Square is one of the most popular payment processing platforms available today. In today’s day and age, it is vital to have the most reliable payment processing solutions available for your business. As a CBD merchant, is Square the right platform for you? While it may seem appealing, Square may not be the best choice for your business.

Should you use Square for your CBD business? Are there better options? We will discuss this and more. When you are confident in your payment processing, you can focus on enhancing the experience, selection, and overall quality of your business for past and future clients!

Should I Use Square for My CBD Business?

While other payment processing platforms restrict sales of CBD products, Square has been testing a program specifically created for CBD merchants. However, it is not as easy as simply signing up and immediately getting access to the seller tools that Square offers. There is an application process, as well as fees and regulations that CBD merchants looking to use Square must follow. 

Square’s Policy on CBD 

As a CBD seller, you must apply to the specific Square CBD program. There is a limited type of products allowed to be sold through this program, and they must not contain more than 0.3% THC. Square also bans the sale of CBD paraphernalia. 

On Square’s CBD program application page, the platform explicitly states that it cannot guarantee a CBD merchant’s ability to sell in the long run, as Square depends on maintaining relationships with banks and lenders. It is no secret that many banks and lenders are weary of CBD companies, as they are considered high-risk merchants.

Not only is it risky to sell on Square as they do not promise to support CBD sales in the long run, but they also have higher fees for CBD merchants compared to other sellers who use Square.

How Can I Successfully Process Payments for My CBD Store? 

While using Square for your CBD company is not impossible, you will soon realize that turning to another payment processor is better. Because of Square’s restrictions and high fees, many CBD companies are hesitant about using this platform for payments. Not to mention, there is no guarantee that your account will not suddenly be locked and your funds inaccessible if Square deems your products are breaking their CBD program policies.

Suppose you are looking to successfully process payments. In that case, it is in your best interest to look for a company that has the experience of having worked with many other CBD businesses. These payment processing companies have the resources of having worked with high-risk merchants in the health or Wellness industry, and they will not reject your company or have many policies as the Square platform does. You want to make sure your clients know their payment information is being secured by a reliable payment processor, and you always want to ensure your funds are accessible to you as well. 

Benefits of Working With a Payment Processor Familiar with the CBD Industry 

Working with a payment processing company like Relevant Health which has the relevant (no pun intended) experience and resources of having worked with other CBD companies is vital for the operations of your business. Some of the benefits of working with a payment processing company familiar with the CBD industry include: 

• Being able to sell different CBD products 
• Not having to worry about a sudden account lock with funds becoming inaccessible 
• Being provided other payment solutions that are efficient and effective for your business, such as fraud management, trends and cost analysis, etc. 
• Have access to other industry-specific solutions that can further enhance your business 

Selling CBD products can be considered a “risk” by other industries, but it can be a seamless operation when you’re working with industry-specific payment processors. This is why there are so many notable benefits to working with companies that are oriented to provide the proper solutions to CBD companies and other similar businesses. 

Work With Relevant Health!

Your CBD company sets out to connect customers with holistic and nourishing products. Your payment processor shouldn’t get in the way of this goal. While the Square platform offers a CBD program for some specific merchants, the fees and policies can eventually become an obstacle for your business.

Work with a knowledgeable company like Relevant Health, that has the proper experience and tools from past work with CBD companies. Make the right choice for your business today!