CBD Merchants in the U.S. and Canada can now process credit card payments
BOCA RATON, FL — American Bancard, dba TouchSuite announced today that it has begun accepting CBD Cannabidiol merchant account applications in the U.S. and Canadian markets. TouchSuite will underwrite merchants selling CBD products online or in a card present setting. This change comes after a thorough review and understanding of the risks associated with the industry. CBD Cannabidiol accounts will be boarded via a domestic sponsor bank relationship. This enables TouchSuite to aggressively pursue merchants serving a hypergrowth segment.
CBD Cannabidiol is traditionally been perceived as having legal and regulatory risks. As a result, merchants have been forced to pay exurbanite processing rates. Additionally, merchants that were early adopters in selling CBD Cannabidiol products were forced to open off shore merchant accounts. These off-shore merchant accounts would indiscriminately raise fees, and negatively impact the cash flow cycles of business owners. As a result of today’s announcement, CBD merchants will benefit from more efficient processing rates and have access to TouchSuite’s support and operations teams.
“We are thrilled about the opportunity to help CBD merchants accept credit cards. CBD is a high growth market that is expected to grow at double digit rates in the coming decade. As CBD products transition from perceived inaccuracies to mainstream, TouchSuite is well positioned as a processing partner.” said Sam Zietz, Chief Executive Officer for TouchSuite.
Headquartered in Boca Raton Florida, TouchSuite is a leading financial technology company that delivers business solutions for small to mid-sized companies across different industries. Offerings include point-of-sale systems, payment processing services, SEO solutions, working capital and marketing services. TouchSuite positions itself as the entrepreneur’s partner, delivering solutions that help business owners thrive within the community.