If you run a CBD business on WooCommerce, you already know the difficulties of finding a high risk merchant account. Cannabidiol products are in a unique place in the payment processing space and require custom accounts for most shopping cart platforms.
WooCommerce associates CBD with related products in the hemp space that have the potential to include THC. Companies that sell these must have Certificates of Analysis or COAs to prove the THC level in their items is less than 0.3%.
WooCommerce high risk payment processors specialize in working with businesses that are considered high-risk, such as those selling CBD products. They tend to have higher fees and stricter underwriting processes, but they can be a viable option for e-commerce businesses that have been unable to secure a traditional payment processo
Companies like PayPal don’t allow certain industries to use their payment platform so you’ll have to find alternative payment methods. As an alternative to aggregate merchant account providers, Zen Payments gives you the freedom to run your business on WooCommerce while providing the necessary credit card processing you need.
Furthermore, there are other options available that may be more willing to work with CBD businesses. For example, you could consider accepting cryptocurrency or using an electronic check processor.
Work with a payment processor that specializes in CBD. Some payment processors have started to specialize in working with CBD businesses, so it may be worth looking for one of these providers. These payment processors will often have more experience navigating the unique challenges of CBD payment processing and may be able to offer more competitive rates.
Be sure to talk with their Sales team and have questions ready. They can help you understand how to set up your website, get COAs, and make sure your business is in-line with bank regulations. Their goal is to get you a sustainable account so you can grow your business.
It is important to note that the legality of CBD varies by state and country, so it is essential to familiarize yourself with the laws and regulations in your area before setting up a CBD business. Additionally, it is always a good idea to consult with a legal professional before starting a new business, particularly if it involves a potentially controversial product like Delta-8, Delta-9, THC-0, or another derivative of the hemp plant.
While CBD payment processing for WooCommerce can be challenging to find, there are companies like Zen Payments who can guide you through the onboarding process. From application to underwriting, we help you get your website everything you need to accept payments.
By working with a high-risk payment processor, exploring alternative payment methods, or finding a payment processor that specializes in CBD, it is possible to set up a successful WooCommerce store that sells CBD products. Just be sure to do your research and comply with all relevant laws and regulations.