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Get a free consultation from PaymentCloud today! What are CBD oils? The major difference between CBD products and marijuana is that the former contain little or no THC tetrahydrocannabinol or any of the other psychoactive ingredients that marijuana contains. Almost all states currently allow you to purchase or distribute hemp-derived CBD products that contain less than 0. Although medical marijuana and, by extension, CBD products are now legal in the majority of US states, most banks and credit card processors have been extremely reluctant to approve CBD businesses for merchant accounts, and many such companies have had their accounts suddenly closed without notice.
Visit Site. Read more below to learn why we chose these options. As you might expect, the processing industry has placed CBD products firmly in the high-risk category, making it much more difficult and expensive to get a merchant account. Businesses can find themselves labeled as high-risk for any number of reasons, but for CBD products, the main three reasons are 1 unsubstantiated claims regarding the efficacy of the products, 2 high chargeback rates, and 3 legal issues affecting distribution of the product.
With little or no peer-reviewed research currently available to evaluate the benefits of CBD use, the flood gates have been opened for businesses to tout CBD as a potential cure for… well, just about anything.
Initially offered as a way to help you relax and alleviate stress, CBD is now claimed by some people, at least to cure depression, anxiety, and even autism.
Chargebacks are a known risk for just about any type of business, but the chance of experiencing one is much higher with CBD products. Currently, CBD laws vary widely from state to state, creating a number of legal conundrums for merchants who sell them.
However, many states 33 as of this writing have passed medical marijuana laws that legalized the use of marijuana and CBD-based products for medicinal purposes. Eleven states have gone even further, legalizing marijuana for recreational purposes and removing most prohibitions against CBD-based products. The Farm Bill was supposed to change all of that. Under this legislation, which was signed into law on December 20, , hemp-based products defined as containing less than 0. However, you must be a licensed grower and comply with all applicable federal and state laws to produce and sell your product legally.
We recommend that you look into the laws of your state and consult with an attorney or qualified consultant to determine the specific requirements that apply to your business.
Passage of the Farm Bill was supposed to open the floodgates for the CBD industry, making it much easier for CBD merchants to obtain merchant accounts and accept credit cards just like any other business. For a time, it seemed that this would actually happen. Elavon , one of the largest direct processors in the US, began accepting applications for CBD merchant accounts and approving them at a rapid clip. However, after a few months, problems arose. In March of , it announced that it was no longer accepting CBD merchants, and all existing accounts would be closed within 45 days.
What happened? For one thing, an Elavon merchant got caught selling products labeled as CBD that contained more than 0. This incident points out one of the main problems in the fledgling CBD industry: quality control.
Consumers have no way of verifying this information for themselves. A service member who inadvertently uses a CBD product that contains too much THC could test positive for marijuana, which in many cases quickly leads to being separated from military service.
This strategy inevitably involved being dishonest about the nature of their businesses. Both companies were quick to shut down the accounts of any merchant they caught trying this method. This program was a success, and today Square is one of the more viable options for CBD merchants looking to accept credit and debit card payments.
Our recommended processors below are ones that we know already accept CBD merchants and that have a strong reputation for providing fair prices and honest service. You can, however, still expect to be assigned a high-risk merchant account — one that will, unfortunately, come with some very high processing rates.
Also, be aware that some providers accepting CBD merchants impose additional restrictions beyond those typically required for a vanilla high-risk account. Some providers will only accept established businesses, while others impose a very high minimum monthly processing volume.
Be sure to discuss these restrictions when you obtain a quote from any provider. Finding a good high-risk merchant account provider for your CBD business involves the same criteria as a low-risk provider.
PaymentCloud is headquartered in Sherman Oaks, California, and has been in business since The company specializes in placing high-risk businesses including CBD oil merchants , relying on a network of third-party processors and acquiring banks both in the United States and offshore to get you approved for an account.
Best of all, the company does the extra work required to accept a high-risk account without charging you any application or account setup fees. PaymentCloud also offers Authorize.
Net see our review as its payment gateway, although its system is compatible with other third-party gateways as well. Additionally, it provides a free virtual terminal with each account. Note that PaymentCloud is currently only approving accounts for CBD merchants that sell products that are applied externally, such as oils and lotions. Ingestible CBD products, such as gummies, dog treats, etc. Lastly, one of our favorite low-risk providers, Dharma Merchant Services see our review , now recommends PaymentCloud.
Dharma recently decided to stop accepting high-risk merchants themselves, and now refers inquiries from businesses in the high-risk category to PaymentCloud.
To us, a recommendation from a company as highly respected as Dharma carries a lot of weight, and we give PaymentCloud a strong endorsement as well. Be sure to read our full review of PaymentCloud for more details.
Get Started With PaymentCloud. Get Started with PaymentCloud. Read our in-depth review. Jump back to comparison chart 2. Read our Review. Founded in , Durango Merchant Services is one of our favorite high-risk merchant services providers. Headquartered in Durango, Colorado, the company works with a wide variety of banks and backend processors to bring full-service merchant accounts to high-risk businesses that might otherwise not be able to obtain them.
