Are you experiencing CBD PayPal issues? Can’t find a UK-based CBD merchant account? Help is at hand. We’re putting together a useful list of verified CBD merchant account services, payment processors & gateways with offices in the UK.
There’s a lot to think about when you run an online business, and with a number of online payment processors readily available, you’d think this would be one thing you wouldn’t need to worry about.
This is true for most small businesses – all you need to do is set up a PayPal or Stripe account and you’re away. But for some businesses, like CBD, things aren’t so simple.
** Please note that we do not offer CBD merchant account services. Medic Pro is a regulatory consultancy that offers general information on merchant services for CBD businesses **
When processing credit card payments online, merchant account providers assume most of the risk involved in the transaction. Because of this, they assess the level of risk involved with different types of business, and treat them accordingly.
Many businesses will be considered low-risk and will have no problem. But other businesses, because of the nature of the products they sell or the industry they operate in, will be considered high-risk and may face difficulties.
Any business or industry that borders on legality and chargebacks is likely to be considered high-risk. For example, lots of digital products have higher rates of chargebacks due to the fact they’re easier to scam and the providers often operate globally.
Businesses that sell CBD online often find it difficult to secure merchant processing. This is because of the origin of CBD i.e cannabis and the fact that this remarkable plant has very different regulations in different territories.
In some territories it’s perfectly legal for recreational use, while in others possession can mean prison. Traditional payment processors like PayPal and Stripe don’t have the support of their banks to deal with cannabis products.
These payment processors are liable to close a business account if that business is likely to undermine their relationship with a bank. After all, it’s much easier for them to close a small business account than it is to negotiate a deal with a large financial institution.
Rather than managing the complexities of differing legal frameworks across the globe, traditional payment processors have opted to avoid risk and not go there at all. Instead, specialist CBD merchant account services have sprung up to fill the gap.
There are thousands of payment processors and merchant services across the globe, but very few of them specialise in high-risk industries. Specialist CBD merchant account services provide online payment processing solutions that are specifically geared towards CBD vendors.
These CBD payment processors are companies that have the capacity to handle medium- to high-risk businesses.
Merchant services that provide payment processing for the CBD industry are much more niche than the mainstream payment processors, and so they can be difficult to find online. Especially ones that are based in the UK.
Luckily, we’ve done the hard work for you.
See below for verified specialist CBD merchant account services in the UK.
More to follow…