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Banking / Financial

Priority Payments Local Launches CBD Payment Processing

Priority Payments Local announces it will accept cannabidiol (CBD) payment processing for select merchants located in the United States.

According to Angelo Mendola, president and CEO of Priority Payments Local, “We’ve been getting multiple requests each month particularly from merchants in New York and New Jersey who are looking for a reliable payment processor that will allow them to accept credit card payments on CBD.”

The need started gaining traction soon after CBD was made legal on the federal level in December 2018, but issues arose soon after with each state having its own individual rules governing the sale of CBD. Many payment processors have been unsure if the risk is worth taking because of the conflicting message being sent between Washington D.C. and the rest of the nation.

“While our CEO Sal DiDonato and I knew back when the law was passed that this was something we would need to consider to keep our merchants happy, we could not move forward without having the right bank sponsor,” he added.

After months of meetings and vetting various bank sponsors, Priority Payments selected a bank located in Central, Florida not far from where its second office is located.

“We are confident that Axiom Bank is a strong sponsor and are equipped with an excellent underwriting team that will thoroughly ensure merchants we partner with are not selling any illegal products,” said Sal DiDonato, president and chief executive officer of Priority Payments Local.

“The nutraceutical world can be tricky with claims being made about products doing things they don’t deliver on. Upon boarding and managing CBD accounts, our team will analyze how CBD products are being sold and packaged. CBD companies that are being honest and follow the laws will have a greater chance of getting approved for processing,” DiDonato continued.

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