Need a Funder or Vendor? START HERE

Results 1 to 16 of 16
  1. #1

    CBD e-commerce merchant services

    Which banks offer credit card processing for online CBD sellers?

  2. #2
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Quote Originally Posted by FundingTap123 View Post
    Which banks offer credit card processing for online CBD sellers?

    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.
    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

  3. #3
    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.

  4. #4
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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.
    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

  5. #5
    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.

  6. #6
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    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.

  7. #7
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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.

    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

  8. #8
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Why not just use Square?

  9. #9
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Quote Originally Posted by WestCoastFunding View Post
    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.

  10. #10
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by abfunders View Post
    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.
    Square still does it. They’re running google ads promoting it. But it’s true, brokers wouldnt get paid.

    https://squareup.com/us/en/solutions/cbd

  11. #11

  12. #12
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    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.

  13. #13
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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

  14. #14
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Quote Originally Posted by abfunders View Post
    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.
    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:
    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

  15. #15
    Noob Reputation points: 10
    Join Date
    Feb 2021
    Location
    UK, Kent, Rochester
    Posts
    1

    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.

  16. #16
    hello
    check out www.transparencyx.com
    This will be the future of processing credit cards.

Similar Threads

  1. CBD e-commerce Merchant Services
    By FundingTap123 in forum Financial Services
    Replies: 1
    Last Post: 06-30-2019, 12:56 PM
  2. Do you pitch your merchant other services?
    By GoodCustomerService in forum Merchant Cash Advance
    Replies: 6
    Last Post: 05-22-2019, 12:27 PM
  3. Merchant Funding Services/ MFS
    By Lendini in forum Merchant Cash Advance
    Replies: 4
    Last Post: 10-11-2017, 08:16 AM
  4. 30 Top Merchant Cash Advance Services
    By ADiamond in forum Merchant Cash Advance
    Replies: 10
    Last Post: 08-05-2016, 04:13 PM
  5. Contact at Merchant Funding Services LLC
    By MorCap Funding in forum Merchant Cash Advance
    Replies: 4
    Last Post: 03-01-2016, 02:19 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY