CBD Merchant Account Services
Merchants operating in the Cannabidiol (CBD) and Hemp Oil industries have more difficulty than most merchants in other businesses when applying for eCommerce payment services. Most payment processors view CBD as a high risk due to its association with the medical marijuana (MMJ) industry. Many times merchant accounts for CBD businesses are shut down unexpectedly, preventing new transactions and freezing pending payments. Fortunately, merchants have a safe option for accepting payments through a merchant services provider that specializes in these hard to place industries.
Since hemp was removed from the FDA list of controlled substances in 2018, financial institutions have been more receptive of these businesses. While most states in the USA have approved some form of cannabidiol or medicinal marijuana, the Federal government still has not given CBD their seal of approval. This lands the CBD and Hemp industries on to a prohibited industries list at most payment processors today.
Businesses partnering with Allied Payments will learn that merchant accounts are designed for and set up with the CBD industry in mind. Most payment processors working in the high risk industry offer generic payment solutions that carry high costs with excessive red tape. Having a CBD specific account provides businesses with stability in the merchant services along with more competitive rates and better payout schedules. Helping businesses with CBD friendly merchant account services remains one of Allied Payments goals.
CBD Merchant Account Types Accepted
There are many different types of CBD businesses, all of which have guidelines that need to be met for merchant account approval. Merchants will be required to comply with all local, state and federal laws for the sale and distribution of CBD products. Federal law dictates that Cannabidiol and Hemp derived CBD must contain less than .3% THC weight to not be classified as a drug by the FDA. Merchants will also need to ensure that consumers are over 18, requiring the use of age verification software for online orders.
Our financial networks have a strong knowledge of the CBD industry and many of the products offered. Some of the CBD product types we can provide payment processing for include:
- CBD Beauty Products
- CBD Creams
- CBD Edibles
- CBD Gummies
- CBD Sprays
- CBD Supplements
- CBD Terpenes
- CBD Tinctures
- CBD Vape Oils
- CBD Vitamins
- Hemp Oil
If your CBD or Hemp product is not listed, contact one of our CBD payment professionals for more information.
Benefits of Allied Payments
The benefits for businesses of partnering with Allied Payments extend beyond the quick CBD merchant account approvals. As a competitive and advanced payment processor,