CFR Part 117 (for foods) — established by FDA. [2] CMS-Connected. Pinpoint Payments values your business and helps protect it: Industry-leading fraud prevention Real-time chargeback management “High-risk” merchant accounts . For example, if you process $20,000 or more a month, or if you have an average transaction amount of $500 or more, you risk more opportunities for higher chargeback ratios. If you are selling CBD products online, you need a payment processor that is familiar with the industry and knows how to work with you. An approved CBD merchant processor; A sales tax license; Can you dropship CBD on Shopify? Shopify is by far the #1 Ecommerce platform on the market. Tap, dip, or swipe transactions. 2. PaymentCloud. It boasts a 99% payment processing approval rating for its merchant clients. High Risk Pay offers high-risk merchant accounts and payment gateway solutions to businesses from all verticals. Epidiolex contains a highly purified form of the drug substance CBD for the treatment of seizures. Echeck Processing is available for next day setup!. Very few credit card processors allow CBD companies to use their services or to be approved for merchant accounts. Since we serve lots of high risk merchants or people who need to open merchant accounts for bad credit, we know how to get results fast. They offer competitive high-risk rates and top rated customer support. It provides hardware and software. What’s Required to Get a CBD Merchant Account. We do everything we can to make the application process simple, easy, and painless. How To Apply for CBD Merchant Account. Due to its relation to the entire cannabis industry, however, CBD is often seen as high risk by traditional payment processors and banks. As mentioned, as a high-risk merchant, it’s critical that your payment processor is equipped to handle high-risk transactions. In an industry that's still fighting for widespread legalization, not everything is easy to acquire. To swiftly move the process along, businesses need to make the following documents available to processors and underwriters: A valid, government-issued ID, such as a driver’s license. 877. Find a dropshipping supplier The Importance of Partnering with a Seasoned CBD Payment Processor With greater acceptance of CBD products in the marketplace, they’ve been able to get thousands of CBD payment gateways approved. PayKings is one of the best high risk merchant solutions for your expanding. - #1 Kratom Merchant Processor Since 2009 - Kratom Merchant Accounts. That extends to cannabis credit card processing: a card network ban on cannabis transactions has locked state-legal THC licensees out of merchant processing services, preventing them from transacting with debit and credit cards. We provide your business with a way of managing and caring out large transactions. But proponents claim it can have significant health benefits. Users also rave about eMerchant Broker’s onboarding experts and 24/7 customer support staff. Georginix charges a $625 fee to join their program and requires a pre-approved CBD merchant processor. We make setting up a CBD merchant account a quick, hassle-free process. Opening a Bankcard International CBD merchant. A CBD merchant account is a merchant account designed for CBD sellers and businesses. 2% THC. However, constraints usually come from the payment processors. Give us a call at (800) 993-6300 or fill out the contact form below to get your CBD vape merchant account approval process started. PayKings ; PaymentCloud ; Leap Payments ; Easy Pay Direct ; eMerchant. § § 10231. Once you receive approval for a CBD merchant account, your payment processor will send. The merchant must grant the processor access to scan their POS system intermittently, and usually once a month, to ensure no unapproved products have been added to the merchant offerings. You can then use Authorize. GET STARTED. 1. Let Us Solve Your CBD Payment Processing Issues. Our dedicated staff is familiar with the Cannabis merchant processing industry and is always updated on changing legislation and how it affects your business. Since its founding in 1997, High Risk Pay has become one of the industry’s firms with the most rapid expansion. iPayTotal may be less appealing to very young businesses because of the $1,500 minimum weekly sales requirement. How To Increase Your Chances Of Getting Approved For A CBD Merchant Account Typical documentation required for a CBD merchant account is as follows: Government-issued photo identification. “BigCommerce Goes Green“. Published on January 13, 2020. With fewer requirements and fewer steps, we approval CBD merchant account as quick as. Some processors even provide their customers with debit card and credit card acceptance, security solutions, PCI compliance assistance , and value-added services. Fees. Summary: Although CBD was completely legalized in 2018 with the U. Credit Cards; Online. Give us a call at (800) 993-6300 or fill out the contact form below to get your CBD merchant account approval process started. Instabill offers merchant accounts for e-commerce CBD sellers only. The only FDA-approved drug that includes CBD is Epidiolex. Finding a payment processor that meets the needs of a high-risk business in the CBD industry can offer processing solutions that wooCommerce does. 98% Approval Rating. Get Approved & Start Processing with Peace of Mind. 5% + 15 cents when you manually key in a transaction. Once you setup your store and input your products, add the shipping app like ShipStation. Georginix is a big supplier with fast response