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Are there banks that work with Square for sellers of CBD products?

I have a created an online store on WIX to sell CBD products and I'd like to use Square. But I am having difficulty finding a bank to accept CBD sales payments. I'm told Square has other CBD sellers, so I'm trying to find out what banks work with Square on CBD sales. 

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HI, you can search the Seller Community under CBD which brings up 46 different discussions.  Over time I have seen many CBD sellers that have been suspended.   

 

Square is not targeting CBD sellers, they are simply following official guidelines regarding the CBD product sales.  Many issues can be avoided by a "Less Is More" regarding product use.  

 

I recently assisted someone that had an About Us testimonial on his site and it was flagged by Square.  I understand this product can assist in many ways for many people but unsubstantiated claims are just that.  Claims-no acceptable supporting evidence, so Square will take action.

 

You can do a quick Google Search for CBD friendly financial institutions and just go one-by-one and see which would work for you and your business.

 

I've included the initial CBD Early Access Program Link for Square below.

 

Square Support Page

CBD Early Access Program

https://www.sellercommunity.com/t5/General-Discussion/We-Launched-our-CBD-Early-Access-Program/td-p/...

 

 

Hope This Helps!
TERRI

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Best Answer

HI, you can search the Seller Community under CBD which brings up 46 different discussions.  Over time I have seen many CBD sellers that have been suspended.   

 

Square is not targeting CBD sellers, they are simply following official guidelines regarding the CBD product sales.  Many issues can be avoided by a "Less Is More" regarding product use.  

 

I recently assisted someone that had an About Us testimonial on his site and it was flagged by Square.  I understand this product can assist in many ways for many people but unsubstantiated claims are just that.  Claims-no acceptable supporting evidence, so Square will take action.

 

You can do a quick Google Search for CBD friendly financial institutions and just go one-by-one and see which would work for you and your business.

 

I've included the initial CBD Early Access Program Link for Square below.

 

Square Support Page

CBD Early Access Program

https://www.sellercommunity.com/t5/General-Discussion/We-Launched-our-CBD-Early-Access-Program/td-p/...

 

 

Hope This Helps!
TERRI
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Thanks, I understand the entire situation with Square and CBD sales and have already done the early access paperwork. My problem is my bank won't accept CBD sales and I'm trying to find one that will that can interface with Square. 

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Admin

Thanks for clarifying that, @eileenmcnamara6. I can jump in here. We at Square don't have a formal recommendation to offer in regards to banks that work directly with Sellers of CBD products. That being said, we will keep your post pinned here in hopes that one of your peers may have a recommendation for you.

 

Hopefully we can generate some dialogue! Thanks again.

Joe
Community Moderator, Square
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Because of the Farm Bill of 2018 I have no issues with any banks I've been to.  No questions, and they know I sell Edibles 🙂

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Hi there,

Curious to know if there are any CBD sellers using Square that are Sole Proprietorships?

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Beta Member

Contact Novo Bank, they are CBD friendly and integrate with Square. I have been using them for almost a year with no problems.

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Our primary business banking is using Novo Bank, so this is great news! Thanks for posting. 

 

Best, 

 

Dave / Netology

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Which business category do you select for CBD?

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Square Community Moderator

Hey there @moodifyhealth  

 

I guess the question here is more of what type of business are you doing instead of how CBD impacts your business. 

 

 

JJ
Community Moderator, Square
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I have been calling square and nobody calls back that can answer this question;

 

CAN I SELL DELTA-8???   Everybody else is and I don't want to miss the boat however I do NOT want to do ANYTHING against the rules. I would never jeopardize my processing. But I see many selling it and I want to know if I can too!

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Square Community Moderator

Thanks for reaching out about this. You will need to check our FAQ to see exactly what type of CBD products are allowed and to make sure you don't have any medical claims on your products. From there, you should be able to determine if your product is allowed. 

AshleyK
Community Moderator, Square
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Beta Member

Hey, try TD Bank or go in person to your local credit union. Make sure you site excludes language implying CBD. Instead use HEMP.

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