Merchant Innovation

Vendors Can Now Use Square For CBD Sales

Vendors Can Now Use Square To Sell CBD

Square has announced that it’s launching a CBD early access program, which will allow vendors in the United States to sell CBD products using Square.

CBD, short for cannabidiol, is a chemical compound from the cannabis plant without the THC. It’s commonly used for anxiety, pain and a slew of other maladies. It was legalized in 2018, and Square now wants to “make our tools available to sellers in the CBD space, so they can start, run and grow their business on Square.”

Square said that it will provide businesses with an integrated ecosystem, with everything they need to sell the product. 

“Square provides everything you need to easily manage your CBD business, from payments to hardware, payroll, inventory management and more. Everything works together seamlessly to give you a complete view of your entire business,” the company said.

Kevin Liebrock, chief operating officer of Bluebird Botanicals, said his company will really be able to thrive with the new option.

“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,” said Liebrock. “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.”

Another well-known company recently got into the CBD business as well. Mattress company Casper teamed up with edible startup PLUS to offer customers CBD sleep gummies with chamomile and 1 milligram of melatonin.

The move was part of the company’s continuing expansion efforts to move beyond just selling mattresses — Casper already offered some sleep-related products, like dog beds, sheets and pillows. It also released a lamp called the Glow, a smart lamp meant to mimic the sun setting. 

“The options for sleep improvement have been historically limited to a late night Google search or a prescription from your doctor,” said Neil Parikh, co-founder of Casper. “It’s our mission to change that as the world’s first Sleep Company. Introducing CBD sleep gummies with PLUS allows us to bring a new way to relax and rest to those who need it.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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