Yes CBD is considered as a high risk industry by the banking industry and this includes merchant acquirers. However this is not a prohibited industry in many nations. For example if CBD oil merchants in EU/EEA meet processing companies expectations then accounts may get approved. Lets look at few vital points.
- The THC % is the key factor. The approved limit in EU/EEA is 0.2%. The products that you sell have THC equal or less than 0.2% then processors may say yes. However only the percentage is not the deciding factor there are many other.
- Company that sells these products must have EU/EEA Physical presence. This means the company must have a location of trade. This may be office or warehouse, store but these must be owned/rented by the applicant company. For account verification most of the times the processing company will perform a site visit.
- Banking in EU/EEA. The business bank account must be in EU/EEA.
- Directors and Ultimate Business Beneficiaries/Major Share holders must be EU/EEA Passport holders(Residents)
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Hope this helps!