1. The fact that CBD is manufactured from the hemp plant makes the industry a high risk one. Establishing a merchant account is a necessary step in any business, and a simple one, in most cases. For DigiPay, you must provide test results from an independent lab that demonstrate your CBD products don’t contain more than the 0. The CBD processor HighRiskPay. Working with a reliable processor makes both you and your customer feel safe. Our team is dedicatedto getting you approved. PaymentCloud is a top recommended credit card processor for kratom businesses. 2% and $. 3 Best for Fast Approval Process: PayKings. Finding a merchant account for CBD payment processing may take some effort, but it is possible to find a provider that can meet the unique needs of a CBD business. 1. Here my overlay on our current situation in the CBD industry’s payment sector: Cards (credit/debit): most sought after, high rate of account openings and forced closings due to regulations. Less chance of mistakes and discrepancies. 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. 1. Your business needs a powerful and secure high risk payment gateway, chargeback prevention, dynamic currency conversion, and a suite of fraud prevention tools. Application – Apply to receive a payment processing account. However, if you prefer to explore your options with Square, there is more to consider. Fees. The loan amount can be as high as $250,000 and as low as $300. Created for CBD e-commerce and retail merchants. They offer competitive high-risk rates and top rated customer support. Bankcard is a CBD payment processor that provides CBD merchants with premium high-risk merchant services. Last September, Shopify made the announcement that all US-based merchants utilizing their platform will be allowed to sell hemp-derived CBD and CBD-type of products only where it’s permitted by state and local law. eMerchantBroker – Based in Los Angeles, eMerchantBroker offer high-risk merchant accounts for CBD oil and hemp retailers. Start accepting credit card payments. 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. Furthermore, their representatives know the most painless ways to assist in opening your merchant account so you can begin processing payments as. Keep in mind that Shopify has only opened this up for US-based. Here at The CBD Processors, we have years of experience in merchant processing and POS equipment. Square CBD is a legitimate payment processor for CBD businesses. FDA approved certificate Your CBD product business plan (not mandatory but important). This high-risk processor and this high-risk processor accept numerous industries that cannot get approved with traditional merchant account providers. With a staggering 1,200 sanctioned hemp processors and 1,500 approved hemp cultivators,. This includes B2B and. In Summary: The 8 Best Offshore Merchant Account Providers For Small Businesses. 8. Easy Sales Tracking. Instabill also requires a six-month rolling reserve from each merchant. Here are. Like most high-risk merchant account providers, PaymentCloud is not a direct processor. 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. Zenti’s high-risk merchant account for CBD sales gets you set up and accepting payments online or in-store fast and easy. This entails filling out the general form, then adding details in a more thorough merchant application. Application – Apply to receive a payment processing account. 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. Below are the rates: Online Purchase: 4. 4. CBD sellers cannot process electronic payments without a merchant account. Tap, dip, or swipe transactions. 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. $125 of that is the onboarding fee and the other $500 is a deposit. 3% of THC, the substance in marijuana that causes a high. With many ways to accept payments and create websites, it can become confusing for merchants to know the best practices. 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. 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. We provide Smoke Shop Merchant Accounts credit card processing with Free POS and 2. Helping merchants understand the problems they face so they can be approved for high risk merchant processing. Without some type of service in place, you would only be able to accept cash (or checks, if you choose). Pinpoint Payments values your business and helps protect it: Industry-leading fraud prevention Real-time chargeback management “High-risk” merchant accounts . Farm Bill, its association with the cannabis industry at large causes it to be seen as high risk in the eyes of conventional payment processors. Start your search for dispensary POS software with feature-rich software, including: 1. The company’s products and services include point-of-sale solutions, online marketing tools, an online payment gateway and virtual terminal, mobile credit card processing, and merchant cash advance. Here are the 15 largest high risk industries that need payment processing. Fill out the CBD merchant account application form. The fees seem competitive on the surface for the Square CBD program. Due to the CBD industry’s high-risk classification, traditional financial services typically avoid partnering with those in this sector. Due to its relation to the entire cannabis industry, however, CBD is often seen as high risk by traditional payment processors and banks. PaymentCloud Top Rated for Kratom Credit Card Processing. Square: Best For New Startups. The company was founded by a group of industry veterans and offers merchant services to cannabis, CBD payments and other high-risk sectors. com to get approved for CBD merchant accounts without challenges. 