January 19, 2021 | Merchants | Josh
It is clear that the CBD industry has exploded. Additionally, from consistent upward trends in consumer spending on CBD products, this trend will continue to grow. There is a fast-growing amount of CBD merchants that are flooding the market. Furthermore, the demand for payment processors alternative to Stripe CBD and other large aggregate companies persists.
Can I Sell CBD On Stripe?
To start, Stripe CBD payment processings is categorized as a restricted business. The company does not allow certain types of industry to process due to various concerns. These exact issues are often regulatory, legal, or brand confilics. Moreover, restricted business categories exist with all financial service providers, not just Stripe.
If you’re selling CBD on Stripe, you may have breached the Terms and Conditions you agreed to when you opened your account. In this case, it’s imperative you start looking for what’s called a high risk merchant account.
These high risk merchant accounts require special attention, when it comes to their payment processing. In this case you’ll want to stop using Stripe for CBD, and apply for a new account.
So, is it possible to accept credit cards for CBD oil as a merchant on Stripe?
To start, it’s important to know the particular categories of businesses and business practices that are restricted by Stripe. According to their website, the following lists the general types of businesses without getting into specific products or services.
Unfair, Predatory, or Deceptive Practices
- No-Value-Added Services
- Get Rich Quick Schemes
- Mug Shot Publication or Pay-To-Remove Sites
IP Infringement, Regulated, or Illegal Products and Services
- Adult Content and Services
- Regulated or Illegal Products or Services
- Counterfeit of Unauthorized Goods
- Intellectual Property or Proprietary Rights Infringement
Products or Services That Are Restricted By Financial Partners
- High Risk Businesses
- Video Game or Virtual World Credits
- Social Media Activity
- Drug Paraphernalia
- Pseudo Pharmaceuticals
- Substances designed to mimic illegal drugs
- Multi-Level Marketing
Financial and Professional Services
- Money and Legal Services
- Investment and Credit Services
- Virtual Currency or Stored Value
Stripe CBD Merchant Account
As you can see, a Stripe CBD merchant account is not specifically on this list. However, acquiring banks and other financial institutions classify CBD products as high risk. Keep in mind that Stripe’s instant approval doesn’t mean your current payment processing account will last. At PayKings we provide custom accounts for your business. Whether you’ve built your own site or are selling CBD on Shopify, we have solutions so you can take online credit card payments.
Say you choose Stripe for your CBD merchant account payment processing. It’s only a matter of time before you could get your merchant account dropped. This can happen fast and could be avoided.
Stripe’s CBD policies are different than those of a high risk payment processor. Therefore, specific high risk solutions eliminate the chance of having payments interrupted.
Selling CBD Products Online
Luckily, there are other payment gateway options out there. Moreover, they’re more qualified to handle your businesses than a Stripe CBD payment gateway. A payment processor that specializes in high risk verticals has rare banking relationships that allow them to accept higher risk businesses such as CBD merchants.
PayKings is one of the best high risk merchant solutions for your expanding CBD business. Secure long-term, reliable CBD payment solutions today.
January 19, 2021 | Merchants | Josh