As if CBD businesses don’t have enough complications, now major credit card processor US Bank backed Elavon has announced that no new CBD companies will be supported and existing ones have 45 days to find another payment platform. Don’t panic! If you are a CBD business, you still have electronic payment options! Wampei Register© will allow you to accept electronic payments even if you do not have a business bank. (EDIT: Wells Fargo acted similarly to its CBD merchants two weeks later.)
Wasn’t the 2018 Farm Bill supposed to fix all this? Well… not exactly. The Farm Bill legalized Hemp, but not CBD and that is the problem.
Pressure from the Department of Justice on banks, specifically on US Bank, has resulted in clarity for the industry. Unfortunately, the clarity is that Federally regulated banks cannot process payments for CBD businesses. This means that CBD businesses are like Cannabis businesses – not potential customers.
While this probably should not have come as a total surprise in light of past decisions from the DOJ, it sets the industry back several years and is resulting in major headaches for business owners.
Wampei software Wampei Register© can help your business accept electronic payments whether you have banking or not. You can accept electronic payments:
With Wampei Register©, your customers can pay you with Bitcoin that they purchase themselves, not through your business. Payments are simple, do not require any specialized hardware or software, and settle the same day.
Once you have received funds, you can use the funds the way that is best for your business. Many businesses choose not to handle Bitcoin at all. Wampei has relationships with multiple providers who, if you have banking, can electronically transfer funds (USD) directly to your bank account. If you don’t have banking, there are other solutions that make sure you are always able to accept electronic payments.
Special offer for CBD Businesses
Normally our setup fee is $250 and fees depend on your business’ average bill amount. (See our online calculator for estimates.) We are offering a three-month introductory offer to new CBD merchants through July 31 – $150 includes setup and your first three months of transactions. After three months, you can choose from one of three options for fees – all of which are lower than you are paying for your current services.