Cannabidiol (CBD) is one of the fastest growing health supplements in the globe right now, especially here in Canada. As cannabis and hemp-based products hit store shelves in a huge number of varieties, more and more people are getting interested in trying it and seeing if all the health benefits can improve their quality of life.
But it wasn’t always as easy as going to the shop down the road or placing an order online for CBD products. In fact, CBD is still technically unregulated by Health Canada and that means some specific limitations in the way CBD products can be marketed and sold to the general public. Originally, CBD businesses could not accept credit or debit card transactions of any kind. This was because banks, credit card companies, and merchant service companies; were unwilling to work with what were deemed “high-risk” merchant accounts a few years back.
Selling CBD in Canada Has Changed
Since the legalization of cannabis for both medical and recreational use, laws have changed and the stigma or perceived risk to banks for working with cannabis-based businesses has changed as well. Today it is all but diminished entirely. No longer are CBD businesses or cannabis dispensaries deemed “high risk”. (Selling CBD in Canada? Here is what you need to know)
This is good news for consumers and businesses alike. It used to be merchants could only accept cash payment transactions and customers had to pay with cash. This meant some risky large cash deposits on a daily or weekly basis for companies of all sizes. Instead of removing the perceived criminal elements of these Cannabis related businesses, forcing companies to work with cash only kept the risk of criminality and perception of criminality a real thing.
Today, the laws have changed and finally the Canadian banking system has caught up with Canadian laws. It is legal to sell cannabis and other CBD related products to individuals over the age of 19. It is also legal now for businesses to take credit and debit card transactions. This has opened up several avenues for businesses and consumers to make purchasing of CBD and other cannabis related products easier than ever before.
CBD is NOT High-Risk
CBD businesses no longer have to make physical cash deposits as the majority of people who make purchases do so with a debit or credit card. Businesses don’t have to deal with “high risk” processing limitations either. Those include, transaction amount limits, high cash reserves, long time frames for direct deposit, and up to 10% in transaction fees; all because these CBD and cannabis businesses were deemed “high risk” by Canadian banks
That is no longer the case. If you have a CBD ecommerce business, CBD wholesale company, or other Cannabidiol related business; be sure you’re working with a dedicated CBD credit card processing company. Not all large-scale agencies are suitable for this type of business so working with a smaller dedicated merchant service can make a huge difference in your fee scale and time frames for direct deposit.
For the best Canadian CBD Credit Card Processing Company, look no further than BrotherProcessing.com – we are investors into the Cannabis industry and work directly with each account we take on. You are not just a number and we provider the most dedicated merchant services in the industry. Call Stuart today for a consultation on how we can improve your credit card processing fee structure and keep more money in your pocket today.