Square Inc. will now allow U.S. businesses to sell CBD products on its platform, while tracking payment and inventory management.
The payment platform officially launched payment processing services for the industry Oct. 3, after previously offering the services as part of a beta program, according to a MarketWatch report.
For in-person payments, Square will charge CBD sellers 3.9 percent plus $0.10 per transaction; online payments will be charged 4.2 percent plus $0.30 per transaction, MarketWatch reported. The CBD industry will also be able to access additional Square business services as part of this change, according to the news outlet, including payroll and inventory management.
Square will perform due diligence on its CBD customers to ensure they comply with federal regulations on labeling, marketing and medical claims, MarketWatch reported, and all CBD products sold on the platform must be hemp-derived and contain less than 0.3 percent THC.