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. CBD Merchant Account; Continuity Subscription Merchant Account;. However, these fees are dependent on the risk level of your business. Our CBD merchant services cover Cannabidiol, Hemp & CBD Oil considered high-risk merchants. August. 4. With online CBD sales, the processor frequently scans the website for products not approved on the merchant application. Moonlight Payments is our recommended choice for CBD merchant account services, with its industry-focused features, integrated solutions, and commitment to legal. . A merchant account is essential for CBD businesses because it allows you to accept credit and debit cards, as well as ACH payments. Best for businesses that want a wide variety of terminals and POS systems. S. Need a Merchant Account for your CBD Online Store? High Risk Merchant Account & Payment Gateway Provider⚡ Instant Approval Contact us ☎ (800) 956-1277. 8. These funds are available in regular merchant accounts within two business days, but high-risk merchant accounts may have longer wait times. Easy Integration. Online payments, by their very nature, are considered high-risk transactions compared to in-person tap, chip or pin credit card payments. CBD is one of the industries classified as “high-risk” in payment processing due to a variety of factors. EPP Merchant: Applicable Tenure: Onetime Processing fee: Jumbo Electronics: 3, 6, 12, 24 months: 1. PayKings – The best choice for businesses looking for interchange-plus pricing and eCommerce shops ( Shopify). Best CBD Merchant Account Provider: Moonlight Payments. Credit card payments are deposited through ACH directly into the account. This entails filling out a general form, then adding details to a more thorough merchant application. When you apply for a CBD merchant account from PaymentCloud, you’ll get approved. Finding the best Shopify CBD Payment Processor for you as a CBD merchant processing Shopify company is very crucial. In thisSocial Links. Those that have had greater stability typically come with higher costs and monthly. As a result, you get the most favorable merchant accounts available for CBD payment processing. Due to the higher-risk categorization, the CBD industry often uses alternative payment processors such as HighRiskPay. Who we are. Be charged higher pricing for credit card processing. CBD businesses may be subject to unavoidable high-risk merchant account fees. Once we approve your CBD merchant account, Shopify turns into a solid platform to accept payments and monitor important details about your account. Choose the right system to meet your needs. They might take you on at. Apply today and get a quick approval! Tags: CBD Payment Processing. Headquartered in California since 2010, PaymentCloud is a merchant account provider for low, medium, and high-risk businesses, now offering services for CBD sellers. The types of businesses approved for merchant services can vary between the different merchant-acquiring banks. Call Now: 1-888-839-8688. Adhering to these standards is challenging with a cash-only or self-managed payment processing strategy. Our team is dedicatedto getting you approved. Applications take an average of 15 days for approval. (516) 217-1989We’ve simplified CBD merchant accounts & payment processing. Many herbal payment processors might offer kratom credit card processing services however, kratom is a prohibited product by the card networks. Lower prices. At Corepay, we specialize in high-risk processing, with. 5%-3 months, 2. No Application or. 25 for each transaction, and a $10 monthly gateway fee is further charged. At Signature Payments, we provide custom accounts for your business. com. com. You must choose and set up a third-party payment gateway that supports the sale of hemp and hemp-derived CBD products. They provide offshore merchant accounts in addition to high-risk merchant accounts, which are their areas of expertise. Shift Processing can get approval for our high risk merchant accounts in as little as 48 - 72 hours. 2. EMB takes pride in getting 99% of our applications approved for our all-inclusive payment processing and funding solutions. 5% + 15 cents when you manually key in a transaction. A CBD merchant has still one more hurdle. 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. Read Also Is Shopify Still Profitable for eCommerce. Cannabidiol (CBD oil) is a compound taken from hemp plants (cannabis sativa) also known as industrial hemp. However, the general steps are similar; Identify the right payment processor. Offering secure payments at your dispensary is essential. There are also laws in which these products cannot contain more than . This will often mean going through and contacting various high-risk payment processors. This being the case, it’s wise to choose a merchant account provider that has extensive. Charlotte's Web is a well-known and reputable CBD supplier with strong brand recognition, which might help with marketing and sales. High Risk Merchant Account Instant Approval; About us; Rates & Fees; Contact Us (800) 956-1277. Very few credit card processors allow CBD companies to use their services or to be approved for merchant accounts. 0That’s why our paths crossing and you choosing the best in CBD merchant processing is so valuable. 