Payment Processors and online CBD sales

Hemp Marketplace HomeForumsRAWmarket.place EventsPayment Processors and online CBD sales

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #100000964
    Carlo Suits
    Moderator

    Although hemp is no longer considered a controlled substance, banks and many payment processors are still unwilling to work with merchants selling CBD online.
    How have online sellers of hemp CBD products been dealing with the restrictions set by banks regarding online CBD transactions?
    Discuss payment processors that do currently accept CBD transactions, and any past experiences or communications with payment processors.

    #100000972
    Rachael Yamanoha
    Participant

    I hope somebody jumps in here. I am working on starting an online topical, bath and body cbd line but have zero idea when and how to start. Any and all info would be greatly appreciated.

    Happy Sunday Y’all!!

    Rachael Y

    #100001021
    Tim LeGrand
    Participant

    Our processor killed our merchant account when they stopped servicing any cbd sales, on or off line. We recently got an email from shopkeep, our POS provider that they now have someone that does work with cbd sales. However, all I have seen so far are extremely high rates, so do a lot of research before jumping on board with anyone.
    There are places advertising for cbd sales merchant accounts, but they are really screwing people on fees with all I have seen. Hopefully someone can chime in with a good recommendation.

    Luckily, we had 2 merchant accounts. Haven’t told the other about the cbd, and they haven’t asked. We do not sell it on line at all, so… so far so good…

    #100001277
    Carlo Suits
    Moderator

    Reviving this thread, U.S. Bank has now begun closing out hemp farmers and sellers.

    Link

    Federal banks are now required to file a suspicious activity report if a customer is believed to be involved with cannabis or marijuana. I wonder how many people at U.S. bank use CBD products? Highly inconvenient for many hemp business to not have a stable banking option especially with harvest drawing near.

    Do any businesses here use U.S. Bank, if not what do you use? Have you had any issues?

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.

Be part of the growing Hemp Community. It's FREE!

Create new listings. For only a small fee.

Share stories, ask questions, discuss issues.

Feature/bump listings, be a moderator, custom emails.