How to Obtain an online CBD Merchant Account?
As many states are beginning to legalize marijuana use, banks are beginning to open up accepting CBD merchants as a way to ease into this emerging business sector. As a result, we have been placing CBD merchants with a variety of US based banking solutions. There’s no need to mis-code merchant accounts or find expensive overseas banking solutions. Domestic banks are starting to catch up with the industry!
If you’d like a domestic banking solution with reasonable rates. Here are a few guidelines and requirements to have your business ready for a merchant account application submission.
Getting your website content in compliance with the banks requirements
In terms of content, currently the banks’ biggest requirement is to have any verbiage regarding THC content to be under 0.3%. At this time, most banks are not allowing merchants to sell products with more THC. Pictures depicting cannabis leaves are fine and any references to 420 are ok.
- Making sure you have a shopping cart with an SSL encrypted purchase page and a compatible payment gateway solution. A very popular combination that is both easy and compliant is the Shopify cart and our Inovio payment gateway.
Getting your supporting documents ready
- Lab test results (COAs) for your products. This is an absolute must! You cannot get a merchant account without it.
- Articles of Incorporation
- Social Security Number or EIN document
- Voided Check or Bank Letter - must match the bank name on the application
- Business Bank Statements - Last 3 months
- Processing Statements - Last 3 months if processing
- Fulfillment Agreement (Only if using a fulfillment house)
- Customer Service Contract
- Driver's License (Active)
- Proof of Domain Ownership
- Utility Bill of Corp Address
How we can help?
Our goal is to help high risk merchants find legal and stable processing solutions. We help our merchants prepare their websites for the highly scrutinizing eyes of our banking partners, coach you through the application process and submit them to our myriad of banking connections, and help you manage your fraud to keep your merchant account healthy for years to come. We want your merchant processing to be the last thing on your mind. Let us take that burden off your shoulders.