CBD Payment Processing Requirements
Processors require an opinion letter and even for those that don't, getting an opinion letter might shield you and your partners from liability.
The surge in CBD sales is set to surpass all other supplements. And with the recent passing of the Agricultural Improvement Act of 2018 (the “Farm Bill”), CBD sales are forecasted to grow exponentially.
The legal landscape for CBD payment processing remains in flux. Merchants are frustrated with migration solutions, and even the major players like Elavon have proven unreliable. Esquire's current cherry-picked solution seems like it may follow suit. This has forced most CBD merchants to seek off shore solutions.
Legal Payment Options for CBD Merchants
There are compliant and viable solutions available to merchants that are committed to following the rules.
Global Legal Law Firm helps businesses, ISOs, and agents get approved for credit card processing by providing an opinion letter that addresses the merchants compliance with applicable laws, rules, and regulations for CBD-related business activities.
Even for processors that do not require an opinion letter, getting one can help mitigate risks and losses related to electronic payment processing. For example, should a chargeback occur, the processor or card brand might claim that the CBD merchant is selling illegal products or is non-compliant. With an opinion letter on hand, the merchant or ISO can effectively stop further scrutiny and limit liability for chargebacks or merchant termination.
With a nationwide network of attorneys and an in-depth knowledge of the CBD industry, Global Legal’s expert attorneys and staff will work with you or your merchants to provide an opinion letter that your business is a valid candidate for credit card processing. Global can provide the letters within 1-2 days of receipt, and provides exceptional white glove service to help foster your relationship with the merchant and processor.
Contact Global Legal today to get started on your opinion letter and begin processing CBD related payments.