CBD credit and debit card payments

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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.

The Challenges Of Accepting CBD Payments

CBD businesses face unique challenges when it comes to accepting credit and debit card payments. Due to the regulatory landscape and perceptions surrounding CBD products, many traditional banks and payment processors consider them high-risk. This can make it difficult for CBD merchants to find suitable payment solutions. At Merchant Advice Service, we understand the complexities involved and are here to provide you with valuable information on accepting CBD card payments.

Why Are CBD Merchants Considered High-Risk?

CBD merchants are often labelled as high-risk due to several factors:

  1. Regulatory Concerns: CBD falls within a legal grey area in some jurisdictions, which raises concerns for financial institutions. This uncertainty can make banks and payment processors hesitant to work with CBD businesses.
  2. Perception and Stigma: Despite the growing acceptance of CBD products, there is still a lingering stigma associated with them. This perception can cause banks to view CBD merchants as high-risk and potentially harm their reputations.
  3. Legal Compliance: CBD businesses must navigate complex legal and compliance requirements to operate in the industry. Banks and payment processors may find it challenging to assess the legality of CBD products, leading to higher risk perceptions.

Chargeback Risks: Chargebacks occur when customers dispute transactions, and they can be more common in the CBD industry. This higher risk of chargebacks can make financial institutions hesitant to provide payment services to CBD merchants.

Finding CBD-Friendly Payment Solutions

Despite the challenges, there are payment solutions available for CBD merchants. It is crucial to work with a specialised payment provider like us that understands the unique needs of your business. Here are some options to consider:

  1. High-Risk Merchant Accounts: High-risk merchant accounts cater specifically to industries like CBD. These accounts offer tailored payment solutions designed to mitigate risk and accommodate the needs of CBD businesses.
  2. CBD-Friendly Payment Gateways: Payment gateways act as a bridge between your online store and the bank, enabling secure online transactions. Look for payment gateways that explicitly support CBD transactions to ensure seamless payment processing.
  3. Alternative Payment Methods: In addition to credit and debit card payments, consider offering alternative payment methods such as e-wallets and cryptocurrency. These options can provide flexibility for your customers and diversify your payment options.

CBD-Specific Providers: Some payment processors specialise in serving the CBD industry. These providers have in-depth knowledge of the regulatory landscape and can offer tailored payment solutions to meet your unique requirements.

CBD Businesses Switching Merchant Accounts

CBD businesses often find themselves in a situation where they need to switch their merchant accounts. This can happen for various reasons, such as dissatisfaction with the current payment processor, changes in business requirements, or the need for better rates and services. At Merchant, we understand the importance of a smooth transition and can assist CBD businesses in finding alternative merchant account solutions.

We work closely with a network of specialised providers who are familiar with the unique needs and challenges of the CBD industry. Whether you are looking for better rates, improved customer support, or specific features tailored to your business, we can help you make a seamless switch to a new merchant account that meets your requirements. Our expertise lies in identifying suitable options for CBD businesses, ensuring that you can continue accepting credit and debit card payments without interruption. With our guidance and support, you can navigate the transition process with confidence and optimise your payment processing capabilities.


CBD Businesses Declined Or Terminated Merchant Accounts

In some unfortunate cases, CBD businesses may experience the frustration of having their merchant accounts declined or even terminated. This can occur due to the high-risk nature of the CBD industry, concerns from financial institutions regarding regulatory compliance, or changes in the bank’s risk appetite. If you find yourself in this situation, don’t panic.

We specialise in assisting high-risk businesses, including those in the CBD sector, to overcome such challenges. We have the knowledge and expertise to connect you with alternative payment solutions and CBD-friendly payment processors that understand the specific risks associated with your industry. Our goal is to help you regain access to reliable payment processing services so that you can continue to accept credit and debit card payments with confidence.


How Merchant Advice Service Can Help

At Merchant Advice Service, we understand the unique challenges faced by CBD businesses when it comes to accepting credit and debit card payments. Our expertise lies in providing guidance and support to high-risk industries, including CBD merchants. We can help you navigate the complexities of CBD payments, identify suitable payment solutions, and connect you with CBD-friendly payment processors. With our extensive knowledge and network of industry-leading providers, we strive to find the best payment options tailored to your specific needs. To learn more about how we can assist you, visit our CBD Payment Solutions page.

For more advice like this, visit our blog page!

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Navigating the world of credit card processing for CBD businesses can be a daunting task, especially given the high-risk category that these types of businesses often fall into. However, with the right guidance from experts in merchant services, like Merchant Advice Service, you can find tailored solutions that suit your specific needs. Whether you’re concerned about recurring payment options, processing fees, or even chargeback fees, there’s a way to manage these challenges effectively.

It’s crucial to have a thorough understanding of your processing history and the types of fees you might encounter, such as a rolling reserve or a monthly fee. This knowledge will help you in the long term, allowing you to choose the best merchant services that align with your business goals.

So, if you’re in the CBD industry and are looking for reliable and cost-effective ways to handle credit and debit card payments, don’t hesitate to seek professional advice. With the right support, you can overcome the complexities of being in a high-risk category and focus on growing your business.

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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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