Any suggestions for finding a payment processor for cbd?

mike_t_sukka · Feb 20, 2020

I cannot for the life of me find a payment processor. They are all requiring 10k a month within the first 90 days which seems a bit unrealistic for startups . Do any of you guys know of any processors or work arounds to getting one?

ODBmoney · Feb 20, 2020

Use something like skrill or stripe, why does the fact that you're selling CBD matter?

macdonjo3 · Feb 20, 2020

ODBmoney said:
Use something like skrill or stripe, why does the fact that you're selling CBD matter?

Because you're going to get your account shutdown? lol

https://stripe.com/en-ca/restricted-businesses

Regulated or illegal products or services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online pharmacies; age restricted goods or services; weapons and munitions; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a state-by-state basis; goods or services, the sale of which is illegal under applicable law in the jurisdictions to which your business is targeted or directed

OP - just use whoever your competition uses. That's what I do anyways.

ODBmoney · Feb 20, 2020

macdonjo3 said:
Because you're going to get your account shutdown? lol

https://stripe.com/en-ca/restricted-businesses

Regulated or illegal products or services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online pharmacies; age restricted goods or services; weapons and munitions; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a state-by-state basis; goods or services, the sale of which is illegal under applicable law in the jurisdictions to which your business is targeted or directed

OP - just use whoever your competition uses. That's what I do anyways.

Right I forgot cbd is still illegal in some states, so dumb...

macdonjo3 · Feb 20, 2020

ODBmoney said:
Right I forgot cbd is still illegal in some states, so dumb...

I know how you feel. I'm from Canada so I order cannabis in the mail right to my door.

ODBmoney · Feb 20, 2020

macdonjo3 said:
I know how you feel. I'm from Canada so I order cannabis in the mail right to my door.

that sounds awesome im in Vegas we still gotta go into the dispensaries and wait in line but the weedman caught on and they pretty much all deliver now

macdonjo3 · Feb 20, 2020

ODBmoney said:
that sounds awesome im in Vegas we still gotta go into the dispensaries and wait in line but the weedman caught on and they pretty much all deliver now

We have dispensaries here too but they have huge markup, for good stuff like $8 USD per gram vs $3 USD per gram online. Sometimes cheaper if you buy a QP or even a lesser strain, which a lot of people do.

Global Giant · Feb 20, 2020

mike_t_sukka said:
I cannot for the life of me find a payment processor. They are all requiring 10k a month within the first 90 days which seems a bit unrealistic for startups . Do any of you guys know of any processors or work arounds to getting one?

Try paykings, if they dont work out DM me and we can chat on skype, i'll connect you with a few of my contacts...

mike_t_sukka · Feb 21, 2020

im here in cali and its still hard asf!! All those payment processors want is people who are already or will be earning what takes a startup years of being well established to make LOL it's ridiculous. As soon I get thru all the damn paper work though I should be good to go with one that was recommended to me by a wholesaler

mike_t_sukka · Feb 21, 2020

Global Giant said:
Try paykings, if they dont work out DM me and we can chat on skype, i'll connect you with a few of my contacts...

yes!!!! i was in contact with them. It was before i had a supplier tho and thats all they needed me to have left to be brought on. I might actually call them tomorrow and see who i can get lower rates out of,, do u think your contacts could get me a good rate or help just starting into the industry w/ connections with the best distributers?

Global Giant · Feb 21, 2020

mike_t_sukka said:
yes!!!! i was in contact with them. It was before i had a supplier tho and thats all they needed me to have left to be brought on. I might actually call them tomorrow and see who i can get lower rates out of,, do u think your contacts could get me a good rate or help just starting into the industry w/ connections with the best distributers?

Unfortunately high risk processing is not cheap when it comes to rates and it all depends on vertical. Have you submitted an application with them already? I only ask because you cannot submit multiple applications with different ISO'S they all use the same banks in the end so it does not matter. DM me lets chat...

Any suggestions for finding a payment processor for cbd?

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