times and valuable advice, but website compatibility with Shipstation and pre-approved CBD merchant processor are required. Our highly trained staff is here to answer all your questions about CBD merchant account, pricing, contracts, and other services. Make Merchant Account Approval Easier If you want to move forward with a CBD oil merchant account , there are steps you can to improve your chances of approval. k. However, most banks and processors still do not allow CBD merchants on their platforms. In most cases, a high-risk merchant account can be approved within 3 to 10 business days of a complete application packet being submitted to underwriting. An ISO is basically a third-party payment processing company authorized to handle the daily activities of. Instant approval hardly means instant for high-risk merchant accounts. Any high-risk merchant that chooses a traditional payment processor is bound to hit a snag at some point. 2), an acquiring bank is required to put a merchant on the MATCH list if the merchant’s account was terminated for any reason on the list, and they must do so within five days of termination. At Paybotic, we keep detailed sales records and will help you remain compliant by completing audits and submitting required documents. If you’re looking to sell CBD online, it can be tricky to know where to start. I'll also give a positive shout out to Emerchant Broker (EMB) for doing an awesome job of helping CBD sellers. Once you have all the requirements, you can fill out an application for a CBD merchant account. The firm has an extremely high approval record for merchant accounts and, unlike other high-risk suppliers, does not charge an application. 7. The term “CBD merchant account” refers to a merchant account that allows you to accept credit card payments and that your service provider has approved for usage in selling items derived from CBD. Shopify’s payment processor doesn’t support CBD stores. PaymentCloud’s bread and butter are finding payment processors for high-risk merchants, so it’s an easy choice for CBD. We would like to show you a description here but the site won’t allow us. High risk merchants who choose to process with instant approval companies may have their account shut down which can lead to lost revenue. CBD Payment Solutions offers industry leading credit card processing, ACH, payment solutions for CBD. Without some type of service in place, you would only be able to accept cash (or checks, if you choose). At Merchant Advice Service, we understand the unique challenges faced by CBD businesses when it comes to accepting credit and debit card payments. A CBD merchant account and payment processor. Square CBD is a legitimate payment processor for CBD businesses. We utilize a variety of processing techniques to ensure that your CBD merchant processing is a smooth and simple process. Sign in HomeCBD payment processing offers a way for merchants (aka business owners) like yourself to accept credit cards and other forms of payment. If you want to start a Cbd business, one of the first problems you will encounter is payment processors and merchant accounts. 9% + 30 cents for cards or 1% with a minimum $1 per transaction for ACH bank transfers (invoices only), and 3. Here are our picks for the best credit card processors for small businesses: National Processing: Best For Low-Cost ACH/eCheck Processing. As the regulatory framework with the FDA gets worked out, the murky legal and banking procedures leave more “traditional” processors wary of taking on the risk associated with the CBD and cannabis industries. #1 PaymentCloud Top Pick for Hemp Merchant Accounts. ACH/Check 21 processing. Apply today and get a quick approval! Tags: CBD Payment Processing. 2795 Openly Accepting Hemp and CBD Industry Merchants with Domestic and International Solutions Available to Fit Your Needs Learn More Get Approved with Low. Users also rave about eMerchant Broker’s onboarding experts and 24/7 customer support staff. Shopify. Auto transport merchant account and consulting services. The Merchant Category Code is a four-digit number used to identify the business category of a merchant. Many people think that faster is better, but that's not necessarily true. Instabill. Trustpilot. However, these fees are dependent on the risk level of your business. High-risk payment processors have additional privileges to process transactions for merchants in industries that carry a potential risk of frequent chargebacks, fraud, and legal concerns. More on CBD Payment Processor Highriskpay. What Is An Approved CBD Merchant Processor? If you sell CBD products online, finding a processing company that is approved for CBD transactions can be a challenge. The approval timeline for a CBD merchant account may vary depending on the processing company and the amount of information provided during the application process. Quick Recap: The 4 best CBD merchant service Providers. Click or ☎ call (855) 339-6004 for more information today! Call Us On: 855-339-6004 | Follow Us On: Home; About us; Our Services. If you're selling CBD or hemp products: Humboldt is now offering safe and secure payment options for your industry that include reliable and affordable credit card processing!Thorough merchant account approval process . 8. We are giving CBD + Hemp based companies are really seamless and cost effective way to process credit cards. 