PART I: The Requirements


These requirements are only for smoke shops that plan to sell the following:

  • CBD 
  • THC 
  • Kratom 
  • Delta 8,9,10

NOTE: These requirements are for instances where transactions will be processed through a terminal and the merchant will take credit card payments for these products.


PART II: The Submission Process with CBD opportunities


NOTE TO PAYCOMPASS SUPPORT TEAMS: 

  • Always set the expectation with agents submitting high-risk merchants that the process is much more prolonged than the typical low-risk submissions 
  • It is extremely likely that more documentation will be required 
  • There will be a large amount of back-and-forth communication between us and the sales agent 
  • There is the possibility that the merchant account may be declined despite submitting all of the requested documentation


Prior to onboarding CBD opportunities through one of our High Risk Sponsor banks, agents will need to complete a pre-application and send it to Apply@paycompass.com 

  

The pre-application will be submitted to several of our high-risk sponsor banks with the intent of finding a bank that will accept this type of merchant.


Below is a list of items that our team typically requests up front:


  • Completed pre-application (attached) PayCompass Pre-Application
  • Articles
  • EIN Letter
  • 3-most recent Bank Statements
  • 3-most recent Processing Statements
  • ID
  • Voided Check / or bank letter
  • Fulfillment information: Agreement or Site photos/proof of inventory
  • All COAs


In some instances, our team will likely ask for further information required for the review process: