When buy cbd oil online payment

An influx of online businesses are introducing CBD into their ecommerce stores. Since the passing of the Farm Bill, which was signed into effect by President Donald Trump in December and removed hemp from the definition of marijuana under the Controlled Substances Act CSA , an increasing number of ecommerce business owners are searching for payment gateways that allow CBD merchant processing. In an effort to meet consumer demand for CBD products, such as oils, capsules, supplements and topical solutions, the non-psychoactive cannabinoid is being stocked inside an ever-growing number of brick-and-mortar shops and online ecommerce stores. Back in , Dr. Some 23 years later, scientists managed to assess its structure in clarity. Ultimately, this kick-started plenty of research into a molecule that has since been hailed a medical marvel ingredient.

Banking on CBD: What’s the Deal With CBD Payment Processing?

A customer walks into your store, chooses the product they want to purchase and brings it up to the counter to buy it. You tell them the price, but then they hand you a credit card. You regret to inform them that your business does not accept credit cards.

The customer, without any cash on them, then has to put the product back and walks out of the store, not likely to return. They prefer to pay with card, rather than going to an ATM to get a cash advance. Or, maybe this is more relatable to your business: Sales are going great, and you accept payment from both credit cards and cash.

The business is growing and more customers are coming in each day. One day, you get an alert that your merchant account provider has dropped your business , no longer letting you accept credit card payments. For what reason? It wasn't even your fault that you lost your account, but it's the few bad apples that ruin it for everyone. You scramble around to find a new processor, one that will accept high risk business types. You need a processor that has experience with similar businesses and knows the struggles that you have already been through for trying to simply accept credit card payments.

But with Shift, your interests are put first. We want to be the merchant account provider that changes your mind. Many merchants will give their clients a price up front, but hide fees or stipulations in the contract that allow them to raise the price after about a year.

At Shift Processing, we are very transparent about our fees and offer no termination fees should you choose to end your contract with us. When you accept credit cards at the point of site, it should be the last time you think about that transaction. Accept all Card Brands.

Keep that in mind and get a payment system and processor capable of accepting all major credit cards. Low Fees. Most processors will charge ridiculous rates to high risk merchants because they know that you are probably desperate for a processor. Get a merchant account that is cheaper than the rest, without hiding fees that will grow over time.

If you've ever tried to sell CBD products online, you understand the depth of the struggle in trying to secure an online account. We understand that every business is different, and listen to each business owner to fully understand the best solution for your needs. This isn't a cookie cutter business, and getting the right merchant account can set you up for success for years to come.

If you're looking for an online CBD merchant account, you've come to the right place. Our staff is trained to get to the bottom of what will work best for you while keeping the fees low so you can grow your business. PayPal will technically approve CBD sales. However, even a quick Google search will show that PayPal is notorious for shutting down the accounts of CBD businesses without warning and even holding their funds.

PayPal stops accepting purchases of CBD businesses very frequently. An actual payment processor that has experience in high risk and CBD merchant processing and CBD payment processing in particular will be more beneficial to a CBD business looking to accept credit card payments. If they decide that you are too high risk for them, they have the right to, without warning, shut down your merchant account.

You could just accept cash, like plenty of other CBD businesses, but that would severely limit your customer base. You could stick out amongst other CBD stores, or do exactly what they are doing.

Think about the necessity of accepting credit cards this way: Each customer that you have to turn away because of your inability to accept credit card payments is a purchase lost. But, how many sales are you actually turning down in the long run? So, being able to accept credit cards really will turn into countless purchases down the road as customers know they are able to use a credit card and come back to your business because of that convenience. You'll have a team of dedicated professionals to help you through the application and approval process.

Earning the trust of your business and satisfying your need for a credit card payment processor, just like the other CBD businesses, is our number one priority. Unlike other high risk processors, Shift does not charge massive monthly fees in addition to the per transaction fees. Minimal monthly fees means more money in your pocket. How does a rate decrease sound? The longer you process with Shift and demonstrate that your CBD business is not such a high risk, you may actually find that your rate will decrease over time from where it began.

