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What to Know
Are you seeking a secure payment processing solution for selling CBD or Hemp products online?
The challenges faced by CBD businesses in payment processing are not uncommon, stemming from factors such as reputational risk, legislative considerations, and the potential for chargebacks. Traditional banks and payment processors may exhibit hesitancy in extending services to these businesses, driven by concerns related to regulatory implications associated with transactions involving cannabis-related products. Moreover, credit card processors often impose restrictions on the categories of products they are willing to process payments for. The insufficient security measures implemented by many processors pose risks for both business owners and customers. To address these challenges, it is crucial to identify a reliable and compliant CBD hemp and ancillary cannabis payment processing system.
What You Can Sell With a CBD & Hemp Merchant Account
Elevate your CBD and Hemp business with a dedicated merchant account, providing your customers with a dependable, secure, and compliant payment solution. By utilizing a reputable payment processor, you can expand your reach while minimizing risks, safeguarding your CBD business from potential fraudulent activities or chargebacks. Currently, we support a variety of CBD and Hemp products.
Some of the CBD and Hemp products we are currently supporting include:
- Teas
- Skincare
- Hemp oil (Pure isolate or Full spectrum)
- Pain relief sprays
- Supplements and capsules
- CBD pet products
- Edibles including gummies, chocolate, and lollipops
- Delta derived products (D8, D10, HHC, etc.)
Why the CBD Hemp and Ancillary Cannabis Industries are Viewed as High-Risk
Regulatory Uncertainty
Varying regulations at the federal, state, and international levels contribute to an environment of uncertainty, making it challenging for financial institutions to assess and manage associated risks.
High Chargeback Rates
The increased risk of chargebacks can be a concern for payment processors and financial institutions, impacting their willingness to support businesses in these industries.
Reputational Concerns
Financial institutions may perceive potential reputational risks, leading them to approach these industries with caution and, in some cases, reluctance to provide financial services.
Legal Compliance Challenges
The complex and dynamic nature of cannabis-related laws poses a risk for financial institutions, as they must navigate intricate regulatory frameworks to support these businesses without running afoul of legal obligations.
U.S. Restrictions on the Sale of CBD or Hemp Products
As of 2023, the Food and Drug Administration (FDA) has stated that CBD cannot be considered a dietary supplement or food additive. Therefore, the FDA does not have any plans to regulate CBD in the near future. The laws surrounding CBD vary depending on the state. In most states, CBD is legal as long as it has less than 0.3% THC—which is the psychoactive ingredient. As you can see, the laws and regulations surrounding CBD are ambiguous and borderline confusing. That’s one of the reasons why it’s a high-risk industry.
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