Updated on November 30, 2022
If you are a business owner selling hemp-derived CBD, vape products, and minor cannabinoids, pay careful attention to these new bank and payment processor underwriting requirements.
Five of the top US domestic banks and Merchant Services Providers shared these helpful tips with us approximately one year ago.
Failure to comply with these best practices will slow down the merchant account application approval process or prevent you from getting credit card processing altogether.
According to the regulations, the PACT Act has now been applicable to every vaping item.
Any firm delivering packages of vaping goods over state lines is required to save every sales record and then transmit them to the tobacco taxation authority agencies in the area where the firm delivers the products.
Also, federal authorities have ordered the US Postal Service to carry out a ban on vaping goods deliveries to customers. This federal law applies to e-liquid, coils, tanks, and vaping devices.