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03-03-2020, 10:10 AM #14
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,950
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.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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