2. Defend your business against uncharted fraudulent activity and chargebacks. [2] CMS-Connected. Get the best high risk merchant account for your industry. Provide us with your info to get started and a payments expert will contact you. Lastly, you need a trusted CBD manufacturer or supplier, especially if you opt for dropshipping and plan to market your products. Advanced chargeback protection programs. Welcome to the B. Trustpilot. They do this by setting up aggregate merchant accounts that lump you together with other merchants to reduce the risk associated with your. Welcome to The CBD Processors! We appreciate your visit and are very excited to present to you the premium merchant processing service for the entire hemp industry. At Paybotic, we keep detailed sales records and will help you remain compliant by completing audits and submitting required documents. An ISO is basically a third-party payment processing company authorized to handle the daily activities of. The payment industry has been slow to adopt the CBD vertical, but the landscape is changing rapidly. Approval Timeline For CBD Merchant Account. Be denied services. 95% FLAT. Unlike other types of merchant accounts, CBD merchants must undergo heightened due diligence. Nick B. Update Nov 2019: I’ve spoken to the guys at GroovePay and they have an application process for CBD vendors. Recognized as one of the nation's Top CBD Merchant Processors by 10Buds for 2022The company has an extremely high approval record for merchant accounts. Keep in mind that Shopify has only opened this up. Until now. 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. CBD Merchant Credit Card Processors. Durango Merchant Services: Best For Offshore Merchants. PayKings –. 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. You must go through three different processes to get a Shopify CBD account. HISTORY OF CBD MERCHANT PROCESSING. based companies shouldn’t be treated like offshore merchants. Some merchant processors have accepted that CBD is here to stay, and are now allowing transactions on CBD products both online and in-person. 1-800-988-2215. In fact, we pride ourselves on a fast turnaround time—most approved. Lastly, opt for payment processors that align with your goals for a smoother journey. A CBD payment processor, ecspayments. Securely set up your system following Payment Card Industry Data Security Standards (PCI-DSS) guidelines. Best for Cannabis & Hemp Payment Processing: Canna Group LLC. If your application is in full working order. Once you setup your store and input your products, add the shipping app like ShipStation. They currently offer the following for cannabis companies: True pin Debit; AHC and eCheck. payment gateways, credit card processing, chargeback alerts & instant approvals. Cannabis Diverse. With online CBD sales, the processor frequently scans the website for products not approved on the merchant application. 101—10231. Regulated products cannot contain more than (0. CBD is thought to have an array of health benefits. 99% approval Having trouble getting approved for your high risk merchant account? Did you know HighRiskPay approves 99% of all applicants! FAST APPROVAL. PayKings focuses on customizing your banking solution and making sure you have the lowest rates possible. For this webcast, Harrison Mallen, with LimeLight, talks about the muddy waters surrounding the CBD industry in terms of banking and merchant accounts. Card brands such as Visa, payment processors, and even the IRS use MCCs to identify the type of business they’re working with. How to receive payments for CBD products. PaymentCloud:. Keep in mind that the requirements for a CBD merchant account vary depending on the processor. G. Any cannabis products that are higher than the FDA-approved percentage are not eligible for CBD merchant processing. CBD merchant accounts are payment processing accounts specifically designed for businesses that deal with CBD products. CBD businesses are classified as high-risk, so most of the popular merchant account providers are not willing to work with CBD based businesses. Farm Bill, its association with the cannabis industry at large causes it to be seen as high risk in the eyes of conventional payment processors. With Limelight, it enables users to increase the approval rate of credit cards and track their orders as well as control returns. SMB Global: Best for Ultra High-Risk Merchants. Boasting competitive chip, dip and swipe rates, PaymentCloud utilizes third-party processors and collaborates with banking institutions throughout the U. This entails filling out a general form, then adding details to a more thorough merchant application. Trustpilot. The only FDA-approved drug that includes CBD is Epidiolex. 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. 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. If you’re serious about growing your CBD vapor business and establishing a lasting payment processing solution, contact us today. S. Recognize that obtaining approval for CBD processing might entail a longer timeline compared to non-CBD sales. The future sales of food and dietary supplement products containing CBD, which are commonly referred to as edibles, remain stalled at state and federal laws. There were many issues with. If you want to start a Cbd business, one of the first problems you will encounter is payment processors and merchant accounts. Adhering to these standards is challenging with a cash-only or self-managed payment processing strategy. Merchant service providers that are willing to take on CBD accounts can be hard to find. Bank statements will likely be requested (again, prepare at least three to six months’ worth). FREE Account Set-Up. Accepts start-up businesses. But proponents claim it can have significant health benefits. The purchase of HighriskPay by Unsafe shows that the CBD market is gaining popularity. These accounts are typically offered by specialized payment processors that specialize in working with high-risk businesses. Shopify currently recommends two CBD payment processors - DigiPay and Sezzle. 