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As you’re starting your own CBD business that you must have a special merchant processor who does CBD processing.
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Merchant processing has created more stress for me than any other topic.
You just can’t go to your bank and say hey I want to do merchant processing. In fact if you went to your bank and said I need you to do my merchant processing for my CBD business, the odds are that your bank is going to ask you to take your banking somewhere else because most banks in the United States cannot do banking for anybody in the CBD business.
On that topic you want to make sure that that you don’t disclose to your bank that you’re in the CBD business. You just want to let them know you’re in the health and nutrition business. Obviously all of this is going to be changing in the months to come as the farm bill goes through as the banking industry changes its rules and regulations, but right now today you need to be very careful in banking and specifically as it relates to merchant processing.
You must have a processor who does CBD merchant processing. Now let me share with you what will happen if you don’t get a CBD processor. If you are setting up a website and you don’t disclose to your CV or to your merchant processor that you’re in the CBD business they will likely look at your website within the first 24 hours of it going live and they’re going to shut down your merchant processing.
You also run the risk of them putting you on the match list. What that means is that if you get put on the match list you can’t get a merchant account with any merchant process or including a CBD merchant processor for five years. It’ll be tied to your social security number, it’ll be tied to your company name and your only option at that point is to get a different partner that has a different social security number and to change your company name.
Your risk is great if you try to do your processing with a merchant processor that does not do CBD processing. If you’re not selling online, what a lot of people do is they just use square now Square does not do CBD merchant processing but if you set up an account with a merchant processor and you don’t have a website, then there’s nothing for them to go to and look at.
I am not condoning this. I’m not saying this is what you should do. I’m just telling you that that’s what most people do. If you go to a farmers market or a festival and you see people selling CBD products, there in most cases they’re all using a merchant processor that does not know that they do CBD merchant processing. It’s a choice you can make, it’s a risk that you can make.
Below this video is the name of an individual that represents all the domestic banks that do CBD processing. His name is Steve and he runs a first-class operation. Everybody I’ve referred to him have been super happy. He’s got a great organization and so right below this video you’ll see his name and his email address and my strong advice would be to use him rather than somebody else that says they do CBD merchant processing.
They can turn you around pretty quickly and get you set up take great care of you provide great service so that would be my advice is to make sure you get a merchant processor that knows that you’re selling CBD so that you don’t have any problems.
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