stripe cbdDecember 15, 2021
To start, Stripe CBD payment processings is categorized as a restricted business. The company does not allow certain types of industry to process due to various concerns. These exact issues are often regulatory, legal, or brand confilics. Moreover, restricted business categories exist with all financial service providers, not just Stripe.
So, is it possible to accept credit cards for CBD oil as a merchant on Stripe?
If you’re selling CBD on Stripe, you may have breached the Terms and Conditions you agreed to when you opened your account. In this case, it’s imperative you start looking for what’s called a high risk merchant account.
Get A Stripe CBD Merchant Account.
Stripe’s CBD policies are different than those of a high risk payment processor. Therefore, specific high risk solutions eliminate the chance of having payments interrupted.
These high risk merchant accounts require special attention, when it comes to their payment processing. In this case you’ll want to stop using Stripe for CBD, and apply for a new account.
Luckily, there are other payment gateway options out there. Moreover, they’re more qualified to handle your businesses than a Stripe CBD payment gateway. A payment processor that specializes in high risk verticals has rare banking relationships that allow them to accept higher risk businesses such as CBD merchants.
Say you choose Stripe for your CBD merchant account payment processing. It’s only a matter of time before you could get your merchant account dropped. This can happen fast and could be avoided.
To start, it’s important to know the particular categories of businesses and business practices that are restricted by Stripe. According to their website, the following lists the general types of businesses without getting into specific products or services.
It is clear that the CBD industry has exploded. Moreover, companies who want to sell online have to search for payment processing like Stripe CBD. With the fast-growing amount of CBD merchants that are flooding the market, they may need alternatives that aren’t restricted. Furthermore, the demand for high risk payment processors, as opposed to the ones offered with Stripe payment processing, is on the rise.
IP Infringement, Regulated, or Illegal Products and Services.
As you can see, a Stripe CBD merchant account is not specifically on this list. However, acquiring banks and other financial institutions classify CBD products as high risk. Keep in mind that Stripe’s instant approval doesn’t mean your current payment processing account will last. At PayKings we provide custom accounts for your business. Whether you’ve built your own site or are selling CBD on Shopify, we have solutions so you can take online credit card payments.
PayKings is one of the best high risk merchant solutions for your expanding CBD business. Secure long-term, reliable CBD payment solutions today.
Unfair, Predatory, or Deceptive Practices.
Internet gambling is legal in my region, so why was my application rejected?
My business is legal, why does Stripe not support it?
A merchant is an internet pharmacy if it sells, dispenses or markets, or facilitates the selling, dispensing or marketing of, a prescription or pharmacy-only medicine in response to orders placed over the internet.
Telemedicine businesses do not need certification from Legitscript. However, certain licensing and regulatory items must be provided to Stripe for verification as part of the onboarding process. If we require this information, we will reach out to you and let you know.
Marijuana is legal where I am selling it, why can’t I use Stripe?
Adult content is legal where I am selling it, why can’t I use Stripe?
As described in our Restricted Businesses list, Stripe and/or our financial partners deem the following travel industries high risk and, therefore, we do not support them: travel reservation services and clubs; airlines; cruises; timeshares.
Our restrictions currently include any products with CBD or THC in them, such as CBD-containing oil or tincture, topical cannabis-based products, or services (like massages) that include cannabis-based products. While we appreciate that legislation in certain regions has lowered some of the restrictions around the sale of hemp-based products containing CBD, Stripe is currently unable to support the sale of these products.
This FAQ should help you understand whether we can support your business. However, we independently review every account and any relevant information upon account activation, and this review ultimately determines whether or not a business is supportable.
Are there any payment processors who do allow for products containing cannabis, CBD, or THC to be sold?
Please see our Restricted Businesses list for more details. Generally, we consider adult content or services, any business that offers or sells pornography and other sexually explicit materials (including literature, imagery and other media) depicting nudity or explicitly sexual acts; sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features; sexually oriented items (e.g., adult toys); adult video stores and sexually oriented massage parlors; gentleman’s clubs, topless bars, and strip clubs; or any sexually oriented dating services, among others.
We understand that your business may be legal, but for now, due to various reasons including requirements that apply to Stripe as a payment processor, requirements from our financial partners, and the potential risk exposure to Stripe, we’re currently not able to work with certain industries. You can see our Restricted Business List for more details.
My account was closed due to a gambling violation, but I don’t offer these services.
Can my business process payments for pharmaceuticals via Stripe?
Yes. Once you’ve removed all unsupportable items, please let us know so we can take a second look at your account. You can do this by either replying to the last email we sent to you on the supportability of your business, or by contacting us through our support site.
In certain cases, businesses listed below may be eligible for processing with explicit prior approval from Stripe. Note, however, that businesses that offer illegal products or services are never eligible to use Stripe. The types of businesses listed in our Restricted Business List are representative, but not exhaustive. If you are uncertain as to whether your business is a Restricted Business, or have questions about how these requirements apply to you, please contact us .
If you need an alternative payment processor, we recommend considering PaymentCloud, which works with businesses with a higher level of risk than we’re able to support.
Broadly speaking, yes. If your account has already been rejected, we ask that you send us a link to the page showing that they have been removed. You can do this by replying to the email we sent about your prohibited items, or by contacting us at our support site .
Stripe reviews each business on a case-by-case basis. As no two business models are the same, we are unable to know if your business will be approved without additional context. Telemedicine businesses applying for a Stripe account will typically need to provide items such as license numbers and information on your processes. Once we identify that your business is processing for telemedicine, we will request all appropriate information. Following receipt of this information, we will then be able to determine if your business is approved to process payments for telemedicine.
How do I know if my business is considered a pharmacy?
Does my telemedicine business require LegitScript certification to use Stripe?