Many credit card processors, and other payment companies, do not accept CBD-related businesses for several reasons…
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CBD oil, because of its association with hemp and THC, has a complicated and fast-shifting legal framework in the United States. As a result, for a sponsor bank to support the industry they must understand and keep a dedicated eye on it. Many banks and processors are unwilling to do so.
- Because CBD Oil is relatively new, there are differing levels of quality in CBD based products, posing additional chargeback risk to the credit card processors, and risks to providers of other payment methods.
- Finally, CBD oils, creams and related products are simply new products. Because of this, many sponsor banks, credit card processors, and payments companies, simply have not changed their underwriting rules to reflect these new products.
M&M, by contrast, is proud to serve the hemp & CBD oil industry with Credit Card processing. Our extensive relationships with processors and sponsor banks who specialize in underwriting businesses that may be perceived as “high risk” enables us to confidently support hemp based CBD related businesses. Moreover, we are experienced with the application and underwriting challenges that CBD businesses often face, and can help assist to make the approval and setup process easy. M&M is a top notch stable CBD payment processing service — without the interruptions, payout freezes, and unfair terminations that businesses have seen at PayPal, Stripe, or Square.
