The largest credit card merchant processor for CBD companies, Elavon Merchant Services, abruptly exited the CBD industry causing companies like ourselves to lose our credit card processing. U.S. Bank, which owns Elavon, pulled the plug on providing these services to CBD companies for 3 specific reasons:
Uncertainty in the regulatory environment due to the sudden April departure of FDA Commissioner, Scott Gottlieb.
Chargebacks by customers of un-reputable CBD companies. In other words, customers filed chargebacks on CBD products they purchased from companies that didn’t abide by the rules and/or mislead consumers, hurting reputable companies like ours.
Marijuana companies (not CBD) taking advantage of these services when they were prohibited from doing so.
With all this in mind, we are steadfast in our commitment to provide you the highest quality CBD products. We are working with several reputable organizations to re-secure credit card processing and expect to have this resolved very soon. Unfortunately, we are at the mercy of the new banks and the fact that many other merchants like ourselves are having to deal with the same issue, thus elongating the approval time.
In the meantime, Paypal is still available as a payment option. We understand that this isn't ideal, but we appreciate you working with us.