CBD/Hemp oil is currently not allowed to be sold via Square. This could change with the 2019 Farm Bill that has passed the House and Senate But isn't law yet as it is soon to be signed by the President but for now, you can't. I'm sure Square will be keeping abreast of the changes in the Federal Law and may decide to change their TOS in the future. If they do they will definitely make an announcement.
I haven't seen Square chiming in on any of the CBD questions, BUT I have been told BY SQUARE they are allowing accounts with CBD sales but you have to get on a special list that takes 6 weeks to process. I'm two week in on the waiting list so that is all I know. If anyone from Square is reading this please answer one question...I have been told by a competing merchant processor that you will only allow those who exceed $10K in sales per month. I'm a new start up; while that would be awesome. I can't bank on it. It would be awesome to know if that is accurate information so I don't waste the next 4 weeks waiting on an answer. Please reply.
Wow, that would be horrible. I am a start up too, I have all my local resale permits, 2 business licenses, an LLC but I am new, I am certain my CBD income will do very well but not until I can accept online payments, otherwise, it's cash only and home delivery is a pain. I am hoping you were misinformed, $10k sounds like the threshold for the big guys who really don't need help getting off the ground. I am hoping this doesn't turn into an industry only open to Big Dogs.
If CBD is not federally illegal will this change the rules for Square? Also I need to know if this will reverse past issues with CBD accounts that got canceled due to CBD? I have another store, a dog store, that got cancelled due to CBD oil treats. I wanted to know if the new federal law would allow for the other store to be reinstated.
Will this change now that Hemp is now legal in all 50 States and the banking is changing on hemp because of the farm bill that just got signed this week.