CBD & hemp payment processing specialists

How To Apply

When looking for CBD credit card processing, you must ensure compliance with all regulations. CBD merchants who are selling CBD/hemp-derived products with THC levels of .3 percent can apply for their merchant account.

It is important to note that Corepay cannot provide a merchant account for any cannabis products containing cannabidiol, cannabinoid, THC over .3 percent.

By filling out an application with Corepay, we can quickly get you approved and processing CBD transactions in no time.

You will need the following information when applying:

• A voided check
• A valid government I.D. (driver’s license)
• Six months of processing statements, proving chargeback performance.
• Articles of Incorporation
• SSN
• Fulfillment Agreement
• Secure and fully compliant website

*While we cannot guarantee your approval at Corepay, we can promise that we will do our best to get you approved and processing transactions swiftly.

We provide CBD merchant accounts for the following:

As the CBD industry expands and encompasses new products, Corepay works diligently to maintain proper service and provide exceptional service to our clients.

Corepay offers the following:

• Fast approvals with 24-72 hours
• No application, annual, or set up fees
• Risk mitigation through Order Insight by Verifi
• Chargeback alerts
• Rates as low as a blended 2.95%

As the CBD industry expands and encompasses new products, Corepay works diligently to maintain proper service and provide exceptional service to our clients.

Corepay offers the following:

• Fast account approvals with 24-72 hours
• No application, annual, or set up fees
• Risk mitigation through Order Insight by Verifi
• Chargeback alerts
• Rates as low as a blended 2.95%

*While we cannot guarantee your approval at Corepay, we can promise that we will do our best to get you approved and processing transactions swiftly.

Lack Of FDA Approval

This is a major concern for CBD merchants when processing credit card transactions for CBD purchases. The only FDA-approved drug that includes CBD is Epidiolex. Epidiolex does not contain any THC.

Epidiolex contains a highly purified form of the drug substance CBD for the treatment of seizures.

The FDA has gone after several CBD companies for making statements regarding the medical benefits of CBD.

As THC levels in CBD can vary, this leads to a risky position for payment processing providers.

If a CBD company is caught selling CBD with higher levels of .3 percent THC, the payment service provider risks taking a significant financial hit and reputational hit as well.

CBD Chargebacks

Chargebacks in the CBD industry differ from other high-risk industries such as online dating or adult content. Generally speaking, there aren’t as many chargebacks in the CBD industry, but they still exist, especially with online CBD stores.

To grab a quick understanding of chargebacks, a chargeback is a charge returned to a credit card after a customer successfully has disputed a transaction from their statement.

In the CBD industry, this is most prevalent with CBD subscription boxes. Chargebacks are commonly seen when subscription services are presented.

Here are some essential points to note with your merchant service provider:

• Pricing: Keep in mind that with any high-risk merchant account, you are going to pay more in fees. At Corepay, we can offer a more affordable interchange-plus model as well as the traditional merchant discount rate. With this being said, you can expect higher monthly and annual costs, as well as a rolling reserve for your CBD merchant account. The rolling reserve is meant to protect acquirers from instances of fraud, friendly fraud, and unscrupulous customers.
• Account Approval: Account approval time can vary depending on the industry. Be wary of merchant services that approve you instantly. This means the account was approved without an underwriting process.
• Credit card processing hardware: Should your business be conducted online and at a brick and mortar store, you will need a credit card terminal or mobile processing system for payments. The terminal should be capable of accepting EMV payments and contactless payments as well. You can get hit with non-compliance fees for not having an EMV compliant processing machine with some payment service providers.
• Contractual Agreements: CBD merchant account contracts can vary from one provider to the next. Some payment service providers will require that you pay a steep early termination fee (ETF); however, this can also be a negotiation point.
• Support: eCommerce support can be crucial for CBD processing. At Corepay, we can set you up with our reliable payment gateway, Solidgate. With Solidgate, merchants can blacklist certain zip codes where CBD is not permitted by law.
• Customer Support: It is of utmost importance that merchants work with a payment service provider with outstanding customer support.

*While we cannot guarantee your approval at Corepay, we can promise that we will do our best to get you approved and processing transactions swiftly.

Are CBD Credit Card Processing Solutions Expensive?

Generally speaking, merchants will pay more for CBD payment processing as they fall into a high-risk category.

At Corepay, we offer our CBD merchants highly competitive rates, and we also waive annual fees, setup fees, and application fees. We believe a good payment processor will earn your loyalty rather than extort it with hidden fees.

Why Choose Corepay

At Corepay, we specialize not only in the CBD industry but in high-risk merchant accounts. We understand what it takes to get merchants up and running and how to keep them growing.

Corepay offers completely customizable credit card processing options, and we can also get you approved in as little as 24 hours upon submitting your application.