Australian Financial Services Licensing (AFSL) Forum

#6021 Reply

zoedon

I look after a vape shop directory site and we have had a posting from a vape shop in the United States that likewise markets CBD goods. A Month later, PayPal has written to use to say that our account has been restricted and have requested us to get rid of PayPal as a payment solution from our vape store directory. We do not retail CBD product lines such as CBD oil. We simply provide advertising and marketing solutions to CBD firms. I have had a look at Holland & Barrett– the UK’s Leading Wellness Store and if you take a good look, you will see that they offer for sale a relatively extensive series of CBD products, primarily CBD oil and they also happen to take PayPal as a settlement solution. It emerges that PayPal is administering double standards to different firms. Because of this restriction, I can no longer accept PayPal on my CBD-related website. This has restricted my payment possibilities and currently, I am heavily reliant on Cryptocurrency payments and straightforward bank transfers. I have gotten in touch with a barrister from a Magic Circle law office in London and they said that what PayPal is undertaking is entirely illegal and inequitable as it ought to be applying a systematic standard to all companies. I am yet to consult with yet another attorney from a US law practice in London to see what PayPal’s legal position is in the USA. For the time being, I would be very appreciative if anyone here at complianceforum.com.au could provide me with different payment processors/merchants that deal with CBD firms.

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