Paypal is one of the biggest, and worst payment processors in the world. We time and time again seed, CBD, clothing cannabis brands using it for a payment system for their products. We understand that they are a very large 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, how Paypal has treated cannabis companies over the years, even legal ones.
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. When you use Paypal you are helping 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 retails over the years it is pretty clear that 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 real complaint or not. First they will pretend that they “investigated” the complaint against your cannabis company. This is untrue, they will just 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 will only not be able to take out money, add money or use the account in any way.
Out of the blue you will get an email stating that your account has been shut down, but you can still login. You will just be given a warning each time you try to remove, change or use your account. Paypal will prevent you from removing your banking details or credit cards from the accounts.
Paypal Will Hold your Account and Personal Details hostage
Like we mentioned above the company will not allow the account owner to change or delete their account from the service. Remember they don’t need any 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 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 will 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 are allowed to 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 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 and this is such a bad idea. You are putting money in peoples Paypal accounts that could have it taken from them with no notice whatsoever. All it will take is for you to have one affiliate that Paypal has decided that 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 disable 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 to 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 with don’t even know the policy themselve that will make it even worse for you as a cannabis brand.
Paypal might be the biggest payment processor in the world, and they are all the worst payment processors in the world for Cannabis Brands. If you value having a good payment processor we recommend staying as far away from Paypal as you can. 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. In our opinion this company should be shut down and not allowed to do business anywhere in the world.
If you are a cannabis brand we recommend you do not use Paypal for Payment processing. Look elsewhere if you value your hard earned money, time and respect.
Posted by: Times Of Hemp , TOH , #TOH , #TimesOfHemp https://timesofhemp.com/