CBD Merchant Account and Payment Gateway Services
CBD is short for Cannabidiol, The potentially miracle cannabis compound that doesn’t get you high.
CBD is completely non psychoactive, so fortunately, or unfortunately, it will not get you stoned or “high” as it does not contain or contains very little tetrahydrocannabinol (THC). CBD helps with relaxation without getting you smashed. The recommended dose to meet EU legislation is no more than 0.2% THC.
There has been positive press recently regarding CBD and hemp related products and is claimed to have many incredible benefits such as helping people with depression, anxiety, diabetes, Alzheimers, heart disease and even cancer, and this has spurred entrepreneurs and businesses to start selling this natural supplement.
So you want to start selling CBD products online?
As great as the product may be, trying to secure a CBD merchant account for card processing is becoming a massive challenge due to the mainstream merchant banks and card processors classing it as “High Risk” and simply choose not to process card payments for it, possibly due to reputational reasons.
The mainstream UK merchant banks and card processors will not setup CBD merchant accounts unless you’re a well established retailer, turning over millions. I can understand where the merchant banks are coming from as if you’re turning over in excess of £1 million per annum then the banks will see you as a business that knows what you’re doing, and of course the banks are then reassured that they will make some decent money from them, especially if they’re turning over healthy numbers.
End of the day, the banks are in to make money and at the lowest risk possible.
Due to the situation with the merchant banks classing the product as “High Risk” you will therefore need a high risk merchant account
We currently deal with a high number of merchants coming through to us daily who have spent days, weeks and even months sourcing a card processor without any luck or many telling us that they’ve been given notice or they’ve had their card processing accounts closed down without any notice whatsoever. This can be frustrating for these business owners as they’re trying to sell a natural product, which could ultimately help millions of people and also have a big negative impact on the pharmaceutical industry.
Securing CBD Card Processing Services
Here at We Tranxact Ltd, we understand CBD products very well and its benefits, and we have teamed up with the Cannabis Trades Association to help its members setup card acceptance.
Having close to 10 years payments industry experience, along with links to many top card processors around the world, we were able to source well established, and reliable merchant banks that will accommodate CBD merchant accounts that come with respectable card processing rates and very good service. We are certainly not going to charge anything ridiculously high as 8-12% per transaction as we’ve come across by some agents/card processors.
Get your CBD business up and running accepting card payments within a week. Get In Touch
The CBD merchant account is linked to many recommended payment gateways, so no need to waste time looking for a payment gateway as this is done for you also.
CBD and Hemp Card Machine
We Tranxact can now offer CBD retailers the ability to process card payments via a card machine. We have access to the PAX range of fixed, wifi and GPRS enabled colour touchscreen chip and pin terminals.
Up until now, merchants have found it impossible to get a cbd card machine but now we can have you up and running within a few days and you know what the best thing is, there is no contract. No more typical 3-5 year lease agreements. You simply rent the machine from only £9.99 per month and give it back when you no longer need it, without ridiculous penalties.
CBD Bank Account
As a retailer trying to get into the CBD industry to sell your products, you will need a business bank account, but this is not easy as you already know. The mainstream banks are not consistent with their account approvals and it seems like they will approve depending on their mood on the day.
We now can help you settle your customers funds and the account comes with a business debit card.
So whats the deal?
We are confident that we are offering the very best deal on the market for CBD merchants
- 2.5% per transaction
- No rolling reserve
- Next day settlement
- No monthly charge
- No PCI DSS charge
- No authorisation fee
Requirements for high rate acceptance for CBD merchant account
Below are the requirements for the Merchant Bank
- We can only accept UK and EU CBD retailers for now
- Sole traders welcome
- THC levels cannot exceed 0.2% to be in line with EU legislation
- CBD products can only be marketed and sold as food supplements or as an ingredient in cosmetics
Your website must be compliant with Visa and MasterCard rules, please ensure that the following applies to your website:
- The pricing of each product/service is clear on the website
- Can the customer easily find your Terms and Conditions
- The refund and shipping conditions/policy should be easily found
- Visa and MasterCard logos must be clearly visible on the website
Documents required to apply:
- All director’s/owners/shareholders (>25% share ownership) , photo ID (Passport and driver’s license (including back of license)
- home address utility bill or personal bank statement dated within the last 3 months. (showing all 4 corners of photo ID)
- Business banking proof (void cheque or recent statement)
- Proof of business address (if applicable (utility bill or rental/lease agreement))
- Your Unique Tax Reference number (sole traders only)
The application process is typically 72 hours. We have seen applications approved within 2 hrs. Contact Us Now
We’re proud to admit that we’re currently running on an excellent 100% conversion rate for all online CBD card processing applications. This is simply due to the fact that we make sure the website and products are compliant with Visa and MasterCard and the underwriters of the merchant banks are satisfied.
Why wait, please contact us today and lets get your business processing card payments on 0121 792 5367 Get In Touch
Interested in starting a CBD business. Great article to read to get you started: http://entm.ag/yeq