BANKING ON CBD: WHAT’S THE DEAL WITH CBD PAYMENT PROCESSING?
Why is it so difficult for CBD brands to accept credit cards? Read on to learn about the issues surrounding banking and payment processing for the CBD industry.
When shopping online, most of us just want to stick our credit card information into the boxes, press “purchase,” and let the magic happen. We don’t generally need to know what’s going on behind the scenes until things get a bit glitchy.
But sometimes an industry just calls attention to itself.
We talked to cannabis banking expert Steve Schain of Hoban Law Group, who summed up CBD’s payment processing situation pretty succinctly: “Banks only care about two things: profitability and risk they can manage. Getting a bank account is actually pretty easy. But when it comes to payment processing, there’s a different level of criteria, and one of them is: if CBD is not illegal is it high-risk?”
From the perspective of payment processors, the answer is a definite “yes.”