CBD credit card Processing is finally here: Square to begin payment processing program for CBD merchants

CBD merchants rejoice! You can now use Square for your CBD business. Payments processor company Square Inc announced on Thursday that it is now making its payment processing services available to more merchants and businesses that sell CBD products. Square has been serving about a thousand of CBD sellers across the country as part of the pilot program the company launched four months ago. Now, the company is opening the program to all CBD sellers.

On the CBD page on its website, Square provides three options for CBD sellers. Each option comes with a different service charge. CBD merchants may be Online and In-App, which costs 4.2% + 30¢ per transaction. Square also provides In-Person at 3.9% + 10¢ per tap, dip, or swipe. The last option, Keyed-In and Card on File, costs 4.8% + 15¢ per transaction. Sellers will also be able to access other Square business services, including payroll and inventory-management offerings.

Speaking at an event in Manhattan dedicated to CBD, Square’s General Counsel Sivan Whiteley said: We designed our own due diligence program … to make sure that we are supporting sellers who are not making [false claims],” said Sivan Whiteley, general counsel at Square. “And once we were able to share our internal process … [we] were able to get them on board.”

She added that Square does due diligence on these customers to see whether they comply with federal regulations around labeling, marketing, and medical claims. Square specifies in a blog post on the matter that CBD products “must be hemp-derived and have less than 0.3% THC.”

CBD Payment Options

In the meantime, the FDA is still working to answer questions about the science, safety, and quality of products containing cannabis and cannabis-derived compounds, particularly CBD. “The FDA is Continuing to Evaluate the Regulatory Frameworks for Products Containing Cannabis and Cannabis-Derived Compounds,” the agency said.