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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.
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…
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?