Australian Financial Services Licensing (AFSL) Forum

#6371 Reply

zoedon

I oversee a vape shop directory and we have had a listing from a vape shop in the USA that also sells CBD products. A Month later on, PayPal has written to use to claim that our account has been restricted and have requested us to get rid of PayPal as a payment method from our vape shop submission site. We do not offer for sale CBD products such as CBD oil. We simply offer promotion and marketing professional services to CBD firms. I have checked out Holland & Barrett– the UK’s Well known Health Retail store and if you take a good look, you will see that they offer for sale a somewhat wide-ranging stable of CBD products, primarily CBD oil and they also happen to take PayPal as a settlement solution. It seems that PayPal is applying double standards to different firms. Because of this constraint, I can no longer accept PayPal on my CBD-related web site. This has restrained my payment options and presently, I am heavily dependent on Cryptocurrency payments and direct bank transfers. I have spoken with a solicitor from a Magic Circle law practice in London and they stated that what PayPal is doing is entirely against the law and inequitable as it ought to be applying an uniform criterion to all firms. I am still to check with yet another lawyer from a US law office in The city of london to see what PayPal’s legal position is in the USA. Meanwhile, I would be highly appreciative if anybody here at complianceforum.com.au could provide me with alternative payment processors/merchants that work with CBD companies.

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