With increased legalization and reduced restrictions in the sale and use of CBD, CBD oil, and hemp-based products including topicals, gummies and edibles, an influx of CBD based products and businesses are emerging. Because cannabidiol—more commonly referred to as CBD—is derived from the marijuana plant, many credit card processors may be reluctant to associate with your business. Therefore, finding a CBD credit card processing company to help you set up your CBD merchant account can be challenging.
CBD e-commerce is considered a high-risk business for most merchant processors, which can complicate the process of getting paid for your sales. If you’re looking to open a CBD merchant account, it may be difficult to find the right partner to manage your CBD credit card processing. It’s not uncommon for e-commerce platforms to discontinue working with CBD or hemp companies with little to no notice. Your current processor may even decide to close your account if they change policies. Both situations leave your business in a terrible situation.
As a CBD business owner, you will need to find a payment processor who works with high-risk businesses. You need a partner who has experience working with more than one CBD merchant account and understands the industry. It’s relatively easy to find high-risk payment processors, but it can be difficult to identify high-risk payment processors who have an understanding of the industry.
All high-risk businesses are challenging in their own ways, but a CBD merchant account may present unique issues. Under U.S. federal law, CBD products that contain less than 0.3% of THC are legal. However, state laws can be vague and open to interpretation by law enforcement agencies. More often than not, companies that offer financial and e-commerce services do not like uncertainty, and many choose not to work with merchants offering CBD or hemp products.
In addition to that, WizoPay has over a decade of experience working with CBD & Hemp merchants on a day-to-day basis we know the industry well and we’re excited to invite more CBD and Hemp merchants into our portfolio.
Ideally, businesses looking for a CBD merchant account will select a payment processing partner with extensive experience working with CBD, hemp, or CBD oil merchant accounts. Payment processors in the industry will be adept at quickly setting up your business to accept credit card transactions. In addition, they will have an experienced team that knows how to deal with common CBD merchant account challenges and take a personalized approach to creating custom payment solutions to help you combat fraud, improve cash flow and provide access to tools that help your business grow.
We’ve grown with the CBD and Hemp industry and understand the dismissive nature of many other payment processors, but because we see these companies and industries as legitimate we choose not to view them negatively from the outset. Instead, we choose to see your business for what it is, a legitimate, valuable, in-demand business with customers that need payment options.
We understand the need to keep your customers happy and coming back, and to do that you need to be able to accommodate several payment methods. By partnering with WizoPay as your merchant provider, you can get all your needs met in one place, and more.
You can also expect:
From retail store fronts and ecommerce businesses to suppliers in the CBD industry, WizoPay offers CBD credit card processing solutions designed to meet the unique needs of your business. Whether you are setting up a new CBD merchant account or your CBD credit card processing has been terminated requiring you to start over, our team of CBD merchant account experts can help you tackle any challenge. We are adept at developing payment solutions designed to combat common CBD credit card processing issues like high chargeback rates, strict hold policies, and revenue growth restrictions. Discover how our personalized approach and industry expertise helps us develop payment solutions designed to tackle the most pressing CBD merchant account challenges.