Today, on the Podcast, we will talk about CBD and Payment Processing. Are CBD and Hemp Related products legal? CBD payment processing is a moving target, and the short answer is yes. It’s up to the credit card processors and banks who sponsor them and what types of products they are willing to process.
Nationwide Payment Systems offers several solutions for these products. We will go over the different options available for CBD payment processing. We will also explain why banks are not very eager to work with CBD and Hemp merchants due to the four agencies that have eyeballs on this industry.
A long list of federal agencies is looking into the CBD industry. This is why many banks shy away from this product.
- FDA – they look at you’re advertising and product labeling
- USDA – looks at how the hemp is grown, and it meets the .3 or .03% THC level
- DEA – looks at these products and if you are selling items that contain too much THC
- FTC is looking at your website, advertising for promises you can’t keep
This makes compliance a big job for processors, banks, etc. Compliance is King when it comes to processing higher-risk merchants like CBD.
We work with both Card Present and Non-Card Present CBD Clients:
- Retail
- E-Commerce
The FARM Bill of 2018 opened this market, and several banks are opening merchant accounts for hemp, CBD, and related products. We work with just about any website, we have several gateways, and we have fraud tools available that you can also sign up to use.
If you are looking for additional processing volume or want to see if you can lower your costs, we can help. We have been helping merchants obtain processing with hard-to-place businesses since 2001, and we are always looking for solutions to help business owners.
Besides CBD and Hemp, we also offer merchant accounts to Cannabis related businesses, Doctors’ offices, Cards, Lights, Accessories, and more!
For more info, visit – www.npsbank.com/cbd.