Payment processing has been a major hurdle for many CBD companies. You can buy the best wholesale CBD products in the world, but if you can’t process payments, all of the effort you’ve put into starting your business will be wasted. Many merchant processors consider CBD businesses as high-risk, which has created numerous obstacles for small CBD companies and startups. High-risk merchant accounts can be unreliable, have high transaction fees, and require an extensive audit on your website content. Finding the right merchant processor is crucial to make sure all your transactions go well without a hitch.
The 2018 Farm Bill: Impact on CBD Merchant Processing
The intent of the 2018 Farm Bill was to help normalize hemp and CBD businesses. However, this bill caused individual states to start creating different statewide laws regarding hemp and CBD. Ultimately, all CBD businesses were impacted for the majority of 2019. Coming by a viable CBD merchant processor was almost impossible during this time period.
Square Taking the Initiative for CBD Processing
Square took the initiative and launched a CBD processing pilot program in May 2019. As one of the few domestic processing solutions, we highly recommend them. While there are a handful of other solutions out there, all of our clients have had great success and haven’t experienced any limitations with their website content or faulty transactions. This is an invite-only program, so we’d be happy to introduce you.
Learn More About How to Set Up Payment Processing for Your CBD Startup
Hemp Depot is proud to provide all the leading tips on how to starting your own CBD business. We’ve been in the CBD industry since the beginning and have established great business relationships and partnerships. If you’re interested in starting your own business and would like help with payment processing, we’re here to help! For more information regarding CBD merchant processing, please contact us!