Hi @plainjanehemp ,
I am looking to expand our partnership program with CBD related companies exactly like yours. I work with a Merchant Account Provider called PayKings that specialized in getting CBD accounts approved.
Contact me personally if you want to learn more! email@example.com
Hi @marhaljason95 ,
If Square's new beta doesn't work out for you, feel free to contact me firstname.lastname@example.org. I work with a CBD payment processing company that can get your account approved in under week. We're also looking for partnerships if that's something you'd be interested in as well.
Shopify payments is behind the industry by not accepting CBD and HEMP products that are 100% legal on the state and federal level. They don't integrate with Square because they are in competition.
If you find a gateway that will integrate with both, you have to pay an additional 2% per transaction - PLEASE explain how is it fair and where is the business logic to attract new customers? The gateway company most likely going to charge you extra for their transactions.
Was anyone able to resolve and address this mystery?
@greenvalleycbd and every CBD merchant out there... I get that not being able to use Shopify Payments (Stripe) for CBD is causing frustration, anger, disappointment, and I know for me when I started this new endeavor was like, " WTF it's just a plant, how hard can it be..."
As someone who has been in processing for 10 years, primarily on the product and marketing side and having now transitioned to a biz dev/sales/ compliance role with a startup developing a Global FinTech solution for banking and processing things like CBD, Adult, Cannabis, Gambling, Influencer Payments, I can tell you the complexity of doing CBD along and in the US is complex. Our advisory board members each have been in processing space for 25-40, some former board members of processors First Data and Elavon, shared at our last board meeting, CBD has been the most challenging vertical they've ever seen.
This discussion could be a week-long conference in itself. I don't have time for that, so I wrote an article called 6 Obstacles CBD Merchants Need to Understand and Why Processors Struggle with CBD Accounts to shed some light on the difficulty of providing merchant accounts to CBD merchants.
Where CBD is today is not different than where Cannabis was in Colorado years ago. The CEO of Flowhub shared one great piece of advice with me and it's so accurate and I hope you find value in it as much as I do. It's what keeps me going for sure.
If you are in CBD today, you are not selling a plant, a tincture, a cream, a candy, a health product or a consumer good product, you are selling compliance. You must stop seeing yourself as business owner and more as a politicy maker. The people that understand this, will be the ones who last the chopping block.
2020 is the start of CBD regulation and it's going to be at least 2-4 more years of challenges. There will be 10-60 class-action lawsuits against brands in CBD – big and small. The FDA will send 60-150 more violation letters. Banks will remove existing CBD merchant's accounts and deny many new ones, even when the bill passes the senate.
So if you choose to be in CBD, know what you are in for. If you fight and say I'm going to do it my way, you're going to struggle in finding a processing partner and a bank partner.
If you are looking for a solution and compliance is your game, shoot me an email at email@example.com. We've got a domestic solution integrated with Authorize.net for Shopify. Tinctures, Topicals, Vape, Gummies, Flower, Capsules and no infused foods like cookies, brownies, snacks.
However, if you are not going to be compliant with underwriting, we are not interested in partnering with you.