For us to do credit card processing for CBD eCommerce websites or provide credit card machines for CBD stores, here is some information on getting qualified.
- 3.95% tiered for this (Qual - 3.95% // Mid Qual - 4.95% // Non Qual - 5.95%)
- .25 cents per transaction
- We'll need COAs for every product.
- All CBD products need to be 0.3% THC or lower.
- We cannot house Kratom or other restricted products for e-commerce accounts.
- Gummies are acceptable, but they have to be generic shapes. (If they look like little bears or fruit, etc., it may be flagged for marketing towards children.)
What is a COA on a product?
A: One way the best manufacturing companies make sure they are meeting current client requirements is by supplying Certificates of Analysis (COA). COAs are defined as “documents issued by Quality Assurance that confirms a regulated product meets its product specification".
Can you briefly explain the Qual, Mid Qual, Non Qual definitions?
Typically, it's based on the processor as to where the dividing line is for each. In short, it's based on the card type and how the transaction is processed.
EXAMPLE: PIN Debit = Qualified transaction || Card-Not-Present (online shop) / someone utilizing a business or high rewards card = Non-Qualified transaction.