Evalon Shuts down Merchant Processing CBD Companies Scramble to Get Payment Processors up and Running

Whats Going On

CBD merchants started having trouble in the process of their payments for CBD quite recently. The reason for this has been that Elavon, a major bank in the US who handled CBD and hemp accounts has shut down its operations for handling these specific accounts.
This is being categorized as a rather abrupt decision that has caused many issues for CBD companies all over the US. The reasons provided are quite extensive for such a move on such short notice. The article will discuss why this has happened?

Who Is Evalon Bank

Elavon is considered as a one-stop solution in terms of payment processing for small businesses. It caters to the markets of America, Canada, Europe, Mexico, Brazil, and Puerto Rico.
It also offers customer relationship management services and software development kit for developers at businesses. It has always been a dependable entity for many big and small businesses operating all over the world. It has been categorized as a non-high-risk payment option and is a subsidiary of the US bank.

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