Hi There! I have been an independent agent for several Credit card processors for many years. As of right now, none of them will take CBD merchants. WE are hopeful that the request to Congress this week by some unlikely members of Congress to provide guidance to the banking industry to allow Hemp businesses banking (and other financial services) as they would any other agricultural crop. Stay tuned.
Reminder: Do your due diligence if someone says they can get you a merchant account, ask questions, make sure you are not being mis-coded and that you funds are not going off shore.
In order to make it convenient for all of my clients, I use Venmo, Cashapp and Square. While Cashapp is owned by Square, if you are willing to wait 2 business days for funds to become available, there is no service charge. With Square there is a charge, but if you have a diverse client population then you know that there is no one system that will make all of your clients happy. I only accept checks from long-standing (5-7 years) clients. As for people who complain about the transaction fee associated with Square, I prefer 97.25% of the money while making it convenient for my clients. Otherwise, I can have 100% of zero dollars for being a bullhead.
I use Square Up. Processing is 2.9%. They also offer free website, the square app collects sales data so I enter in cash and checks. It tracks what product sells the best, your best sales day,, keeps track of inventory. Come tax time the data easily transfers over. If you use this code you’ll get free processing on yourfirst $1000. https://squareup.com/i/PURESIM...
You are going to have a very difficult time, no bank wants to work with us who sell CBD I have checked into at least 10 different processors who claim they are willing to work or able to provide me service and the banks they work with won't work with people who sell CBD.
I use Quickbooks Intuit Merchant Services. Simple and easy, no paperwork, deposits directly into your account within a day or two, and reasonable percentage rate. Takes all major credit cards and I can use it with my phone and the app.
Answers (11-20)
Square is about the cheapest one for low sales.
Hi There! I have been an independent agent for several Credit card processors for many years. As of right now, none of them will take CBD merchants. WE are hopeful that the request to Congress this week by some unlikely members of Congress to provide guidance to the banking industry to allow Hemp businesses banking (and other financial services) as they would any other agricultural crop. Stay tuned.
Reminder: Do your due diligence if someone says they can get you a merchant account, ask questions, make sure you are not being mis-coded and that you funds are not going off shore.
In order to make it convenient for all of my clients, I use Venmo, Cashapp and Square. While Cashapp is owned by Square, if you are willing to wait 2 business days for funds to become available, there is no service charge. With Square there is a charge, but if you have a diverse client population then you know that there is no one system that will make all of your clients happy. I only accept checks from long-standing (5-7 years) clients. As for people who complain about the transaction fee associated with Square, I prefer 97.25% of the money while making it convenient for my clients. Otherwise, I can have 100% of zero dollars for being a bullhead.
I use Square Up. Processing is 2.9%. They also offer free website, the square app collects sales data so I enter in cash and checks. It tracks what product sells the best, your best sales day,, keeps track of inventory. Come tax time the data easily transfers over. If you use this code you’ll get free processing on yourfirst $1000. https://squareup.com/i/PURESIM...
We are having the same issue.
You are going to have a very difficult time, no bank wants to work with us who sell CBD I have checked into at least 10 different processors who claim they are willing to work or able to provide me service and the banks they work with won't work with people who sell CBD.
I use Square, and it has worked out well.
I use Quickbooks Intuit Merchant Services. Simple and easy, no paperwork, deposits directly into your account within a day or two, and reasonable percentage rate. Takes all major credit cards and I can use it with my phone and the app.
Sorry, I don't use cc processors in my biz