CBD oil is a derivative of the cannabis plant, and it has a lot to offer. It can treat seizures, inflammation, and anxiety. It is useful for people who have chronic injuries, and it can help athletes with recovery too. The oil is non-psychoactive, because it does not contain THC. This puts it in a complex legal position – in some parts of the USA, it is perfectly legal to sell CBD oil. In other parts of the USA, CBD remains illegal because it is a derivative of cannabis.
Because of the blurry legal situation
It can be hard to find people who are willing to process CBD payments. Some merchant processing companies will simply refuse to accept CBD related payments. Some are willing to do so but will charge a higher rate because of the perceived risk of operating in the CBD industry. If you can find a processor that is willing to handle CBD payments for you, then expect that you might have to pay more than average, and that you might have to accept rolling reserves, or even the occasional hold on your funds. Getting A CBD Oil Merchant Account
One of the best CBD oil merchant accounts, until recently, was eMerchantBroker. This company is based in Los Angeles, and they are willing to deal with a number of high-risk industries. They ran into issues recently when their Swift service was cancelled. They had been able to offer credit card and ACH processing, merchant cash advance services and an online payment gateway. They offer chargeback management processes that can help merchants to resolve claims that are made against them in a fair and reasonable manner, and they will always try to work with ‘risky’ sellers. Since their offshore Swift service was cancelled, they now rely on eCheck services to support CBD sellers – and they are working tirelessly to replace Swift.
Another option for CBD sellers is SeawardPay.
They offer personal services, including payment gateways, aiming to be ‘shut down proof’ for people who want to sell high risk products. They don’t just do the payment processing – they also check the websites of their sellers to help to ensure that they’re compliant with the standards that the banks might xpect. This ensures that you’re not at a high risk of having your account shut down by the banks that you work with.
Getting an account with a bank for accepting CBD related payments will always be some effort. It might require that you submit additional documents and go through long checks – but if you manage the account well then your risk of losing it should be low. Do your own verification on your buyers, and don’t ship anything until you are confident that they are legitimate. Make sure that whatever you are selling is THC free, and do not sell to minors, and you should have no issues. The law may take some time to catch up, but CBD is becoming more acceptable in the mainstream. Contact CBD Merchant Account Services .