Which banks offer credit card processing for online CBD sellers?
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Which banks offer credit card processing for online CBD sellers?
Quote:
Originally Posted by FundingTap123
Currently, NONE - Both MasterCard & Visa have placed CBD as a Prohibited Product.
You can probably find a aggregate account(s) more than likely off-shore if you want to play that game.
If you want a safe-secure-quick setup - Check 22 and for repeat customer a Closed Loop Peer-to-Peer Payment,
which is an Electronic CASH Credit - Instant Payments - NO connection to Visa/MasterCard.
1 Day Merchant Account Activation
Call me @ 727-233-1111 for complete details.
I have what you are looking for, let's chat.
Email me at jstewart@malyngroup.com to set up a time to get on a phone call.
Anyone that is supposedly offer a legal CBD Credit Card Processing they have to ignore a possible BRAM Violation:
At the annual 2019 MAC conference (Merchant Acquirers Committee), the Federal Trade Commission (FTC) declared that the commercial sale of CBD is "illegal".
An issue that the Federal Trade Commission has not properly addressed is a previous ruling by the Food and Drug Administration (FDA) which determined that CBD containing less than 0.30% THC by volume is legal in all 50 US states.
Immediately after the FTC announcement, Mastercard leadership stood up, and in front of about 500 risk managers declared the sale of CBD to be a BRAM (Business Risk Assessment and Mitigation) violation and ineligible for Mastercard processing.
According to my personal opinion there is no way currently, both MasterCard & Visa have placed CBD as a prohibited product. I tried to use this when i try to shipping internationally with usps not only with UPS others have same criteria too i often use these service with different platform https://www.pilotdelivers.com https://www.bws.net/en http://www.pakistancargo.net and daily faces these difficulties.
Old thread, but new post. Personal opinion be gone, CDB is doable both on the MC and Visa rails, and with various other solutions.
I don't know about shipping, but as long as there's no THC content, traditional MIDs are possible, and even without that there are a few solutions. Email me, we can set up a time to talk.
Cannabis - CBD continues to be prohibited on their networks.
There are a few Sponsoring Banks that are claiming they will do MRB, CBD Topicals - but, all are miscoded
- either MCC 5499 or 5999.
Florida is enforcing new CBD Regulations:
https://www.thefloridahealingconnection.com/cbd-oil-florida
Then you have the FTC Stepping up enforcement
https://www.fdacs.gov/Cannabis-Hemp/Hemp-CBD-in-Florida
https://www.ftc.gov/news-events/press-releases/2019/10/ftc-fda-warn-florida-company-marketing-cbd-products-about-claims
One Factor remains in place - CBD is NOT Legal in all jurisdictions. <strike>
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Why not just use Square?
Dave, the problem with your statement is that Square and Shopify both started doing it (although I heard that Square stopped? I don't have confirmation). However, we as brokers wouldn't get paid for it.Quote:
Originally Posted by WestCoastFunding
Square still does it. They’re running google ads promoting it. But it’s true, brokers wouldnt get paid.Quote:
Originally Posted by abfunders
https://squareup.com/us/en/solutions/cbd
I do have relationships to help the CDB merchants that we could make money. Anyone can feel free to shoot me an email, I can make an intro.
You are correct regarding Sqaure - currently have an 8 week processing time for Hemp / CBD
Square is closing accounts as fast as merchants are opening, since many are not using the correct application.
Keep in mind that Square is an aggregate and still have to follow Visa/MasterCard Regulations.
Many merchants are skirting underwriting, but, run the risk of closed accounts and having their funds held for months.
There are a few sponsoring Banks that are sticking their necks out and attempting to board MRB / CBD.
Just keep in mind, all of these Bank Applications are falsified, since there is NOT an MCC for Cannabis.
I've spoken with several sponsoring Banks, they code under 5499 & 5999
Proceed at your own risk - you can check out Esquire Bank, Avidia Bank, Bank of Fresno, Mission Valley Bank.
Cannabis/CBD/Hemp are all High Risk/Prohibited Accounts and are expressly prohibited on the Card Networks.
Quote:
Originally Posted by abfunders
Select and apply for a third-party payment gateway. Shopify Payments is not available for hemp or CBD products at this time. However, Shopify has partnered with third-party payment gateways that support the sale of certain hemp and/or hemp-derived CBD products. The requirements for approval may vary for each gateway. Review the requirements and apply directly to any of these gateways using the following Shopify-specific links:
Hi FundingTap123, payment processing in the CBD industry is exposed to high risk, so many processors refuse to take part in such transactions. I would like to introduce you a company that has been serving as a merchant accounts and CBD credit card processing since January 2019. It is located in the United Kingdom, Sweden and Bangladesh. Besides, the company works with other high risk industries other than CBD.
hello
check out www.transparencyx.com
This will be the future of processing credit cards.