What to Know Before Getting Started
CBD Credit Card Processing Has Arrived
Cannabidiol oil (also known as “CBD” or “CBD oil”) is a derivative of the cannabis plant that has been shown to have the potential to treat certain ailments such as seizures, nausea, inflammation, and anxiety. It is extracted from low-THC strains of cannabis to form a non-psychoactive oil that can then be stored in capsules for accurate dosing. Cannabis is currently a Schedule I drug in the United States, which makes it illegal according to federal law. However, partially because of CBD oil’s possible medical value, states are beginning to legalize the production and sale of this substance. As a result, merchants who sell hemp-derived cannabidiol are scrambling to open merchant accounts that can process CBD payments.
Taking Credit Cards for CBD is Still Evolving
Unfortunately, there are currently very few providers out there who can place CBD vendors, and their ability to do so changes frequently. There are even fewer that we would recommend based on pricing, transparency, and customer support. Most sellers of this product should be prepared for higher-than-average transaction rates due to the elevated risk associated with their industry, and they may also encounter rolling reserves or occasional fund holds. However, the security and convenience that comes with accepting credit cards may make it worthwhile for some sellers. If you are a CBD vendor who is hoping to open a CBD merchant account, be aware that we will continually update the list below with providers that have signaled that they may be able to board such businesses. Please keep in mind that CBD processing is an ever-changing landscape at this time, and that major banks have been known to purge CBD merchants from their portfolios en masse and unexpectedly.
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Why These Merchant Account Providers
Now Approving CBD
Currently, PaymentCloud is our top recommendation for talking card payments as a CBD business. As of the writing of this post, PaymentCloud is currently approving CBD merchant accounts, Kratom merchant accounts, and Hemp merchant accounts for credit card processing. Besides the ability to approve these businesses, PaymentCloud is one of the best rated processors in the merchant services industry.
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving high risk business types, including CBD sellers. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances.
PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history. The BBB does not maintain a profile for PaymentCloud at this time, but CPO gives the company an “A.”
Offshore Processing Option
eMerchantBroker is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including CBD oil merchant accounts. The company’s products include credit card processing, ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. eMerchantBroker can place CBD sellers with both domestic and offshore banks.
eMerchantBroker offers custom pricing for each merchant and maintains a low complaint rate relative to its size and merchant portfolio. Our review of eMerchantBroker gives the company an “A” rating overall and the BBB assigns the company a rating of “A+.”
Other Merchant Account Options
The providers below may not have been researched as thoroughly or may lack a quality that prevented them from being listed above. We have listed them to provide a broader view of potential merchant account options. Are you a decision maker with your company and want to be listed on this page? Tell us here.
Centurion Payment Services
Cost-Effective CBD Processing
Founded in 2012, Centurion Payment Services is a Miami, Florida-based merchant account provider that serves both standard and high risk businesses. Centurion Payment Services offers an online payment gateway and virtual terminal as well as EMV-compliant payment processing equipment for face-to-face purchases. The company is currently able to serve CBD oil merchants but is unable to place marijuana and paraphernalia vendors at this time.
Centurion Payment Services Reviews
Centurion has not received any public complaints for the entire time that it has been operational. The company claims to offer no reserve, interchange-plus pricing, single-day approval, no PCI compliance fees, and no start up fees to its CBD merchants. The BBB does not assign a rating rating to Centurion Payment Services, while CPO gives the company an “A.”
If your company is capable of serving CBD merchants, please leave a comment below or get in touch with us directly.