FAQs

No worries, PayRio has several trusted cannabis-friendly banking partners that we work with. Our team of professionals can assist you in obtaining a cannabis-friendly business bank account into which we can directly deposit into.

PayRio’s digital payment solution uses secure encryption and fraud protection measures to safeguard customer information and ensure the integrity of transactions. We are committed to providing a payment solution that is both compliant with legal requirements and secure for our users.

For the security and privacy of our technology, specific details about the networks used are proprietary. However, PayRio ensures that all transactions comply with current regulations and standards for the cannabis industry, avoiding networks that are not cannabis-friendly.

PayRio closely monitors legislative changes, such as the SAFE Banking Act, which could potentially allow major financial institutions to become more involved in cannabis financial services. Any changes to legislation that affect cannabis banking and payment processing will be reflected in our services to ensure continued compliance and convenience for our customers.

A cannabis seed payment processor, like PayRio, is a specialized financial service provider that focuses on processing payments for businesses in the cannabis seed industry. They offer tailored solutions to address the unique challenges faced by cannabis seed businesses in accepting electronic payments.

A cannabis seed payment processor differs from a standard payment processor in that it has expertise in navigating the regulatory landscape specific to the cannabis seed industry. They have established relationships with banks and financial institutions willing to work with cannabis seed businesses, which can be challenging for standard payment processors.

Cannabis seed businesses require a specialized payment processor due to the legal and regulatory restrictions surrounding the industry. Many traditional payment processors avoid working with cannabis seed businesses due to the association with cannabis. This makes it difficult for these businesses to access traditional payment solutions.

Many payment aggregators like Stripe and PayPal, do not allow Hemp/CBD sales on their platforms. Even partnering with other payment service providers that do allow Hemp/CBD sales, like Square, may still leave you at the risk of getting your account terminated after review. That’s why partnering with a merchant service provider that focuses on high-risk industries is crucial to operating a successful business.

As a merchant services provider at the forefront of the cannabis industry, we know how to navigate payments here. From seed to sale, we process payments for all things cannabis. When you partner with PayRio, you also partner with our robust network of industry professionals. With the advantage of resources, merchants—like you—can get approved faster, easier, and at the most competitive rates possible!

PayRio handles the unique challenges of the cannabis seed industry by partnering with financial institutions that are experienced in working with cannabis seed businesses, implementing robust compliance measures to ensure adherence to applicable laws and regulations, offering specialized payment solutions tailored to the needs of cannabis seed businesses, and providing ongoing support and expertise specific to the industry.

Interchange plus pricing is the most fair and cost effective way to process transactions online. Many companies in this industry use bundled rates, which subjects your business to higher rates for certain card types. Interchange plus pricing is the better option for most businesses as it allows merchants to take advantage of fluctuating interchange rates and keeps the payment processor’s margin as low as possible.

Websites should not market their products with any of the following language:

• The terms “THC” or “CBD” should not be referenced anywhere on the website. This includes product names,
  product categories and anticipated outcome/percentage. The only acceptable usage of the term “THC” is to
  state that all products contain less than 0.3% THC, as required by law.
• The terms “marijuana” and “weed” are strictly prohibited. However, the term “cannabis” is acceptable.
• References of psychoactive effects or feelings of euphoria
• Health claims, or claims of physical, mental, or emotional wellness

Yes, we partner with a bank who is fully on board with processing payments for hemp seeds. They are the largest sponsoring bank in the United States for CBD & Hemp transactions. We follow all rules and regulations set in place for hemp seed processing.

• Merchant Processing Agreement
• Formation Documents
• By-Laws or Operating Agreement (only required if there is more than 1 owner)
• Voided Check or Bank Letter
• 3 months of Business Bank Statements
• Government ID

In the case of brand new businesses, we can accept personal statements in lieu of business statements. We just need a total of 3 months worth of statements.

No! There are no workarounds. We are offering compliant payments backed by US-based financial institutions. We support transactions for VISA, Mastercard, Discover, and AMEX.

A psilocybin payment processor, like PayRio, is a specialized financial service provider that focuses on processing payments for businesses in the psilocybin industry. They offer tailored solutions to address the unique challenges faced by psilocybin businesses in accepting electronic payments.

A psilocybin payment processor differs from a standard payment processor in that it has expertise in navigating the regulatory landscape specific to the psilocybin industry. They have established relationships with banks and financial institutions willing to work with psilocybin businesses, which can be challenging for standard payment processors.

Psilocybin businesses require a specialized payment processor due to the legal and regulatory restrictions surrounding the use of psilocybin. Many traditional payment processors avoid working with psilocybin businesses due to the controlled substance nature of psilocybin. This makes it difficult for these businesses to access traditional payment solutions.

Using a psilocybin payment processor offers several advantages, such as the ability to accept electronic payments, increased convenience for patients, improved cash flow management, reduced security risks associated with handling cash, compliance with state and local regulations, and access to specialized support and services tailored to the psilocybin industry.

PayRio handles the unique challenges of the psilocybin industry by partnering with financial institutions that are experienced in working with psilocybin businesses, implementing robust compliance measures to ensure adherence to applicable laws and regulations, offering specialized payment solutions tailored to the needs of psilocybin businesses, and providing ongoing support and expertise specific to the industry.

Yes, PayRio can support payment processing for in-person transactions of psilocybin. However, you must have a license & operate in a state where these transactions are approved (Oregon, Colorado). If you have processing history, we can support e-Commerce payments as well.

The legality of using a psilocybin payment processor depends on the jurisdiction in which the psilocybin business operates. In regions where psilocybin-assisted therapy is legal, licensed psilocybin treatment centers can typically utilize a psilocybin treatment center payment processor. It is important for businesses to ensure compliance with local laws and regulations governing psilocybin payment processing.

It depends. Contact a PayRio representative today to learn about our e-Commerce solutions for psilocybin.

When selecting a payment processor for your psilocybin business, consider the following factors:

Reputation, Security, Regulatory Compliance, Fee Structure, Customer Support

Transaction fees for psilocybin payment processing may be higher due to the increased risk and regulatory complexities. It’s important to discuss fee structures with your processor upfront.

PayRio offers both an in-person solution and an e-Commerce solution for psilocybin businesses. Contact a PayRio representative today to learn more.

An alternative cannabinoid payment processor, like PayRio, is a specialized financial service provider that focuses on processing payments for businesses in the alternative cannabinoid industry. They offer tailored solutions to address the unique challenges faced by these businesses in accepting electronic payments.

An alternative cannabinoid payment processor differs from a standard payment processor in that it has expertise in navigating the regulatory landscape specific to the alternative cannabinoid industry. They have established relationships with banks and financial institutions willing to work with businesses in this industry, which can be challenging for standard payment processors.

Businesses in the alternative cannabinoid industry require a specialized payment processor due to the legal and regulatory restrictions surrounding their products. Many traditional payment processors avoid working with businesses in this industry due to the association with cannabis-derived products. This makes it difficult for these businesses to access traditional payment solutions.

We can support payments for many alternative cannabinoids (ie. Delta-8, Delta-10, THCA, THCV, CBG, CBN, etc.)

PayRio handles the unique challenges of the alternative cannabinoid industry by partnering with financial institutions that are experienced in working with businesses in this industry, implementing robust compliance measures to ensure adherence to applicable laws and regulations, offering specialized payment solutions tailored to the needs of alternative cannabinoid businesses, and providing ongoing support and expertise specific to the industry.

Merchant must only sell and ship hemp products in compliance with local laws (State, Country, and City).

Yes, all payments are accepted through a domestic bank on State level. No offshore accounts required to accept payments.