Processing Terms and Conditions
Our CBD merchant accounts are for
established businesses only with a minimum of 4 months processing.
We will only take new business start-ups when the direct
parent company has processing history operating within the
same sector.
As the type of products
using Hemp and CBD derivatives is vast, you will be required
to provide a full list of products sold and a legal confirmation
that all products are legal in their targeted markets.
MasterCard may require registration of merchants
who operate Hemp and CBD derivatives sites. These Customers
are subject to a "High Risk Registration Fee"
of $500 per year. This fee is payable once the application
has been formally approved and before the account is activated.
IMPORTANT - Please note
that we only set-up processing for businesses who follow
applicable laws and compliance guidelines. Therefore in
order to provide a CBD dedicated account you must adhere
to the following:
- Do not sell any
products that violate the United Kingdom’s Misuse
of Drugs Act 1971
- THC for all products is 0.2% or under
- You are not selling cannabis seeds, MMJ or hemp flowers
- You have a European company of incorporation and sell
only to EU countries
If you are unable to adhere to these terms then we can only
offer you our eCheck
Solution or aggregated
solution
CBD Processing Costs and Fees
Once you have completed the online application form, you
will be contacted within 1 - 2 business days by your allocated
account manager confirming ALL costs and fees and a list
of documents to return if you wish to proceed.
| Set-up
Fee: |
Nil |
| Early Cancellation
Fee: |
Nil |
| Monthly Fee: |
£10 |
| Credit Card
Fee: |
4% |
| Transaction
Fee: |
20p |
| Virtual Terminal: |
FREE |
| Settlement: |
Daily
or weekly (subject to application) |
| Rolling Reserve: |
10% |
| MasterCard Reg
Fee: |
$500 |
| Contract Period: |
Month
to month |
Please note that the above fees are non negotiable.
However, after 6 - 12 months processing we will happily
revisit costs.
Documentation and Requirements
The following documents are required for Hemp and CBD derivative
businesses and receiving them at the point of requesting
documentation will help us process the application quickly:
-
The
last four months of Processing Statements from your
existing acquirer
-
A
legal opinion will be required to confirm that the products
are: (i) legal in your jurisdiction; and (ii) legal
in your targeted market (confirmation of the target
markets is required) and (iii) the Solicitor must reference
the Laboratory results and it’s compliance with
UK and EU rules as to its authenticity and compliance.
-
Chemical/Laboratory
results from the testing of CBD to indicate less than
0.2% THC
CBD Merchant Account Approval Timescales
Please note that due to the nature of the business and the
underwriting criteria, CBD merchant accounts usually take
a little longer than normal lower risk accounts. Therefore
once we have received your completed application documents
back it takes around 7
- 14 working days to
underwrite, approve and set live your payment processing.
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