1. CBD, or cannabidiol, is an element of the cannabis plant that does not get you high like THC. You can fill out an online form detailing information about your business and CBD products. merchant solution. First, your business must find a CBD merchant account provider. Within this labyrinth of legal intricacies, one significant hurdle stands out: payment processing. For example, business owners may: Have strict limitations on the number of transactions that can be processed per month. com is one of the leading High Risk Merchant Account providers of credit card processing & payment gateways to businesses with bad credit. M. Here are brief overviews of the seven best merchant account providers in the industry that accept CBD merchants: 1. Elevated Processing offers: High Approval Rates: We have established relationships with banks that are familiar with and open to the CBD and hemp industry, ensuring higher approval rates for merchant accounts. If you’re serious about taking your CBD business to the next level and establishing a payment processing solution that will last as long as you do, contact us today. CBD Merchant Account; Continuity Subscription Merchant Account;. If your application is in full. Research necessary regulations. In the meantime, if you need assistance with securing a high-risk payment processing account, contact the FLEX Payment Solutions team for a complimentary consultation today at (844) 353-9768 or info@flexpaymentsolutions. To sell CBD products, however, most merchants will need a high-risk CBD merchant account and an acceptable CBD payment gateway. These features and techniques include: Fast settlements to merchants. Headquartered in California since 2010, PaymentCloud is a merchant account provider for low, medium, and high-risk businesses, now offering services for CBD sellers. Getting your application for a CBD merchant account instantly approved means you’ll have the ability to process payments immediately. So, on March 14, nearly all CBD brands began scrambling for a new solution before losing. Instant approvals might seem enticing, but they can lead to unforeseen complications. If a product has. They offer tailor-made processing solutions to fit your individual business needs. Seamlessly integrate with over 70+ online shopping carts. 3-5 business day approval process after your approved paperwork is complete and submitted. Let’s Talk About the CBD Industry. Secure, reliable payment processing. However, constraints usually come from the. If you’re selling hemp derived CBD online, you need a payment processor that knows your business type and follows the industry’s progress. Service providers will continuously update their software to ensure your online CBD store is operating at lightning-fast speeds. 2110) allows grower/processors to obtain hemp only from a person holding a permit issued by the Department of Agriculture to grow hemp. Zenti’s high-risk merchant account for CBD sales gets you set up and accepting payments online or in-store fast and easy. 2), an acquiring bank is required to put a merchant on the MATCH list if the merchant’s account was terminated for any reason on the list, and they must do so within five days of termination. FREE Gateway Set-Up. Merchants that process high transaction volumes or transaction amounts may be subject to a high-risk merchant account. etc. Get fast account approval. It is flexible and can scale with your business. Note Code 06 is currently unused but is reserved for future use. It is our mission to help our local businesses find processing solutions which will maximize the benefits and minimize the costs associated with electronic payments. Very few credit card processors allow CBD companies to use their services or to be approved for merchant accounts. Stellar Financial Track Record. to ensure. When you accept credit cards at the point of site, it should be the last time you think about that transaction. This is great until you start processing and they realize what you are selling. CBD is considered a banned substance for Shopify Pay , but you can sell it through a Shopify store using high risk payment processors. This is possible because hemp contains less than 0. We utilize a variety of processing techniques to ensure that your CBD merchant processing is a smooth and simple process. USA Payments is the high-risk processing expert your CBD business needs. Keep in mind that Shopify has only opened this up for US-based. As a result, high risk businesses such as online CBD shops have a more difficult time obtaining merchant accounts. To process credit cards online, you’ll need a solution that allows your Shopify CBD business the ability to operate. This company specializes in placing high-risk businesses – including those in the CBD industry. 2. PaymentCloud is a registered ISO/MSP of BMO Harris Bank, Chesapeake. To be issued a merchant account, you must show three to six calendar months of processing history. Once a CBD or Hemp company is approved, payment processors set monthly processing limits for new businesses, typically between $25,000 and $50,000 per month, for the first three-to-six-months. 3% THC. High-risk payment processors can make it much easier to obtain a CBD merchant account. 