Paypal is one of the world’s biggest and worst payment processors. Seed CBD and clothing cannabis brands repeatedly use it as a payment system for their products. We understand that they are a vast payment provider, and that is why many cannabis brands and companies use them as a payment source. In this article, we will discuss why that is a bad idea and how PayPal has treated cannabis companies, even legal ones, over the years.
Near Monopoly on Payment Processing Makes it Bad for Cannabis Brands.
Paypal has a near monopoly on processing payments from many websites and works to keep other payment processors that would be more friendly to cannabis brands out of the market. When you use PayPal, you help this company gain an even larger market share. This is bad for many cannabis brands because it will keep other friendly cannabis payment processors out of the market and unable to process payments for cannabis retailers.
Do Paypal Care about Complaints from Cannabis Brands?
Judging from how this company has treated cannabis brands, customers, and retailers over the years, they will not care about any complaint you make against them.
How Paypal’s Terms of Service Allows them to Steal Money with No Proof
Many cannabis brands have no idea that PayPal’s terms of service will allow them to shut your account down for any reason, whether it is a genuine complaint or not. First, they will pretend that they “investigated” the complaint against your cannabis company. This is untrue; they will take the word of the complaint and close your account without notice. They will shut down your account. However, your account will still be left active; you can only take out money, add money, or use the account in any way.
You will receive an email stating that your account has been shut down, but you can still log in. You will just be given a warning each time you try to remove, change, or use your account. Paypal will prevent you from pulling your banking details or credit cards from the accounts.
Paypal Will Hold your Account and Personal Details hostage.
As mentioned above, the company will not allow the account owner to change or delete their account from the service. Remember, they don’t need proof of anything to do this to your accounts. You will continue to be able to log into your account. All your data will still be there, but when you try to close the PayPal account, you will be given an error message saying the account can’t be closed. When you try to contact them, the person on the phone will do nothing to help you close the account.
All it takes is one complaint for a Cannabis Brand.
Even if you are a legal, legitimate company, this will not stop PayPal from closing your account for no reason and stealing your money. They will spend payment for 180 days and pretend on the phone that they will return your money after 180 days. This is not true, and you should not believe them. Within a week to a few days of the 180 of your payment being returned to you, they will go into the account and take your money and debit to themselves.
Paypal will give you no reason for this other than they can steal your money under their “terms of service.”
Will it Matter What you are Selling?
No, PayPal has repeatedly treated cannabis brands with disdain over many years. Selling cannabis brand t-shirts, all it will take for them to limit your account is to get one complaint that you are selling something else, and they will need no proof whatsoever. If you are selling cannabis seeds, we highly recommend that you DO NOT USE PAYPAL.
Why Are So Many Cannabis Brands Using Paypal Payouts for Affiliates?
There are so many others there, which is such a bad idea. You are putting money in people’s PayPal accounts, which could have been taken from them without notice. All it will take is for you to have one affiliate that PayPal has decided they don’t like, and they will shut down your account. Whatever money is in the account is gone. It will not matter if it is $10 or $10,000. Paypal will deactivate your account and take your money after the 180 grace period they give themselves to steal your money.
Paypal’s “Code of Conduct“ Only Applies to You
If you use their so-called code of conduct to hold them accountable for their one policy, they will disregard it because it is only related to you and not to PayPal. Sadly, most of the employees you will talk to on the phone don’t even know the policy themselves, which will make it even worse for you as a cannabis brand.
Final Thoughts
Paypal might be the biggest payment processor in the world, but it is also one of the worst for Cannabis Brands. If you value having a good payment processor, stay as far away from PayPal as possible. They will be unreliable, steal your money without warning, and hold your data hostage by keeping your account open but limited.
Over the years, we have heard of many accounts of PayPal closing legitimate cannabis brands accounts, selling nothing illegal, only cannabis-branded t-shirts. We believe this company should be shut down and not allowed to do business anywhere.
If you are a cannabis brand, we recommend not using PayPal for Payment processing. Look elsewhere if you value your hard-earned money, time, and respect.
Disclaimer: https://www.cannabisnews.org/world-cannabis-news/cannabis-brands-need-to-stop-using-paypal/
Posted by: Times Of Hemp, TOH, #TOH, #TimesOfHemp https://timesofhemp.com/
