1.Which companies provide CBD and Hemp Merchant Accounts?
(Elavon) Processors are worried about fines from the card associations, taking illegal transactions, and for most processors CBD is on their prohibited product list.
2.Why are payment processors afraid to process payments for CBD?
To closely related to marijuana… marijuana is a Schedule 1 drug under buy the federal government
3. What are the essential steps to Get Your CBD Merchant Account ?
CBD must be .3% or less THC.. hemp only, no vape or vape juice, no smokables.
4.Can I use PAYPAL for a CBD site and what payment options are suggested?
When Paypal catches you selling CBD they close the account.
5. Top Tips for Selling CBD online and Processing Payments..
Full disclosure of products, quality CBD, have the COA’s available
6.What are top Mistakes that are made when sales reps sign up a CBD or HEMP merchant account?
First they don’t know the processors requirements, this they are misinforming merchants. The sales reps does not understand the CBD industry, they don’t know the processors requirements or both… which hurts the merchant.
7. Why do most Hemp and CBD merchants have issues getting approved for a Merchant Account?
First until 11/6/ 2018 no processors were taking CBD including Elavon.. we did the beta test… We lead the way for Elavon to learn the business… we provided substantial information from research and micro managing our accounts. After 18 months of our beta test group of merchant and me continually providing additiaonl information to Elavon since 2017 they decided to formally enter the CBD space. They also have severe banking challenges…
8. What are some of your CBD merchant clients common reasons for working with SNS Bankcard?
We were the only ones providing the service since 2107.. we are hands on with their accounts. We are their liasons for everything on their merchant account. Security / Loss Prevention issues, volume increases, PCI compliance, we dealt with a data breach… questions regarding websites, products, legality of products.
9.List some commons mistakes a merchant account sales rep makes in signing up a CBD Business or Hemp Businesses merchant account
Volume inaccuracy, average ticket inaccuracy, product inaccuracy, misinformation about VAPE products, they are no hands on when an issues arises and the merchant is left alone with no representation.
S&S Bankcard System is an Elavon Payment Partner & Registered MSP/ISO of Elavon, inc. Georgia,a wholly owned subsidiary of U.S. Bancorp,Minnapolis, MN