03%. S. Total set-up time is 15 days. 3% CBD Approval Rate. Stripe's review upon account activation ultimately determines whether a business is supportable. Give us a call at (800) 993-6300 or fill out the contact form below to get your CBD vape merchant account approval process started. Although they’re not originally a high risk merchant service provider, Square Payments stepped up their game in 2019 by accepting business with CBD and hemp merchants. Furthermore, their representatives know the most painless ways to assist in opening your merchant account so you can begin processing payments as. They do this by setting up aggregate merchant accounts that lump you together with other merchants to reduce the risk associated with your. As a result of these factors, CBD merchants must use a specialized high-risk merchant account with their Authorize. Georginix is a big supplier with fast response times and valuable advice, but your website must be compatible with ShipStation and you must have a pre-approved CBD merchant processor to partner with them. These. 25% - 6. CBD is one of the industries classified as “high-risk” in payment processing due to a variety of factors. 75% rate comparable to a low-risk merchant account. published a study on the Cannabidiol (CBD) market. As you can imagine, there are hundreds of different merchant category codes. In certain cases, businesses listed below may be eligible for processing with explicit. Have a website. In addition to higher processing rates, CBD merchants may all see increased chargeback fees, PCI compliance fees, early termination fees, and even merchant account reserve withholdings. Compatible with major shopping carts: WooCommerce, Shopify, Magento, Ecwid, etc. Working with a company that specializes in working with high-risk merchants - which CBD businesses are. 4% + 15¢. Understand more about being in high risk verticals by researching payment review websites with key information. Choose and sign up with a payment processor that supports CBD stores. Bank statements will likely be requested (again, prepare at least three to six months’ worth). 4. This provider specializes in hard-to-approve business types and can currently supply kratom merchant accounts, Hemp merchant accounts, and even CBD merchant. (800) 956-1277. Dedicated Support. If a product has been added that has a higher THC level greater than . The online hub first approved CBD sales in 2019, and has since become a popular outlet for many CBD stores. Trust us, that’s fast for a high risk credit card processor. For DigiPay, you must provide test results from an independent lab that demonstrate your CBD products don’t contain more than the 0. Shopify leaves this verification up to you, so it’s always important to do your homework. CBD sellers cannot process electronic payments without a merchant account. While these fees don’t result in the best value, the company is transparent about its pricing, making it easy to predict your business’s processing costs. Highest reviewed credit card processor. However, many providers, seeing the demand, have stepped in to provide merchant services tailored especially for the industry. Start accepting credit card payments. One such third-party payment provider that supports CBD payment processing on Shopify is DigiPay. 1-800-988-2215. Additionally, cannabis POS systems should be intuitive, easy to use, and backed by great customer support. Boasting competitive chip, dip and swipe rates, PaymentCloud utilizes third-party processors and collaborates with banking institutions throughout the U. ECS’s services and solutions include: Credit card processing. com. What you need to know: The payment industry has been slow to adopt the CBD vertical, but the landscape is changing rapidly. A CBD payment processor, ecspayments. Right now the program is under construction and will be launching in late 2023. The first step to applying for a high-risk merchant account approval for CBD oil online payment processing is to find a credible account provider. PaymentCloud is a registered ISO/MSP of BMO Harris Bank, Chesapeake. In-person/Store Purchase: 3. However, t hey are currently in the trial phase of allowing CBD companies, so only large CBD companies processing more than $10,000/ month have access to this potential solution at this time. com to get approved for CBD merchant accounts without challenges. Until CBD is fully legal and receives stringent quality control, retailers will continue to be considered high-risk. Shopify currently recommends two CBD payment processors - DigiPay and Sezzle. While the industry standard for high-risk payment processing is four days from the date of the transaction to the time of the deposit, electronic funds transfer processed by High Risk Pay will typically reach your account in 24–48 hours. This means that CBD merchant accounts are exposed to a larger-than-usual degree of chargebacks and fraud, which will naturally unsettle a large, risk-adverse institution like US Bank. Spread your CBD Credit Card purchases of AED 500 or more into an Easy Payment Plan for up to 12 months at 0% interest. At the end of the day, getting approved for a high-risk CBD merchant account will boil down to how prepared you are when applying for one. Bankcard International Group is your trusted leader in Cannabis Merchant Accounts. 1. With online CBD sales, the processor frequently scans the website for products not approved on the merchant application. 2. com. 420. Steps for Setting up a POS System for CBD Merchants. Get the best high risk merchant account for your industry. We make the pre-approval process as simple as possible. But proponents claim it can have significant health benefits. High Risk Merchant Account Instant Approval; About us; Rates & Fees; Contact Us (800) 956-1277. Our CBD Program fees are slightly different than our traditional processing fees. Due to the inherently higher risk associated with CBD products, CBD merchant accounts inevitably come with higher prices and more restrictive policies than low-risk accounts.