Business Banking for CBD companies

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

Business Banking account for CBD business

In recent years the CBD industry has experienced huge growth worldwide, particularly here in the UK where the health benefits have been widely reported. High street brands now stock CBD products pathing the way for start-ups in both retail and wholesale businesses nationwide.

Despite cannabis not being legalised here yet, the sale of CBD products is proving to be a profitable trade. Finding suitable business banking for CBD businesses can be tricky, with lots of high street banks wanting to avoid the controversial products until further studies have been carried out. Here, we will look at tips to help businesses secure suitable banking.

Declined business banking application for CBD companies

For many, the first port of call when starting a company is to approach their existing bank to apply for business services, including banking and card processing. CBD can be a little different, with mainstream and high street banks declining account applications from businesses who wish to sell CBD. The reason behind this is some banks believe the products to be deemed ‘high-risk’ as they are still relatively new, with little long-term research surrounding them.

Setting up business banking for CBD business

Despite some banks and building societies declining business bank account applications from CBD companies, others are happy to set services up. Applying to smaller banks or online business bank account providers can increase the chances of passing the application process and eventually going live.

How to find business banking for CBD

Before submitting an application, it’s important to understand the business requirements and documentation needed to increase the likelihood of the application being accepted;

  • Products must contain no more than 0.2% THC
  • Documented proof of where the wholesale products have been purchased from
  • Business must be registered prior to application
  • ID
  • Proof of address for business owners

Packaging your application correctly can make the difference between your account being approved quickly and delays meaning going back and forth providing additional paperwork.

How quickly can you set up business banking for CBD?

As discussed, providing all the correct paperwork on application will increase the chances of your account going live quickly. With some providers the account could be up and running within 24hours. If you require banking quickly, it’s worth discussing timeframes with the bank or broker prior to application.

APPLY FOR CBD BUSINESS BANKING HERE

How much does business banking cost?

The costs of business banking can vary, depending on the provider. Ordinarily, you can expect to pay a small application fee, coupled with a monthly service charge. Individual transactions are then charged separately. Before applying, ensure you review all costs involved to make sure you’re comfortable with the fees.

Finding CBD banking alternatives

If you have been declined by your existing bank provider or have been served notice meaning you’re searching for alternative banking solutions Merchant Advice Service can help. Our banking partners can offer long term business banking for CBD businesses.  Speak to our experts today.

 

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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