CBD Merchant Account and Payment Gateway Services
CBD is short for Cannabidiol, The potentially miracle cannabis compound that doesn’t get you high.
Cannabidiol (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 does to meet EU legislation is no more than 0.2% THC.
There has been positive press recently regarding CBD 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.
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 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 seller, 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 deal with a number of merchants coming through to us daily telling us that they’ve been given notice or they’ve had their card processing accounts closed down without any notice whatsoever and this is obviously 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.
Requirements for high rate acceptance for CBD merchant account
Below are the requirements for the Merchant Bank
- We can only accommodate UK and EU registered businesses for now
- Sole traders welcome
- All products are to be in line with EU legislation with THC levels not exceeding 0.2%
- CBD products can only be sold as food supplements or as an ingredient in cosmetics, and there may be no indication of the product having any medicinal effect or intended to diagnose, treat or cure any disease
- Products claiming to provide medical benefits will not be approved.
- There must be ingredients list on all product descriptions
- No nicotine products allowed
- There must be trade terms that come in accordance with your legislation
- 3D secure is mandatory on all transactions
Your website must be compliant with Visa and MasterCard rules. Ensure that the following applies to your website(s):
- The customer can easily find clear pricing of every product/service
- The customer can easily find contact information and business location
- The customer can easily find customer service e-mail and phone number
- The customer can easily find “Terms and conditions”
- The customer can easily find refund and shipping conditions
- The Visa and MasterCard logos is visible on your payment page
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)
- Proof of your business banking (void cheque or recent statement)
- Proof of business address (if applicable (utility bill or rental/lease agreement))
- Certificate of incorporation
- Shareholders Register (if applicable)
- Articles of Association (if applicable)
- Lab test results
- Proof of Unique Tax Reference number
- VAT Number (if applicable)
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 retailer 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