CBD oil becoming one of the hottest topics lately with more than 300,000 people using it in the UK alone. That is why we have decided to write an article that would answer the following questions: What is CBD oil? Where is CBD oil legal? Who agrees to process CBD oil merchants globally?
As you see, in this guide we’re not just brushing over some basics. We’re covering all the bases. So, no matter whether you are new to the topic or not, you’ll get a chance to learn something useful for the first time and grow your expertise.
Disclaimer: This information is presented for educational purposes only. It doesn’t constitute medical advice.
What is CBD oil?
CBD oil is short for cannabidiol. It is made of hemp and can be either crude or purified. Despite dozens of discussions around this oil, CBD oil producers state that it has a number of benefits for one’s health including:
- Treatment for epilepsy (when medically approved);
- Parkinson’s disease symptoms management;
- Pain relief, etc.
They believe that CBD oil is a non-addictive and non-psychoactive way to improve and support one’s mental and physical health. Unlike many other cannabis-derived products, CBD oil doesn’t give you a high. The thing is that this oil doesn’t contain THC (Tetrahydrocannabinol) which creates this “euphoric high”. As a result, a person taking it can’t get addicted to it or experience the “high” typically associated with the cannabis-derived products.
Where is CBD oil legal?
Let’s face it: CBD oil is still at the core of many heated discussions when it comes to legal issues. Even though some believe that CBD oil is the new “magic drug”, authorities in numerous states frown upon and prohibit its usage.
However, some countries have legalized CBD oil extracted from industrial hemp, according to Endoca. Such countries include but are not limited to:
CBD is also legal in the USA in all states as a prescription drug for epilepsy. However, when one of the big payment processors has recently started processing transactions from CBD-derived products, it had big troubles with banks and authorities.
Therefore, both the merchant and a payment processor must be careful and considerate when making their choice. In fact, according to the results of our research, the smaller the payment processor and the wider his payment methods range are, the more willing he is to work with CBD oil merchants. In the meantime, top payment processors often refuse to accept such merchants not to deal with potential risks this collaboration might bring.
Who processes online payments of CBD oil merchants?
When looking at this list, you might think that with so many countries legalizing the usage of CBD oil, merchants must have no problems opening and running their CBD oil distribution business. If you do, we’ve got bad news.
Even though business registration as so might not be a problem, a lot of banking institutions refuse to take on CBD oil merchants. They qualify this type of business as high-risk and don’t want to deal with increased chargeback and fraud rates.
Since this type of business is rather grey, accepting or refusing to process its transactions is often up to the payment processor.
Nonetheless, if you are a CBD oil merchant willing to find a payment gateway and a reliable payment processor that would help you with the online payments processing, there are quite a few options for you.
All you have to do to start receiving credit card payments online is find a Payment Service Provider with an extensive global acquiring network.
After conducting in-depth research inside our own acquiring network, we found out that certain banks from the following countries are willing to accept CBD oil merchants and process them:
- Czech Republic;
- The Netherlands.
CBD oil payment methods
If you are a payment processor, you must know what payment methods to offer to your target audience. Choosing the right methods can significantly increase your revenue and strengthen the positive image.
Thus, make sure that apart from ordinary credit card payments you allow your user an opportunity to pay with cryptocurrencies, bank transfers, local alternative payment methods, etc.
Over to you
Despite the controversial nature of the CBD oil discussion, there is one thing you can’t deny: it is here to stay. With thousands of people using it regularly, it won’t disappear in one day. And when there is demand, there will be supply.
If you are a CBD oil merchant looking for help or having more questions on how you can start accepting credit card payments for your business, don’t hesitate to text us. We are here to help!
Like!! Great article post.Really thank you! Really Cool.
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Yulia, what about cannabis seeds? I want to start the bussines of selling cannabis seeds online. Now, as a seed doesn;t have any THC in it, is it legal for selling? Is there any ideas how to set up website with basic VIsa Debit, or master processing? Any information would be good, since there are so little info about hjis topic on the net.
Unfortunately, Ikajo International doesn’t support CBD seeds so I can’t advise you on this issue: it depends on your geo and specifications of all the parties involved on payment processing!
I work with Chill Hempire, an online CBD Lifestyle Magazine. I wanted to find out whether you would like to feature your business ikajo.com by way of a guest posts and banner ads?
We are currently featuring a lot of brands in our posts and thought that you may also like to get featured.
Can you, please, contact us via [email protected]?
CBD oil is one of the most popular CBD products because of its benefits and non-psychoactive properties. There is a high demand for CBD oil, with the everyday increase in sales and consumers. The main benefits of CBD oil are, it relieves chronic pain, it stops epilepsy and seizures, CBD oil is used to treat skin diseases, CBD oil treats cancer, CBD oil helps to reduce anxiety and depression. If you are looking to buy CBD in bulk then it is very necessary that you buy CBD Oil from a certified distributor. CBDArmour is UK’s leading CBD oil brand and the only CBD oil specialist to offer a comprehensive range of the finest and purest CBD oil on the market.
People are getting more and more interested in CBD oil and amazing healing properties. I was very skeptical about CBD at the beginning. Then I saw my friend using it to heal neurodegenerative disorders. He bought it from a trusted place called deluxeleaf. It really does work. Then I started to do some research over the internet on this topic and found CBD oil is a great product. Thanks for sharing all the legalization and payment processing method.
You are most welcome David! We don’t discuss the properties of CBD oil here since that is not our area of expertise, only its payment processing.