Square, Inc. is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California has quietly launched pilot program to process payments for CBD and hemp businesses.
This exclusive beta program is by invite only to a select limited group of companies and they were highly selective in inviting only merchants with exceptional transaction histories and business practices. Currently all companies that sell cannabis or hemp derived products (which was legalized in the U.S. through the Farm Bill at the end of 2018) currently have limited or no access to basic financial services that are normally available in conv
entional market sectors. Most hemp and cannabis businesses are transacting using cash payments or foreign banking solutions which can be a security risk to the consumer.
The reason most companies are turning to these unconventional payment and banking methods is the inability to open or maintain a normal domestic bank account that allows their customers to process credit cards. Under the new Square pilot program this problem for hemp businesses may soon be a thing of the past. We expect more domestic banks to follow suite which should increase competition and eventually drive down transaction costs.
“Square Payments is currently conducting a by invitation only beta platform for a select few CBD companies,” a company spokesperson said in an email. When asked about the reasons for the launching the new program, which comes after years of refusing to work with CBD companies, the spokesperson said that the company closely watches evolving public policies and strives to create new opportunities for clients.
Mike Rizzo Owner of Doc Green Well CBD Dispensaries said “We were flattered that we were selected from so many companies in the space to participate in this program“. Doc Green Well can now process orders online directly through their secure website using the Square Payment gateway. Mr Rizzo went on to say, “Now that we have been accepted into the Square Payments Pilot Program our customers are free to place orders on our website using Squares secure payment service, People trust large payment processors like Square, Stripe and Paypal because the consumer is protected against fraudulent charges”.
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