As the talk about marijuana goes, so goes CBD.
There is so much going on with the cannabis industry, we can barely keep up. Seemingly, every other inquiry we get – phone, e-mail or web-generated lead – is one asking about our CBD merchant account solutions, of which we have several.
We wish we had a credit card processing solution for marijuana, medical and/or recreational (we don’t believe one exists for e-commerce, but have heard of a couple storefront/POS solutions). Recent events, however, continue to support that a broader range of acceptance is forthcoming, which has us encouraged.
Understandably, the credit card issuing are skittish. So long as marijuana use and sale is against federal law, issuing banks (and the card brands themselves) will side with the feds.
Some Of The (Many) Reasons Why We Think Credit Card Processing For Marijuana Is Close
The signs of the growing acceptance of cannabis businesses are all around, from research into the medicinal benefits to big money investors clamoring to get a piece. While we continue to field a plethora of inquiries about our CBD merchant account solutions, we feel we are partnered with the right acquiring banks for when e-commerce solutions for Marijuana can be had.
- Recently a large, well known tobacco company invested in a cannabis research startup called Oxford Cannabis Technologies, based in England. We think other big tobacco outfits will follow, as they did with e-cigarettes.
- Canada recently put into law the Cannabis Act, which legalizes possession, home growing and sales for adults. Canada is one of two countries to legalize recreational use of marijuana (Uruguay is the other).
- More states in the Union have some form of legalized marijuana than those that don’t. Twenty states have legalized it for medicinal use while nine states voted it legal for medical and recreational use. Other states are sure to follow.
- States are always looking for revenue streams. In April, the New York State Department of Financial Services issued a memo urging banks to offer financial services to licensed medical marijuana-related businesses.
- Israel is in the process of decriminalizing marijuana with a vote this very week with fines replacing incarceration.
- An increasing number of cannabis companies are going public on stock exchanges in North America (particularly Toronto and NASDAQ).
We sincerely hope that acquiring banks will warm to the idea of credit card processing for cannabis transactions, medical and otherwise.
Instabill Among Best Merchant Account Providers For CBD, Hemp And Paraphernalia
If we had to select an industry for which we receive the most inquiries, it is CBD, for good reason: We have rock solid payment processing solutions, and word is out there. In fact, PPay was recently lauded by merchant processing watchdog CardPaymentOptions.com on Apr. 30, when it was named among the Best Merchant Accounts for CBD.
The honor was the fourth of 2018 for PPay, while the other honors included:
- Best High Risk Merchant Accounts (CardPaymentOptions.com)
- High Rick Merchant Account Providers – Four stars (Merchant Maverick)
- Best International Merchant Services Providers (MerchantNegotiators.com)
Behind these honors is the principal of transparency. We prefer merchants contact us by phone to discuss the particulars: whether or not we have a solution, the rates and fees involved and how long the onboarding process takes.
Our CBD Merchant Account Solution
PPay offers CBD merchant accounts with domestic banking partners on a case-by-case basis:
- Processing history and startups: Ideally, payment processing history is preferred to ensure a fast approval. However, with multiple solutions, we can accommodate startup CBD merchants.
- Strong financials: Having a healthy business bank account balance is critical for any business, but it is especially important if an acquiring bank is going to grant an approval to a CBD startup.