Card acceptance solutions provider Square has formally started payment processing for the merchants of CBD products.
Initially, Square provided the payment processing services as part of a beta programme, which was rolled out around four months ago.
The payment processing services offered by Square will be a big relief for CBD sellers as they had to pay fees for transactions or depend on the traditional cheque payment method.
Announcing the move, Square in a statement said: “We believe everyone should be able to participate and thrive in the economy.
“Today, we’re thrilled to launch our CBD early-access program, which allows businesses in the U.S. to sell CBD products on Square quickly, easily, and securely.”
Square is offering three options for CBD merchants. CBD sellers may opt for ‘Online and In-App’ payment processing that will cost 4.2% plus 30¢ per transaction.
Additionally, Square will collect 3.9% plus 10 cents per transaction from CBD sellers for in-person tap, swipe, and dip payments.
The third option, ‘Keyed-In and Card on File’, is available at a cost of 4.8% per transaction plus 15¢.
Furthermore, CBD merchants can access other Square business services such as payroll and inventory-management offerings.
Bluebird Botanicals COO Kevin Liebrock said: “In the early stages of the emerging hemp industry, Bluebird Botanicals was constrained to using merchant processors that charged exorbitant rates.
“As an eCommerce company, we were at one point only able to receive payments by check.
“With Square, we don’t just get better rates—we’re also treated with respect and trust. And now, instead of waiting for checks in the mail, we get paid the next business day.”
Recently, Mastercard and Square joined forces to drive financial inclusion with events. This is through a two-city, New York City and Los Angeles, collaboration on Self Made.