For years the high risk credit card processing options for anyone in the hemp CBD business has been akin to highway robbery. High processing rates with transaction fees, on top of set up fees, in addition to monthly fees, and any other excuse for an addition fee as been the norm. And don’t get me started talking about reserves. It wasn’t the fault of the brokers trying to find the best option in a sea of bad options, but banks had deemed hemp CBD as high risk and put us in the in the same category as firearm and porn sales.
In today’s online world it wasn’t a viable option to only accept cash and checks from your websites. Companies needed some option. The common advice to hemp CBD companies was to just move from one credit card processor to another until you had no choice but to go with the high risk. This is terrible advice!
Did you know that if you are terminated for service that companies are required to inform the keepers of the MATCH list why? MATCH (Member Alert to Control High-Risk), also known as TMF (Terminated Merchant File), is a watchlist maintained by MasterCard that banks, credit card processing companies, AMEX and Visa refer to before signing you up for service. If your company, and potentially any owners of the company, are on that list you are blacklisted from receiving merchant services for 5 years. The long and short of it is that if you end up on that list, even by accident, you simply cannot get off of it without waiting out the 5 years. Not being able to process credit cards is bad for business!
So what do you do to avoid being on the MATCH list? Use a credit card processor that allows the sale of hemp CBD. Do not invoice or charge in anyway using Quickbooks (or any Intuit Program), Square, Stripe, PayPal, Venmo, or other processor that forbids the sale of hemp CBD. Basically if you do you are violating their terms.
Finally the tides have turned. You no longer have to pledge your first born, unreasonable shares of your profits, or pay countless fees on top of fees at a high percentage. US Bank has taken hemp CBD off of the high risk list and opened up the doors for hemp CBD companies to process credit cards at a reasonable rate.
If you are ready to do business in the hemp industry with a viable and fair credit card processing option then you should give Dan Silverman at Get Fix Pay a call.
- 2.95% plus 0.15 cents for all transactions
- CBD businesses of all types (except no online sales of CBD vape cartridges or eliquid)
- Accept Visa, MasterCard, Discover and American Express
- $15 per month account fee
- No other fees – $0 application fees, setup fees or installation fees
- No reserves
- Gateways: Authorize.net or NMI $25/mo plus $.10 per transaction, no setup fee, no annual fee.
- Price Match Guarantee: We will proactively lower your rates as you grow in sales volume.