5 Best for High Volume Offshore Processing: SMB Global. This solution is designed for those that have a brick and mortar storefront, e-commerce or offer curbside pick-up. Each payment processing portal you consider will be a bit unique. Any high-risk merchant that chooses a traditional payment processor is bound to hit a snag at some point. If you run a business that sells CBD or hemp products, finding a reliable credit card processing partner has likely proven difficult. . 6. 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. To get a merchant account, one must submit an application with a merchant account provider. If a product has. 95% FLAT. - #1 Kratom Merchant Processor Since 2009 - Kratom Merchant Accounts. As you can imagine, there are hundreds of different merchant category codes. If you can keep your chargebacks below 3%, we will set up. How to apply for a CBD Merchant Account. Once processed, the funds are credited to a merchant account established by the business owner and when the payment is finally approved by the payment gateway,. The “auto-approved” accounts had hardly any oversight…which allowed for those less than reputable marketers to jump in and start selling using things like free trial offers. Fully transparent and compliant merchant accounts; One of the largest, highly recognized US payment processors; Lower Cost, Fast approval times, No early termination fees; Retail or eCommerce merchant accounts; Whether you run retail stores or an ecommerce website, we have the CBD payment solutions to help you start or grow your business. A disclaimer page to help your store’s aesthetic and, of course, pass information and warnings to customers. With over a dozen high-risk acquiring banks at our fingertips – we are in a prime position to get CBD and hemp. These are NOT the cannabis plants grown for marijuana and hashish. Even so, these processor have policies regarding CBD credit card processing that change frequently and often without notice. CBD merchants who sell hemp-derived CBD products at less than 0. Merchant accounts and payment gateways that allow CBD and Hemp Oil to be sold through their networks. Once you receive approval for a CBD merchant account, your payment processor will send your processing hardware and equipment and get you integrated. Limelight is regarded as one of the best tools for CBD transactions. 75% rate comparable to a low-risk merchant account. Then connect your store to your CBD dropshipping supplier’s system and boom. Low Rates. 6%-10% processing rates due to domestic US banks relying on offshore banks behind the scenes because CBD is “high-risk”. Avoid claims, flower sales, and make sure to have clear. Before we get started, let’s take a look at some frequently asked questions. With these criteria in mind, let’s look at our top seven high-risk merchant account providers: PaymentCloud: Best For Free Credit Card Terminal. 4. To get a Shopify CBD merchant account, you’ll have to go through a three-step process: CBD Merchant Account Application Process. Fax: (818) 741-2252. That includes your CBD high risk merchant account and your business insurance. This is possible because hemp contains less than 0. Durango Merchant Services: Best for highest-risk businesses. 03%. This article will discuss the key factors that banks look for when approving CBD merchants for online processing. You can only send notifications related to CBD products and shops by email. A disclaimer page to help your store’s aesthetic and, of course, pass information and warnings to customers. family. AllayPay will get your CBD merchant account approved quickly. I'll also give a positive shout out to Emerchant Broker (EMB) for doing an awesome job of helping CBD sellers. “BigCommerce Goes Green“. Accessed March 1, 2023. CBD, or cannabidiol, is an element of the cannabis plant that does not get you high like THC. With fewer requirements and fewer steps, we approval CBD merchant account as quick as. Since its founding in 1997, High Risk Pay has become one of the industry’s firms with the most rapid expansion. A high risk merchant account cbd is essential so that the account holder receives the payment processing services necessary for accepting credit and debit card transactions. . to ensure. Banks underwrite and. Speak with an expert: (877)-715-4501. Those high risk merchant account providers, like PayKings, that are willing to process transactions for your high risk business are offering solutions to those merchants like yours in the CBD oil industry –. com. Corepay offers the following for CBD merchants: Fast CBD account approvals with 24-72 hours. Charlotte's Web products may help with marketing and increasing sales. Online payment processors fall into two categories: With direct processors (a. 9% and $. FINALLY, we have the first 100% above board, legal CBD merchant accounts in the US & Canada. CBD Merchant Accounts are Still Evolving. Once you receive approval for a CBD merchant account, your payment processor will send. No application, annual, or set up fees. Sell hemp products with a high risk merchant account. PA is currently available only in the United States. 3. First, we’d talk about why CBD for sale needs high-risk merchant services. 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. 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. Property management companies processing monthly rental payments. 