Bankcard International Group (BIG) is thrilled to announce the introduction of our CBD Payment Processing Solution, a significant development for merchants in the CBD industry. We are now enrolling established merchants who qualify to accept debit and credit card payments for CBD products.
The Challenge of CBD Payment Processing
Despite hemp-derived CBD’s removal from the controlled substances list, businesses in the CBD sector continue to face significant challenges, particularly in payment processing. The legal status of CBD products and the strict oversight by the FDA have made it difficult for merchants to find compliant, reliable payment processing solutions.
As the FDA tightens regulations on how CBD can be marketed and sold, the implications for merchant accounts become increasingly complex. Banks, backed by the Federal Reserve, must navigate these evolving regulations, leading to difficulties for CBD merchants in acquiring domestic banking and credit card processing services.
FDA Regulations and Their Impact on CBD Merchants
The FDA’s scrutiny extends to the marketing of CBD products, prohibiting claims regarding their therapeutic benefits or classification as dietary supplements. Violations of these regulations not only attract FDA warnings but also pose risks to merchant accounts and payment processing capabilities.
Introducing BIG’s CBD Payment Processing Solution
BIG has diligently worked to establish a robust banking relationship to bring a sustainable CBD product payment solution to our clients. Acknowledging the marathon-like progression in the CBD industry, we have developed a compliance program approved by Card Brands, allowing us to offer a unique payment solution to CBD merchants.
Our underwriting process is meticulously designed to align with FDA guidelines, with specific attention to product descriptions, labeling, and advertising. This thorough approach ensures ongoing reliability and compliance with merchant account status.
Features of BIG’s CBD Payment Processing Solution
Our CBD Payment Processing Solution offers several benefits to eligible e-commerce hemp CBD stores:
- Integration with various shopping carts and platforms, including Shopify.
- Transparent and competitive rates with no setup fees and no reserves.
- Domestic processing for hassle-free transactions and local customer support.
However, it’s important to note that this solution currently excludes vape and flower sales and is exclusively available for e-commerce, not brick-and-mortar retail merchants.
Commitment to Supporting the CBD Industry
Our solution reflects our commitment to mitigating risks and promoting best practices in the rapidly evolving CBD market. We strive to offer lower rates and better terms compared to other payment solutions in the market, emphasizing stability and competitiveness.
As industry leaders in high-risk merchant services, BIG is dedicated to providing a reliable and sustainable solution to CBD merchants. Our focus is not just on offering a payment processing service but on being a partner committed to the success and growth of your business.
If you are seeking a trustworthy payment solution for your CBD business, give us a call. Discover how our CBD Payments Solution can support and enhance your business model.
