Top News In Payments: Square Unveils CBD Early Access Program; New York Examines Payroll Tech Industry

Today in the payments news roundup, Square is rolling out CBD early access program that will allow U.S. vendors to sell CBD items. Also, New York is taking a closer look at the payroll technology space with the fallout from the scandal and collapse of MyPayrollHR. And Japan’s SoftBank is seeking money for another big tech investment, even amid the falling valuations of its other significant holdings.

Vendors Can Now Use Square For CBD Sales

Square has announced that it’s rolling out CBD early access program that will allow U.S. vendors to sell CBD products using Square. CBD, which stands for cannabidiol, is a chemical compound from the cannabis plant without the THC. 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.”

NY AG Subpoenas 40+ Cos About MyPayrollHR Scandal

New York is taking a closer look at the payroll technology space with the fallout from the collapse and scandal of MyPayrollHR. The New York State Department of Financial Services has reportedly issued subpoenas to over 40 members of the payroll processing industry operating in the state to more closely examine practices in the space.

SoftBank Struggles To Raise Vision Funds

Japan’s SoftBank is seeking money for another big tech investment, even with the falling valuations of its other significant holdings after WeWork’s botched initial public offering. Masayoshi Son, Softbank’s founder and CEO, wants to move forward with Vision Fund 2 even with calls for a postponement. Vision Fund 2 was announced in July at $108 billion. Reception by investors, however, has been weak.

PayPal Is A No-Show At Libra Association Meeting

Libra, Facebook’s proposed digital currency, has had its fair share of scrutiny and regulatory issues. Representatives from all 28 Libra backers were set to meet in Washington on Thursday (Oct. 3) to discuss how to handle the backlash and move forward, and PayPal was not present.

Does KBA Have A Place In Online SMB Credit Checks?

Financial management app Nav helps small businesses access credit reports, leverages knowledge-based authentication (KBA) to verify its users — but is not without its share of challenges. In a feature story, PYMNTS spoke with Nav Co-Founder and Chief Legal Officer Caton Hanson about the benefits and drawbacks of the firm’s existing authentication procedures, as well as how it plans to improve its verification protocols in the future.

ClassPass CEO: How Digital Platforms Have Innovated Health, Fitness

Consumers are creatures of habit, which can be complex and certainly vary according to such factors as geography, age and even fitness level. Businesses that can tap into those habits can often tap into a gold mine, although that can be much harder than it seems even for the most data-driven and smartest and of entrepreneurs.

That’s the sense one gets after listening to Fritz Lanman, CEO at ClassPass. In a recent high-energy PYMNTS discussion with Karen Webster, Lanman talked about the value ClassPass brings to the modern health-and-wellness market, and the lessons the company has learned along the way as well as those that can be applied to other operators in the digital realm.