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May 14, 2019

Comments

It's a shame that there is so much ignorance when it involves CBD or hemp. I saw a hemp meme, and all its benefits, on FB and again the reason we don't have more of it growing (which has no THC) is ignorance.

Hi Brian,

This frustration is real for both merchants and consumers. I run an ecommerce CBD site, and we are with the same processor/bank as Select.

To make matters worse the processor/bank with the most clients, Elavon/US Bank, is shutting down all CBD processing as of today (May 15th, 2019). The processor SelectCBD and we are with is not Elavon, but a high percentage of CBD ecommerce sites are currently looking for a new home to process payments due to the Elavon/US Bank exit.

The information we are hearing is that the few banks that are currently accepting applications are only taking on large clients right now. I've heard minimum per month processing for new merchant accounts right now with some of these banks is in the 500k/month range. We have applications with multiple processors and they are saying our application could take at least 3-4 weeks due to the number of applications they have.

The shutting down of Visa payments from our processor was immediate with no warning on April 30th. Our transactions were 80% visa prior to the visa issue. To say the least, it has been a significant impact to small businesses such as mine.

I hope this adds a little color to your post.

- Mark H. from EarlybirdCBD

Too bad to hear about the issue and sounds hassle for the CBD customers. Hope they will got it resolved the soonest time.

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