This will keep your business from falling back into the original problem of only being able to accept cash. Stripe restricts CBD based businesses from accepting payments on their services. In fact, Stripe restricts any highrisk business in any industry, from the hemp oil and CBD oil industry to the gambling industry, from using their services. So while the product might be completely legal in your region, Stripe prefers to not take on that risk and will deny any CBD based businesses from using their services.

They have a policy against acquiring high risk clients, so your CBD business will not be allowed to process payments with them. Shift has plenty of experience with high risk businesses and knows what business owners need out of a processor. We put you, the customer, first and want to do whatever it takes to help your business succeed. Paykings is almost exclusively a high risk merchant provider. This means that almost all of the businesses that they work with contain some element of risk.

With that, they have a lot of experience processing for high risk businesses. However, their standard fees start off at a fairly expensive rate , and with CBD processing having higher rates across the board than other high risk industries, will almost definitely grow even more costly.

Shift also has plenty of experience, both with high risk and low risk businesses. However, Shift has lower fees across the board than the rest of the competition. Square is currently working on a credit card processing solution to allow them to be able to accept the payments on CBD products.

However, this solution is currently just being tested with a few different CBD businesses on an invitation only basis.

So, there could still be a while until Square has CBD ready payment processing solutions. Square overall, however, tends to have pretty high fees and usually only works well with small businesses because of those processing fees. Up until the trial testing of a CBD processing option, Square has refused to process the payment of the majority of high risk businesses that try to process with them.

For the few that have gotten Square to process their purchases, they found that Square would many times hold their funds and take a while before finally clearing the purchase and allowing the funds to go through. Shift already has a processing history with CBD products and businesses at a fraction of the cost of other processors. With Shift, there is no waiting for the test version of a payment processing system to be approved for the public.

Instead, you can jump right in and begin processing CBD credit card payments in just a couple of days. Merchant service providers that are willing to take on CBD accounts can be hard to find. They might take you on at first. If they suddenly view your business as too high risk, they might drop it without warning. Shift Processing has plenty of experience with highrisk merchants, including CBD sellers, so you can find safety in knowing that Shift will not drop your CBD dedicated account.

If you intend on selling CBD products online as well as in store, consider a payment processor that can provide an online payment gateway or virtual terminal.

Though hemp based CBD and hemp products overall are legal nationwide, few credit card processors are willing to take on the risk that it presents through its affiliation. Even if you find a processor willing to take on a CBD business, odds are that their fees are very expensive.

This is because of a couple different factors. First, they know that it is risky to process your payments. Because of this, they want to make more off of you for being willing to process CBD payments.

Second, they know that if you are a business seeking payment solutions for your CBD business, you are probably fairly desperate and are willing to pay a good amount in order to accept credit cards. They take advantage of that desperation and try to tell you that they have very competitive rates, when they actually have very high rates. The legality of CBD is complicated, but as a general rule, hemp based CBD is legal in all 50 states as long as the level of THC, or tetrahydrocannabinol, in the cannabis product is low to virtually nonexistent.

There are no specific federal laws against hemp based CBD. However, marijuana based CBD is only legal in a few different states. Marijuana based CBD, as you can probably guess, is only legal in states that have approved the use of medical marijuana or recreational marijuana. If marijuana is legal in your state, then marijuana based CBD is most likely legal as well.

Find out what the laws are in your local state to be absolutely sure that your products are totally and completely legal. CBD comes in many different forms.

If are a CBD business owner and seeking a merchant account solution to allow you to accept credit cards on these products, give Shift a chance. We have plenty of experience with all different types of high risk industries, including CBD. If your business specializes in CBD oil, for instance, we can work with you to become your CBD oil merchant account provider. We can provide a merchant account that will allow you to process purchases made by credit cards.

From mobile processing to to brick and mortar processing, Shift has a wide variety of options to meet your needs. Shift offers competitive rates with unbeatable customer service. No other merchant account provider will give you the same experience that Shift promises to deliver. There are no offshore merchant accounts with us.

Contact us and tell us how we can help you start processing credit card payments and get a merchant account approved in less than a week. Ingenico ICT Verifone VX Call now. In store and online without the risk of shutdown. Get Started Now. Does this sound familiar?

