For online companies selling CBD and Cannabis products, a key issue is finding a payment solution. This is due in part to the products being seen as high risk, as well as the fact that many payment processors are US-based and therefore subject to federal regulation which has yet to ease restrictions on CBD products.
There are, however, a handful of options for CBD sellers in the UK and we’ve featured the innovative payment processor Viva Wallet as a possible solution before (the full article is available here).
Why is there confusion about Viva Wallet?
A client of ours recently reached out to us with concerns about Viva Wallet closing accounts of businesses that sell CBD. They cited the example of another CBD supplier that had had their account canceled.
Since hearing from them, we’ve been contacted on Twitter asking for our opinion and whether we have any more information. We’ve also been referred to a Trustpilot review where a CBD company owner has had their account closed with no reason given. A follow-up call to Viva Wallet’s UK contact centre by the company’s owner revealed that Viva Wallet’s risk team has decided that they will no longer be supporting CBD companies.
What has Viva Wallet said about accepting CBD Companies?
Updated 7/8/2019 – Official Response from Viva Wallet
Having reached out to Viva Wallet, we have now received an official response in regards to their position with support CBD and Cannabis companies.
Regarding CBD Oil, as much as we do like to work In collaboration with businesses that are involved in the field. Due to some issues with the banking solution we use, we’re unable to provide services to CBD merchants without the risk of losing our banking provider.
Regrettably, this means that we’re not able to support CBD companies in the UK for the foreseeable future.
What are the best alternatives to using Viva Wallet for your Cannabis or CBD company?
Due to this unforseen decision by Viva Wallet, I am sure many of you that run a business selling Cannabis or CBD products have been left with issues accepting payments. We have two previous articles published which offer two alternative solutions to Viva Wallet, both these companies actively accept CBD Companies.
We are also investigating an alternatively solution which we hope to bring you in an upcoming blog article.