cbd merchant processing

December 15, 2021 By admin Off

Accept all Card Brands.

Shift has plenty of experience with high risk businesses and knows what business owners need out of a processor. We put you, the customer, first and want to do whatever it takes to help your business succeed.

Your business needs a merchant account that won’t charge crazy high fees or cancel your account out of nowhere because you’re considered “high risk” . You need a processor that has experience with similar businesses and knows the struggles that you have already been through for trying to simply accept credit card payments.

Does PayPal Accept CBD sales?

Since we a lot of questions regarding Stripe CBD sales and Stripe CBD payments, we’ll explain their policy. For trying to obtain a CBD merchant account, Stripe really isn’t an option for your business.

If a certain card brand can’t be accepted by your processor, then you’re more or less right back to where you started. You could easily run into the same issues that you had before if a certain type can’t be accepted. Keep that in mind and get a payment system and processor capable of accepting all major credit cards.

They have a policy against acquiring high risk clients. Since selling CBD is considered a high risk business, the Stripe for CBD policy is that your CBD business will not be allowed to process payments with them. Stripe CBD sales is a “no” for CBD payment processing.

Each customer that you turn down will probably not come back again, because they’ll always assume that you can’t accept credit cards, even if you begin to accept them after they came in. Each customer that was initially turned down, then, could turn into tens of hundreds of dollars lost in future purchases by their assumption that you don’t accept credit cards.

Earning the trust of your business and satisfying your need for a credit card payment processor, just like the other CBD businesses, is our number one priority.

Low Fees.

No rate increases.

We understand that every business is different, and listen to each business owner to fully understand the best solution for your needs. This isn’t a cookie cutter business, and getting the right merchant account services for CBD can set you up for success for years to come.

It’s common for processors to require that you, as a business, continue to process a certain amount a month in order to stay a client, or else you’ll face an additional fee to cover for the amount of the minimum that was not hit. With Shift, the monthly minimum for our CBD Merchants is only $25.

A customer walks into your store, chooses the product they want to purchase and brings it up to the counter to buy it. You tell them the price, but then they hand you a credit card.

Processing CBD sales through PayPal is a huge risk. If they decide that you are too high risk for them, they have the right to, without warning, shut down your merchant account. The lack of warning provided to you means that you won’t have time to find another processor before they decide to shut you down. You’ll have to rely only on cash purchases until you’re able to find a processor that is willing to partner with high risk businesses.

Can I get an online CBD Merchant Account?

Square is currently working on a credit card processing solution to allow them to be able to accept the payments on CBD products. However, this solution is currently just being tested with a few different CBD businesses on an invitation only basis. So, there could still be a while until Square has CBD ready payment processing solutions. Square overall, however, tends to have pretty high fees and usually only works well with small businesses because of those processing fees.

An actual payment processor that has experience in high risk and CBD merchant processing and CBD payment processing in particular will be more beneficial to a CBD business looking to accept credit card payments.

Every processor you’re finding, though, has high fees that will take advantage of you for years. They know you’re desperate and think they can make a ton of money off of that desperation.

Does Stripe accept CBD sales? No. But Shift does.

PayPal will technically approve CBD sales. But does PayPal allow CBD sales? A quick Google search will show that PayPal is notorious for shutting down the accounts of CBD businesses without warning and even holding their funds. PayPal stops accepting purchases of CBD businesses very frequently. Because of this, PayPal is widely regarded as poor to work with for CBD businesses.

Choose between hardware or virtual card terminals.

The Hemp Farming Act of 2018 legalized the use of cannabis plants with THC levels of 0.3% or less (categorized as hemp) for production. This made it possible for producers to gain access to grants and insurance as well as easing the process for those who sell products containing CBD.

Both flat rate and interchange pricing is available.

Payment terminal solutions.

Due to the high-risk labeling of CBD by many providers, general merchant accounts with any of the big-name providers are at risk of being flagged and suspended for anything they perceive to break the rules. The shutting down of your main payment source can have disastrous effects on a business and with no alternative way to collect payments, it can be the death of a new enterprise.

Choose from a range of gateways, including USAepay, Authorize.net and NMI.

Dedicated CBD merchant accounts are designed to deal with the complexities of the CBD industry. Processors like Flex understand the legalities of these products and are ranked superior to these out-of-the-box alternatives. Most importantly, we don’t have sudden suspensions of your account for trying to process legitimate payments.

While CBD is now considered legal in all 50 states, there are still various restrictions and regulations on its use and sale in some jurisdictions. This is due to its source being from both marijuana and hemp cannabis plants.

Marijuana contains higher amounts of the THC chemical responsible for the high sensation and has only been made legal for recreational use in a handful of states. Others have limited its use to purely medical use, while in others it remains largely illegal.

Edibles, smokable and seeds are all eligible.

Your CBD Merchant account.

Not bunched in with hundreds of others by a merchant account aggregator.

CBD is also regulated by the FDA when sold as a food, supplement, drug or cosmetic and currently remains illegal to transport over state lines in these forms. This makes sales out of state a controversial subject and therefore gives the product a high-risk categorization.

Because of the legal gray areas around CBD products, finding a payment processor able to handle the complexities of this industry can be a challenge. Flex Payment Solutions understands the market and can provide the services you need to process payments and make your business a success.

Go direct with us and avoid a middleman.

Payment model options.

Today, 33 states have legalized the use of medical marijuana, and 14 further states have allowed limited use of CBD. In 11 states recreational use of marijuana is now legal while a further 16 have decriminalized the drug. While marijuana is still not legal at a federal level, these increasing freedoms are propelling the acceptance of CBD.

Flex Payment Solutions understands the complexities and effort it takes to appropriately service the CBD market, and we are more than up to the challenge. Our team is dedicated to creating a long term partnership with your business and working through problems as a team. Our bank partners feel the exact same way and are proud to contribute to the growth of a space they support. Whether you’ve had your account suspended, are setting up for the first time or are a veteran in the industry, we are here for you going forward.