Australian Financial Services Licensing (AFSL) Forum

#6351 Reply

zoedon

I run a vape store web directory and we have had a listing from a vape shop in the USA that additionally markets CBD products. A Calendar month later, PayPal has written to use to say that our account has been restricted and have requested us to take out PayPal as a payment method from our vape shop web directory. We do not sell CBD items like CBD oil. We merely provide promotion and marketing professional services to CBD firms. I have looked into Holland & Barrett– the UK’s Well known Wellness Merchant and if you take a good look, you will see that they offer a comparatively extensive stable of CBD product lines, primarily CBD oil and they also happen to take PayPal as a payment method. It appears that PayPal is applying twos sets of rules to different firms. Because of this stipulation, I can no longer take PayPal on my CBD-related website. This has restricted my payment possibilities and currently, I am greatly dependent 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 doing is definitely unlawful and inequitable as it ought to be applying an uniform benchmark to all companies. I am yet to speak to yet another legal representative from a US law office in The city of london to see what PayPal’s legal position is in the United States. In the meantime, I would be very appreciative if anyone here at complianceforum.com.au could provide me with different payment processors/merchants that deal with CBD companies.

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