6. For many CBD business owners, this is a welcome development. Soar Payments: Best for. This happened because the DEA in 2017 listed kratom as a “Drug of Concern” and most financial services companies cut ties with these businesses. In late September of 2019, EMB became a Shopify approved payment processor. Merchants can begin processing in less than 1. Pennsylvania’s Medical Marijuana Act (35 P. Be denied services completely. Apply for a Merchant Account in Mexico now! Contact Option* Call me ASAP Call me anytime today Email me Anticipated Monthly Processing Volume* up to $10,000 $10,000 - $50,000 $50,000 - $100,000 $100,000 - $250,000 $250,000 - $500,000 $500,000 - $1,000,000 $1,000,000+ Not SureAs a high-risk industry, CBD and hemp merchants are subject to stringent compliance and tracking requirements. However, many providers, seeing the demand, have stepped in to provide merchant services tailored especially for the industry. The eCommerce merchant account comes with quick and easy 24/7 support. Before 2018, it was commonplace for U. 24/7/365 knowledgeable customer support. What Is An Approved CBD Merchant Processor? Transform your business with a specialized CBD merchant account – allowing you to accept credit card payments and get express authorization from the service provider for selling hemp-derived goods. Transaction fee: 4. Stripe may be able to support businesses on its Restricted Business List with explicit prior approval. FREE Cost Comparison. S. Card on file transactions. 10. 25 per transaction. A full-service CBD payment processor will also be able to tweak their programs, should any changes occur in the payment market. We are high-risk experts with over a decade of experience providing successful solutions. This company specializes in placing high-risk businesses – including those in the CBD industry. Shopify allows payment processing directly through their platform for various industries, but for CBD, merchants must look elsewhere. 3% CBD Approval Rate. The best CBD payment processor helps you get approved fast for your CBD merchant account. 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. Our Cannabidiol Payment Processing fees and charges are the most competitive in the industry!A new, risky CBD installation processor purchases the. Shopify leaves this verification up to you, so it’s always important to do your homework. Vape, Glass, CBD and Kratom Approved. Stripe's review upon account activation ultimately determines whether a business is supportable. Securing CBD oil merchant processing can be very difficult. Working with the CBD Processing was a good getting approved for a merchant account is so time consuming, these guys made it less. Spread your CBD Credit Card purchases of AED 500 or more into an Easy Payment Plan for up to 12 months at 0% interest. If you sell CBD oil, vapes, extract, or edibles and have trouble getting approved for a merchant account, eMerchantBroker is a good option. Card-not-present transactions. Signed merchant application. However, most banks and processors still do not allow CBD merchants on their platforms. Be Honest About Your Business Model Finding a high-risk merchant service provider is a rewarding feeling but it is only the initial step in securing approval. According to Mastercard (SRP, Section 11. Supported industries: Firearms, vape shops, real estate, gambling. 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. Elavon was responsible for a rumored 90% of online CBD merchant payment processing in the United States. ” Which, while it may look like a great selling point for the merchants’ CBD Shop UK , it backfired heavily. 7. In this blog, we’ll break down everything you need to know about. Find a dropshipping supplier. 1. One of the main roles of merchant account providers is to assume most of the risk involved in processing credit card payments online. Here are a few of the merchant processors that currently allow for CBD product sales along with a brief description of what customers have to say: DigiPay Solutions: DigiPay Solutions specializes in high risk industry transactions. 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. Shift4 is already integrated into Shift4Shop, so you can get up and running right away. PaymentCloud: Best For High-Risk Businesses. Service providers will continuously update their software to ensure your online CBD store is operating at lightning-fast speeds. PaymentCloud is a registered ISO/MSP of BMO Harris Bank, Chesapeake. Bankcard International Group (BIG) is a high-risk payment processor that specializes in the cannabis industry. Square CBD Merchant Services. We also provide alternatives for CBD merchants looking for a merchant account! 1-800-988-2215. Any merchant account that accepts debit or credit card payments must comply with PCI mandates. Complete Check Processing. In 2020, the number of shoppers that shopped through Shopify increased by 52% from 2019. Delta-8 THC is found in small percentages in most strains of the cannabis plant. Research necessary regulations. The Importance of a Thorough Merchant Account Approval Process. With quick settlement of processing funds. As a result, many banks, payment gateways, and payment processing companies categorize CBD sales as high-risk transactions and don’t support them. PayKings focuses on customizing your banking solution and making sure you have the lowest rates possible. The analysts estimated that the revenue of the market is projected to reach $16 billion by the year 2025. For online CBD suppliers, finding a payment processor amenable to cannabis commerce has been an uphill battle. Helping CBD merchants get approved quickly with competitive rates. As mentioned, as a high-risk merchant, it’s critical that your payment processor is equipped to handle high-risk transactions. After spending months looking at options that were not even as good as what we got with CBD Card Processing, we were approved for a domestic card processor within 1. It is quite an old company, established in the year 2000. Yes to you, and yes to your business! Premier One was founded on a simple principle: give every business the merchant services they need so they can grow in volume, profitability and reputation. Accept payments in your business via credit cards, online, or mobile options.