Breaking news: top US CBD payment processor exits the CBD and hemp oil market
Elavon, formerly considered the dominant payment processor in the US legal CBD and hemp oil market, has just announced they have placed all hemp and CBD on their “prohibited products” list. We have confirmed through dozens of conversations with Elavon reps, sales organizations, and website owners, the following items regarding Elavon and CBD merchant accounts:
- Elavon is no longer accepting any new CBD or hemp merchant account applications
- All “pending” applications have been canceled
- All existing website owners selling CBD or hemp of any kind have until about May 1st, 2019 to find alternative payment gateways and merchant accounts before their merchant accounts are automatically shut down by Elavon.
What happened was a huge shock to thousands of CBD site owners
In a surprise move, late last week, Elavon sent a notice out to its agents and sales partners announcing that CBD oil and hemp oil are now back on their prohibited products list, prompting the changes above.
As of March 21st, 2019 most CBD merchants seem to have been notified directly. This is based on conversations we are having on a daily basis. This has understandably left many many merchants searching for a fast replacement and has created panic and chaos among the CBD business community. You can read more about Elavon here.
Need advice on an alternative to Elavon credit card processing?
A+ rated, and BBB accredited, Tasker Payment Gateways has been providing payment gateways and merchant account recommendations for high-risk merchants located in the United States and Canada since 2002.
If you have been notified that your Elavon credit card processing is being shut down because you sell federally legal CBD and hemp products, contact us using the form below for fast, no obligation recommendations.
You can learn more about CBD processing here or contact us for advice.