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Reply To: RG 146 – Wholesale | Compliance Forum

Australian Financial Services Licensing (AFSL) Forum

#6262 Reply

zoedon

I run a vape store website directory and we have had a posting from a vape store in the USA that additionally offers for sale CBD goods. A Calendar month later on, PayPal has written to use to claim that our account has been limited and have requested us to get rid of PayPal as a payment solution from our vape shop submission site. We do not retail CBD products like CBD oil. We only provide marketing services to CBD companies. I have visited Holland & Barrett– the UK’s Top Health Merchant and if you take a close peek, you will see that they sell a rather wide-ranging stable of CBD items, primarily CBD oil and they also happen to take PayPal as a settlement solution. It appears that PayPal is administering contradictory standards to many different companies. Because of this constraint, I can no longer accept PayPal on my CBD-related website. This has constricted my payment options and presently, I am seriously contingent on Cryptocurrency payments and direct bank transfers. I have sought advice from a solicitor from a Magic Circle law office in The city of london and they stated that what PayPal is undertaking is entirely illegal and discriminatory as it ought to be applying an uniform criterion to all companies. I am still to get in touch with one more legal representative 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 extremely appreciative if anybody here at complianceforum.com.au could offer me with alternative payment processors/merchants that work with CBD companies.

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