Find Out The Best Payment Gateways For CBD Companies And Download Our Free Comparison Table At The End Of This Article
We Tranxact Ltd is a Visa-approved, award-winning, Birmingham-based payments consultancy and brokerage. With a client-base that is primarily UK-based, they helps new and existing businesses with their debit and credit card processing facilities. From small-scale, humble beginnings in June 2016 they have quickly grown to become one of the industry’s leading consultancies that help with online payments, legal requirements and finding the right card payments provider.
Their service helps customers get the right solution for their needs, offering support throughout the process from end-to-end, including changing providers if needed and how to take card payments for the first time.
The business was established with three main goals:
- To help businesses take payments online – how to do it and who to use
- To be honest and transparent with customers
- To offer a free and honest analysis of the current costs and help customers with their business into the future
With links into many of the world’s top card processors, We Tranxact offers business owners a ‘whole of market’ solution. Over the last two years, they have helped hundreds of business, both online and offline, in the CBD industry with card acceptance services.
We Tranxact Services For CBD Companies Using Shopify and WooCommerce
We Tranxact is unique in their ability to service any business covering the full range from no risk to high risk, largely thanks to the links that they have with over 100 card processors globally. And their explosive growth can be attributed to their reputation that has spread due to their exemplary service and an established network of referral partners and recommendations.
They will ensure that each client’s website meets Visa and Mastercard requirements and that the website is ready to be presented to the merchant bank’s underwriters. This service includes a CBD Merchant Account with a payment gateway.
Merchant Bank Requirements for CBD Businesses
- The THC level may not exceed 0.2% (this needs to be disclosed on the product description)
- Products may only be sold as a food supplement or as an ingredient in cosmetics. In order to be compliant, there may be no medicinal claims, nor any attempt to diagnose, treat or cure any disease.
- A disclaimer must be added to the site stating that the products are “not intended to diagnose, treat or cure any disease or illness”
- There must be an ingredients list on all product descriptions
Visa and Mastercard Rules
- Clear pricing for all products and services
- Easy-to-find contact information, business location, customer service contact number and email address
- Accessible refund and shipping conditions
- Visa and MasterCard logos on the payment page
Services for Shopify Websites
We Tranxact offer effective solutions for businesses with a CBD Shopify website. As many of the usual payment gateways are not available due to the high-risk nature of CBD products, We Tranxact have developed robust alternatives to ensure that business owners are able to sell their products through their online shop.
Terms and Fees for a Shopify Online CBD Merchant Account and Gateway
- Weekly settlement of funds
- Card processing fees as low as 1%*
- £250 setup (this is taken out of the first settlement)
- £0.20 authorisation fee per transaction
- Fast approvals (between 7 and 10 working days)
* The card processing fee is dependent on processing volumes, the average for most applications is 1.95% but can be up to 3.95%.
Services for WooCommerce Websites
We Tranxact offers services for WooCommerce CBD sites as well as client websites that use other eCommerce plugins that include merchant accounts and gateways as well as card machines for offline retailers.
Terms and Fees for a WooCommerce Online CBD Merchant Account and Gateway
- Weekly settlement of funds
- Card processing fee starting from as low as 1% (up to 3.95%)
- £195 setup (this fee is only payable if approved)
- No monthly fees
- £0.15 authorisation fee per transaction
- Fast approvals (between 7 and 10 days)
- UK-based merchant bank
Applying for a Merchant Account with We Tranxact
Applying for a merchant account with we Tranxact is risk-free. They will request that the business owner completes the relevant forms along with the below-required documents:
- Photo ID of all directors, owners and/or shareholders (those who hold a greater than 25% share)
- Utility bill or personal bank statement (less than three months old) showing the home address of all directors, owners and/or shareholders (those who hold a greater than 25% share)
- Proof of business banking
- Proof of business address
- Unique tax reference number (from the HMRC) for sole traders only)
- Certificate of incorporation
- 12-month sales forecast or most recent three months card processing history
How Do We Tranxact Compare To Other CBD Friendly Payment Gateways
We Tranxact are a brokerage, so they have many connections to set you up with the services your require. Check out our previous blog post ‘How To Accept Payments Online If You Are Selling CBD Oil Or Cannabis With An Ecommerce Store’ which outlines the best companies offering payment gateway services to CBD companies. You can also download our free PDF below which compares the best, CBD friendly payment gateways.