COLORADO SPRINGS, Colo., June 17, 2019 — Merchant processor Fortress Payment Technologies recently notified all their e-Commerce customers selling CBD products that they would no longer be able to process Visa payments through their bank.
Some of their merchants received less than eight hours of notice of these changes. This trend has been especially troubling and disruptive to the CBD/Hemp related businesses who have struggled to maintain access to consistent banking services.
Elavon, a subsidiary of U.S. Bank, began offering merchant services to hemp-derived CBD businesses a few months ago. Shortly after doing so, they abruptly halted payment processing for their CBD/Hemp related customers, leaving countless numbers of merchants scrambling to find replacement services.
Merchant account and payment processor vendors have been forced to get creative in efforts to circumvent this conundrum. Everything from utilizing cashback rewards, point systems, cryptocurrency and more.
One Colorado based company, Folium Biosciences launched, Folium Finance, an innovative full-service CBD/Hemp friendly financial eco-system and financial services platform designed to strategically remove these financial hurdles faced throughout the emerging CBD industry. It’s currently reserved for their clients only so not sure what they have cooking behind the iron curtain but I’m sure we’re going to see more of this until Visa and Mastercard start to play fair.
Source: Folium Biosciences