CBD is Cannabidiol oil, which is a derivative of the cannabis plant. The use of CBD oil has been known to potentially treat a variety of illnesses. These conditions vary in range of intensity, and include things such as anxiety and seizure disorders, as well as issues of inflammation, and nausea. However, it is important that while CBD is used to relieve many medical ailments, it is important that no one makes unsubstantiated claims. Unsubstantiated claims can cause a merchant account/credit/debit card processing companies to drop the account.
The Controlled Substance Act lists five Schedules for various substances. Based on abuse and safety risks, as well as the lack of medicinal purposes, Schedule I substances are the most restricted and Schedule V substances are the least restricted. The confusing thing is that Marijuana (Cannabis) is included in the list of Schedule I substances, along with Heroin, LSD and Ecstasy.
Since CBD oil is derived from the cannabis plant, it can be classified as a Schedule I drug in the United States, and therefore it can still be considered illegal according to federal law. CBD is extracted from low THC strains of cannabis, however, thus forming a non-psychoactive oil. Due to the fact that it has such high medical potential, many states are legalizing the production and sale of this hemp derivative. Also, it’s important to note that CBD does not make a person high. This distinction is vital for proponents wishing to use it for medicinal purposes, and not for recreational use.
Now the real issue comes to light, regarding merchant accounts, payment and card processing for CBD payments. Sadly, there are not many merchant account providers willing to take on CBD vendors because they are considered high risk due to ever-changing regulations and the uncertainty of legalities. In fact, CBD sales were recently banned by a large merchant provider service. Unfortunately, many companies have trouble distinguishing between CBD and marijuana, and there is not much anyone can do to change their minds. We are willing to help solve these issues, and we do so at competitive rates. We know we can help.
Credit Debit Processing has 25 years of merchant experience in the credit & debit card processing industry that allows us to offer professional guidance for your business. Please contact us and we can provide you with all the information you need to make a cost saving decision.
Contact our Northern Region Office at 952-461-1200 or our Southern Region Office at 832-663-9797 today to increase your profit margin!