- Paybotic is now boarding merchants that sell an array of CBD products, including vapes and vape cartridges. This is a huge win for CBD vape merchants, many of which have been locked out of credit card acceptance by archaic bank policies.While many of the legal barriers to CBD sales have come down in recent years, CBD merchants have been placed at a decided disadvantage by banks unwilling to support those selling an array of CBD products, including CBD vapes. Traditional vape merchants looking to expand into the lucrative market for CBD vapes have been particularly hard hit by these bank policies.
It’s been a classic case of guilt by association. CBD (for cannabidiol) is one of over 100 compounds found in cannabis plants that has been shown to be beneficial in the treatment of various ailments (including anxiety disorders and chronic pain) without producing the “high” that comes from THC, another compound found in cannabis. Associating CBD with THC, and feeling constrained by federal prohibitions around cannabis, most banks have refused to work with businesses selling CBD vapes.
But that’s beginning to change. Paybotic works with banks that understand the differences between THC-rich products and CBD products and have established practical underwriting procedures for merchants selling products like CBD vapes.
The market for CBD vapes is huge, and dominated by online businesses. At Paybotic we have a proven track record applying state-of-the-art technologies to support credit card acceptance by merchants selling CBD products in card-present and card-not-present environments. Now we intend to strengthen that track record by becoming a premier provider of payment acceptance services to all CBD merchants, including those selling CBD vape products.