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Using Paypal, Stripe, Or Something Else For Cannabis Website

Ted

Old Member
Admin
One are that is usually my strong point is business finance, however, not when it comes to marijuana websites. If I am not mistaken, Paypal doesn't allow website that are about marijuana such as this one, to use their services. I want to know if this is true.

Eventually I want to monetize this site to bring in money and use it to do positive things in the community. I really don't want to use ads, but it's not completely off the table. I want to focus on the core membership this year and the only thing I would like to do is maybe sell some TMF shirts.

How can I do this without using a separate site to use as the front? Will Paypal or Stripe allow TMF to use their services? I am still unsure how the bank accounts work. TMF isn't a dispensary but I am not sure what rules apply here to the community just discussing the topic. I would love some feedback from people that are or have been in my situation. What are my options?

I figure I would have to have an LLC from some state, then use that to get a bank account, and point stripe or Paypal transactions to deposit into the bank account. Obviously I will have to book keep, pay taxes, and so forth. What am I not getting? Is it business as usual just because this is a forum? A little help would be awesome!
 

Macoroni6538

...
Registered
I imagine you can use PayPal with just the initials, if not I know someone that can help with bitcoins.

Uphold is a nice service for both cash and bitcoin with no fees to buy bitcoin so far.

https://uphold.com

The world's fastest growing platform for moving, converting, transacting and holding any form of money or commodity.
Instantly, securely and for free.
 

Ted

Old Member
Admin
Thanks Taz for that info. I will check it out further. So far I am taking baby steps. I finally created the LLC on Friday, doing paperwork and getting an address today/tomorrow, and opening up business accounts. This isn't my only website so the company is more than TMF and it named something else.
 

Ted

Old Member
Admin
I updated the announcement I made about supporting TMF. Things got a little harder in taking into consideration a possibility to use PayPal, and specifically Stripe. Here is their response to me:

Hey Ted,

Thanks for writing in, and for your interest in Stripe.

Unfortunately, after reviewing your site and the details that you've provided, I'm afraid that we won't be able to work together at the moment.

To provide some context, while we really appreciate you clarifying exactly which services you would be providing as a Stripe user, I'm afraid that our banking partners (Wells Fargo for our United States-based users) do not currently allow us to support any businesses that are related to the marijuana industry — this includes businesses and organizations that are not directly selling marijuana, and are instead providing information and resources to individuals who may be using marijuana.

With that said, I'd like to note that we are actively working to remove this restriction (as we believe that it is not fair to turn away businesses that are not selling marijuana directly, and are only providing information or resources), though I'm afraid that we don't have a timeline for when this will be resolved. In the meantime, I've made a note of your interest in working with Stripe, and we will be sure to follow up once we've made progress on this front.

I'm truly sorry that we cannot do better for you right now, but I do hope that you'll still consider working with us in the future when we're able to support businesses such as yours.

Warm regards,
Doug
Now you might say just use another website so it's not TMF. They will eventually catch it and I would rather not concern myself about trying to get around the response. I like to be able to sleep at night. It seems the only way to move forward is Bitcoin unless anyone else has something else I haven't thought about.
 

Ted

Old Member
Admin
It's very difficult to find ways to find a website that doesn't sell anything but talks about marijuana. Doug was nice enough to send me this final piece though:

Hey Ted,

Thanks for writing back.

We'd love to work with you once this restriction is lifted (we're hoping it'll be soon!) and will be more than happy to help you transition over to Stripe once we're able to fully support all aspects of your business. In the meantime, have a great weekend!

Cheers,
Doug
All in all, I decided a couple weeks ago that Paypal was off the table. By that I mean for anything I do business wise. I have never had a good dealing with PayPal. You don't feel it until they hold your money for a minimum of 6-months and even after that it is highly unlikely. There are plenty of awful PayPal stories on the internet. It's the #1 reason I don't sell or buy on eBay either.

Stripe might be possible in the future. The reality is that Bitcoin is the only way that is feasible and it's difficult because you can't buy everything with Bitcoin...yet. Still, there is a lot of value in the currency so it will have to do for now. Unless someone else has a better idea, it's the way I am heading.
 

Cudzu

Member
Verified
Registered
Thanks Taz for that info. I will check it out further. So far I am taking baby steps. I finally created the LLC on Friday, doing paperwork and getting an address today/tomorrow, and opening up business accounts. This isn't my only website so the company is more than TMF and it named something else.
Incorporated protects personal assets. Good, smart move. If you have No employees, then file a one time submission for taxes. No withholding. I used quick books to record operation expenses to offset profits. Receipts, and self notes to file are helpful.
 

