CBD Payment Processing Done Right
The emerging research and rising needs surrounding cannabis products have highlighted the potential for this industry to continue to boom in the coming future. With this expansion comes a range of CBD and hemp products that have absolutely changed the market. CBD and hemp products are no longer exclusively for a certain group of people, but flexible to a variety of markets.
What is CBD?
Specifically, cannabidiol or more commonly referred to as CBD, is derived from the cannabis plant and can be a natural remedy for a number of ailments with none of the psychoactive effects associated with THC. Of the many forms of cannabidiol products that PaymentCloud can process, CBD oil is possibly the most outstretching. Depending on the type of oil, the purported effect can range from calming to even pain relieving. These oils have the versatility to be added into just about anything, whether that be your morning cup of coffee or your face moisturizer.
Were You Turned Away for CBD Payment Processing?
Once you’ve organized your business, you’ll want to begin the steps of setting up an account in order to process payments from your customers. Unfortunately, for most CBD merchant accounts, very few credit card processors will approve your business because of the association with cannabis. Likewise, very few merchant account providers will want to give you an account to begin the process of selling. This occurs because CBD products are labeled as ‘high risk’ to these merchant account providers and banks are very selective with the types of business they will serve.
Although popular with small businesses, aggregators such as PayPal, Stripe, and Square don’t support any business associated with CBD products. Even if you begin the process of setting up your merchant account with one of these service providers, you run the impending risk of having your account closed when they realize your business includes CBD products.