CBD oil. What are CBD oils? Perhaps you've heard of this new class of May require an offshore account for CBD merchants; No online. Getting a CBD oil merchant account can be difficult due to the high risk nature Do you need to buy to new equipment or sign new lease agreements? that offers high risk e-commerce processing solutions including CBD oil.

Maybe your bank has declined a CBD oil purchase because it appears that it was made overseas. Or maybe you felt the subterranean panic of the CBD industry when a major merchant processor recently announced it would stop processing payments for CBD companies. Whatever it was that piqued your interest, the reality is that this aspect of the CBD industry is just confusing to most people outside the industry. We consulted experts that serve different aspects of the industry for their take.

US merchants in certain states are able to sell select hemp or hemp-derived cannabidiol CBD products on Shopify.

It is no secret that marketing CBD continues to rise in popularity. It has become a billion-dollar industry and is projected to keep growing.

Selling CBD on Shopify (US only)

Look no further than PayKings, the leading experts in getting your CBD merchant account ready to accept payments. Finding a high risk payment processing solution that keeps your business running smoothly is critical for your online business. PayKings knows how frustrating it can be for a high risk business in the CBD oil industry to obtain the right payment processor. Finding the best credit card payment processing might seem daunting for even the most experienced CBD merchants. CBD product sales are considered to be high risk in the online merchant account world due to the nature of how the oil is cultivated. The very notion sends banks and lenders into high alert often resulting in your CBD oil merchant account being deemed high risk.

LOOKING FOR A CBD MERCHANT ACCOUNT?

A customer walks into your store, chooses the product they want to purchase and brings it up to the counter to buy it. You tell them the price, but then they hand you a credit card. You regret to inform them that your business does not accept credit cards. The customer, without any cash on them, then has to put the product back and walks out of the store, not likely to return. They prefer to pay with card, rather than going to an ATM to get a cash advance. Or, maybe this is more relatable to your business: Sales are going great, and you accept payment from both credit cards and cash. The business is growing and more customers are coming in each day. One day, you get an alert that your merchant account provider has dropped your business , no longer letting you accept credit card payments. For what reason?

Square Inc.

CBD: the therapeutic supplement making a big mark in health and wellness markets across the globe. But recent developments are causing all of that to change. For example, on June 25th, the U.

The CBD business is supposed to explode, but selling it online is still a mess

All you have to do is procure some CBD oil, design the perfect label gradient, toss it up on a Shopify storefront, and buy a few Instagram ads. Especially online. And the founders of these companies — mostly good-seeming people! While the US Farm Bill may have legalized the production and existence of CBD, it is still in a hazy legal and regulatory position. Shopify, which is Canadian, will let you sell actual weed in Canada, where it is legal, provided you have the right license. Instead, to play by the rules, you often have to find and sign up for a high-risk processor, such as T1 Payments or others. When they work, they mostly work. Sometimes you have to set up an overseas entity and then funnel the money back to the US. To work with Shopify — which many merchants prefer to use to host their stores — high-risk processors sometimes require special configuration, which can change. The whole process can feel like a game of Whac-A-Mole. But Elavon recently made an about-face, announcing in March that it was banning CBD sellers from its platform and giving existing clients 45 days to find a new processor. Many are now scrambling with an extended May 15 deadline looming. It is still, to be sure, a legal gray area.

Square to begin payment processing program for CBD sellers

Get a free consultation from PaymentCloud today! What are CBD oils? The major difference between CBD products and marijuana is that the former contain little or no THC tetrahydrocannabinol or any of the other psychoactive ingredients that marijuana contains. Almost all states currently allow you to purchase or distribute hemp-derived CBD products that contain less than 0. Although medical marijuana and, by extension, CBD products are now legal in the majority of US states, most banks and credit card processors have been extremely reluctant to approve CBD businesses for merchant accounts, and many such companies have had their accounts suddenly closed without notice. Visit Site. Read more below to learn why we chose these options. As you might expect, the processing industry has placed CBD products firmly in the high-risk category, making it much more difficult and expensive to get a merchant account. Businesses can find themselves labeled as high-risk for any number of reasons, but for CBD products, the main three reasons are 1 unsubstantiated claims regarding the efficacy of the products, 2 high chargeback rates, and 3 legal issues affecting distribution of the product.