With a focus on eCommerce businesses, Durango has a great reputation for fair pricing and honest, ethical sales practices. Recently, Durango has expanded the portfolio of business types they serve to include CBD merchants.
Additionally, at this time, Durango advertises its CBD processing services as being available only in the United Kingdom and certain countries in the European Union. Check their website for a full list of countries they serve. In the countries Durango serves, CBD products can only be sold as food supplements. Rolling reserves are also a likely restriction on your account, although the company is unique in disclosing them so openly.
Check out our full review of Durango Merchant Services for more information. Get Started with Durango Merchant Services. Jump back to comparison chart 3. Easy Pay Direct is headquartered in Austin, Texas, and has been in business since The company provides merchant accounts for both low-risk and high-risk businesses and is one of the few providers to advertise services for CBD merchants. Startups are only accepted if the business owner can show a valid processing history from a previous business.
Approval typically requires days. Processing rates start at a flat 3. You can also expect a standard contract with a three-year initial term that automatically renews for one-year periods after that. One helpful feature offered by Easy Pay Direct is called load balancing , where a business can divide its incoming funds among multiple merchant accounts. Also, be aware that you might not need this feature if you opt for an offshore account.
Underwriting guidelines in some but by no means all foreign countries are more relaxed than they are in the United States, and you might not have a monthly processing limit imposed on your account at all.
We particularly recommend the company for eCommerce merchants due to the robust feature set of its EPD Gateway. Check out our full review of Easy Pay Direct for more information. Get Started with Easy Pay Direct. Jump back to comparison chart 4.
SMB Global is a new high-risk provider that spun off from one of our favorite providers, Payline Data see our review , in Headquartered in South Jordan, Utah, the company specializes in providing merchant accounts to high-risk and offshore businesses. It has an excellent reputation for fair prices and top-notch customer service.
As a newly established business, SMB Global is still a little rough around the edges, lacking a mobile processing system and credit card terminals for retail merchants. At the same time, it offers a full range of services for eCommerce merchants, including a choice between the NMI Gateway and Authorize.
Net see our review. Processing rates, account fees, and contract terms will all vary widely depending on which back-end processor is handling your account. Likewise, you can also expect to have a standard three-year contract with an automatic renewal clause and an early termination fee. As a CBD merchant, you should be prepared to have a rolling reserve included in your account agreement. The company will occasionally waive this requirement if your business has a very strong financial history.
Offshore accounts support multi-currency processing, allowing you to avoid cross-border fees. It also features dynamic currency conversion, letting your customers pay in either their local currency or the currency in which you bill them. For a more detailed look at SMB Global , be sure to check out our full review. Jump back to comparison chart 5.
Square Square. What about startups and smaller businesses? In low-risk industries, Square has been the go-to provider for newly-established and low-volume businesses for over ten years now.
Many CBD merchants resorted to misrepresenting the nature of their business for example, claiming to sell flowers rather than CBD products in order to get an account. Naturally, this would only work for a while before they would get caught and have their accounts terminated. Fortunately, in Square decided that the laws had changed enough that it was safe to dip their toe into the CBD business.
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Despite federal hemp reforms last year, many CBD-focused companies throughout the U. Many of the industry operators interviewed for this piece pointed to the sudden decision by U. Bank subsidiary Evalon to stop providing merchant services — namely credit card processing — to CBD businesses in March after they started serving the industry last fall. All entrepreneurs new to the industry pointed to the federal changes, which they believe to have given them the green light to open their CBD business. Kyle Rapoza, the co-founder of Vermont-based Mansfield Provisions, which distributes online and through retailer partnerships, lost his credit card processing services on May 31, when Evalon banned the industry. Fortunately, Rapoza has been able to access more traditional business accounts through a state credit union.
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An influx of online businesses are introducing CBD into their ecommerce stores. Since the passing of the Farm Bill, which was signed into effect by President Donald Trump in December and removed hemp from the definition of marijuana under the Controlled Substances Act CSA , an increasing number of ecommerce business owners are searching for payment gateways that allow CBD merchant processing.
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Maryland resident Barbara Tunstall relies on a cannabidiol CBD flower in a vape she said helps her chronic pain and a topical CBD cream she finds relieves spasms. Along with coconut oil-based pills she used to get from her prescribing doctor, Tunstall credits her quality of life to CBD products. At this time we are unable to accept credit cards because credit card processors will not allow cannabis THC transactions. Tunstall expressed frustration at the additional obstacles and expense she must wade through to find relief for chronic conditions that a mixed but growing body of research suggests may benefit from cannabis products. I could try something [over the counter]. Less effective and end up wasting more time and effort. Mastercard, Visa, American Express, PayPal, Square, Stripe and Shopify all refuse to process payments for CBD companies, which means when you show up to a dispensary or try to place an order online, be prepared to need an alternate method of payment. These companies are generally referred to as payment processors or merchant services. Mastercard and Visa all refuse to accept transactions for marijuana dispensaries, even where they are legal, and it may not be long before they also demand businesses stop selling hemp and CBD for fear of being held liable. When Wood launched, he was only able to accept e-checks, and it took months to get approval for that.
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