Cudzu

Member
Verified
Registered
It's very difficult to find ways to find a website that doesn't sell anything but talks about marijuana. Doug was nice enough to send me this final piece though:



All in all, I decided a couple weeks ago that Paypal was off the table. By that I mean for anything I do business wise. I have never had a good dealing with PayPal. You don't feel it until they hold your money for a minimum of 6-months and even after that it is highly unlikely. There are plenty of awful PayPal stories on the internet. It's the #1 reason I don't sell or buy on eBay either.

Stripe might be possible in the future. The reality is that Bitcoin is the only way that is feasible and it's difficult because you can't buy everything with Bitcoin...yet. Still, there is a lot of value in the currency so it will have to do for now. Unless someone else has a better idea, it's the way I am heading.

We create the, "BudCoin".
 
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Ted

Old Member
Admin
We create the, "BudCoin".
Potcoin is actually fairly popular. As for the LLC, it's been a stress relief for doing it. It's my 6th, but also to most difficult because of TMF. Doing any transactions with TMF currently puts the rest of my assets in a financial risk. So for now I just keep TMF off the list.
 

Cudzu

Member
Verified
Registered
Potcoin is actually fairly popular. As for the LLC, it's been a stress relief for doing it. It's my 6th, but also to most difficult because of TMF. Doing any transactions with TMF currently puts the rest of my assets in a financial risk. So for now I just keep TMF off the list.
Potcoin?
Someone, Been reading the smoke signals, from my mind. Beat me to it. Doh. Lol
 

Ted

Old Member
Admin
lol @Cudzu! Someone got it started at least 1-2 years ago but they actually trade well. It's still a great addition to the world of cannabis. Chalk it up to great minds think alike.
 

Mike O'Brien

helping dispensaries do ecommerce legally
Registered
Getting a straight answer on "can I sell marijuana industry tools or services through your bank/payment processor" online has been really hard. One thing that might work well for you is setting up a DBA as "Ted's Forum" and using that as your banking name.

Paypal, Stripe, and the lot, are concerned with federal laws about selling marijuana, but I don't get the issue with selling marijuana related stuff. This is a source of knowledge– It would be silly to not allow a book about pot to be sold.

One thing to mention is that if there is a (very very fucking unlikely) chance of a cease of your account, it might be wise to transfer your funds to your bank account weekly so that if it ever happens, you won't have too much sitting there idly.

I know that there are payment processors that work with dispensaries, so it might make sense for you to check out if you want to avoid any headaches. Thing is that they have much higher rates.

Check out this of payment processors that I made here - http://mmjecommerce.com/MMJ-payment-processors/

I am actively trying to research things like this because I am building a way for dispensaries to take legal payments online, and I want to make sure that I am doing it right. It just saves your CC information in two spots so you can enter the info manually on your POS, while looking at both spots. So, yea, I will update you if I get some more solid info on this.
 

Ted

Old Member
Admin
Thanks @Mike O'Brien for chiming in. My biggest fear is the risk of curtailing the name and then one day someone doesn't like me and screams "Pot over here" and boom, money is gone. I am not a gambling man. My goal is to have 2-3 options in case something happens. This isn't my first rodeo by any means, but I have learned that doing your homework and being upfront goes a long way. I completely know how to do it if it was a normal gig.

I am search for a true #bitcoin experience and not one through #Bitpay. My end goal is to completely cut the middle man out. That is also a tough mountain to climb right now as well. We are in a very shitty stage of #finances for this niche, but it's fine. My questions come from interest and not concern. When I do figure something out I will share with everyone, or maybe it just gets federal legalized and we all move on like it was the biggest waste of time and effort in our country's history.
 

Mike O'Brien

helping dispensaries do ecommerce legally
Registered
heh yeah, federal legalization is the relief that would set millions of us free.

I just opened a #stripe account under my regular business, and am using it for the weed ecommerce stuff. I'll let you know how that goes.

looking forward to learning more from ya :D
 
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Ted

Old Member
Admin
heh yeah, federal legalization is the relief that would set millions of us free.

I just opened a #stripe account under my regular business, and am using it for the weed ecommerce stuff. I'll let you know how that goes.

looking forward to learning more from ya :D
Same here. There is plenty we can all learn together. I am still working through a few suggestions on a way forward, but indeed the federal legalization would change ecommerce overnight. Hell, the USPS might make some more money. As I learn what to do I will share it at large with the community. This is an important area for many.
 
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