CBD Oil Merchant Account
From finding the PSP to collecting documents, applying for a CBD oil merchant account is hard from the get-go. The chances are, payment giants like PayPal or Stripe won’t even look at your application. The possible risk is too high and not worthy of losing reputation. The smaller PSPs, though, are willing to deal with CBD oil merchants. Continue reading to find out what documents to collect and what steps to make to open a CBD oil merchant account.
What is CBD oil?
CBD oil is an abbreviation for cannabidiol. Being either crude or purified, it is a hemp-derived product. Despite all the rumblings lately about, CBD oil producers name its numerous benefits for health. For example:
- Treatment for epilepsy (when prescribed);
- Parkinson’s disease symptoms management;
- Pain relief;
- Anxiety decrease.
Unlike many other cannabis-derived products, CBD oil doesn’t contain THC (Tetrahydrocannabinol). That is the exact substance that leads to an altered mental status. To put it simply, CBD oil doesn’t make a user high. As a result, selling it is less risky than marketing marijuana or hashish themselves.
Where is CBD oil legal?
Even though CBD oil doesn’t make one high, some countries still ban its selling and usage. Thus, clarify your geo-preferences not to get yourself in trouble with the law. As stated by Endoca, you can freely market CBD oil in the following countries:
|Portugal||Hong Kong||Puerto Rico|
|Costa Rica||Ireland||Republic of Slovenia|
What banks process CBD oil merchants
The research of ours revealed that there are certain banks from the following countries that are willing to process CBD oil merchants. Thus, when applying for a CBD oil merchant account, make sure that the PSP of your choice has acquiring banks in the next countries:
- Czech Republic;
- The Netherlands.
Range of documents to open a CBD oil merchant account
Take a look at the specified range of documents one should collect to open a CBD oil merchant account:
- Certificate of incorporation.
- Certificate of Incumbency (or similar document).
- Copies of valid passports with visible bearers signatures for all company officers and owners.
Website requirements to open a CBD oil merchant account
To open a CBD oil merchant account, you have to make sure that your website contains the following:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods]
For 15+ years, Ikajo International provides payment processing services to international merchants. During that time, our team has created state-of-art solutions for different business types. Ikajo offers fast and hassle-free onboarding for CBD oil merchants. It is possible, thanks to our vast network of acquiring banks. Moreover, Ikajo helps to identify fraudulent transactions and prevent chargebacks. Contact us today to get the best fitting solution!
- API and HPP integration
- Free recurring billing
- PCI DSS Level 1
- Chargebacks & fraud prevention
- 60+ proven banks relationships
- 100+ payment methods
- Mobile banking
- 24/7 customer support