Kratom is a Southeast Asian botanical herb that’s been around for many centuries. People from the area have been using it to ease symptoms of anxiety, PTSD, and chronic pain. It’s also commonly used to induce energy and heighten cognitive abilities.
As of late, its popularity has begun to surge, especially in the US. The regulatory bodies have had their reservations against the herb from the start and that’s not bound to change any time soon. As of 2021, Kratom is illegal in six states in the US where its possession and consumption are deemed punishable by law.
For this very reason, many banks refuse to provide merchant services for Kratom. They fear being brought down and fined by law enforcement agencies. So, if you’re a Kratom merchant, you will have a hard time looking for decent merchant services for Kratom, with a business that is labeled as high-risk. Not only that; high-risk merchant accounts are bound to encounter a surplus of fines, additional charges, and several restrictions, which is why many Kratom merchants are often discouraged right off the bat. Even though there is so much promise in the industry because of its surging popularity, not having a good merchant account with reasonable charges and eased restrictions can pose a huge problem.
How Are Online Kratom Credit Card Transactions Processed?
The process of online credit card transactions for Kratom includes a few steps. First, the customer visits your Kratom selling website and chooses a certain product or service. They add it to a shopping cart and check out upon finishing. They are then prompted to provide their credit card billing information to transfer the payment from their account to your merchant account. This is done via a secured payment gateway where the transaction is authorized. After successful authorization, you will be notified that an approved transaction is awaiting fulfillment.
While the transaction is prompted, the relevant information is then transferred by the processing bank to the bank that issued the credit card to your customer. The latter then verifies the validity of the credit card and also checks whether the required amount is present on the customer’s credit card or not. The bank then sets this amount aside for you, the merchant, and sends back either a special approval number or a decline message to the credit card processor. Lastly, this information is then transferred to the merchant.
It takes roughly five to ten seconds to complete this entire process, and it occurs without the customer having to leave your Kratom selling platform. However, each transaction sits in the batch of the day until that batch is settled or closed. Some merchant services have also launched a service called Instant Funding where you don’t have to wait for the whole batch.
How Does Instant Funding Work?
Instant funding requires roughly five seconds beginning from the time the card is swiped to when the payment lands in your merchant account. You don’t have to wait till the end of the day for an entire batch to close or settle. This allows you to have very easy access to your money even with a high-risk merchant account.
What Are the Leading Merchant Service Providers?
Here is a comprehensive list of the best available service providers that can help your Kratom business take off:
PaymentCloud
PaymentCloud is a very popular option among Kratom merchants as it offers highly reliable merchant account services and has been around for many years. The company is based in Woodland Hills, California and their specialty is offering top-notch services to high-risk businesses. Their products and services include mobile phone swipers, an online payment gateway, a virtual terminal, EMV-compatible terminals, Point of Sale (POS) solutions, and merchant cash advances. They have a highly positive standing among their customers and continue to serve their high-risk account holders with customized prices to cater to each individual’s processing history and business type. So, if you’re a Kratom supplier looking for a good start, Payment Cloud is a very good option.
GreenPay
GreenPay Merchant Solutions has been operating in the credit card processing world for nearly a decade. In the past few years, they have begun to take on high-risk clients, including Kratom merchants, providing payment solutions that help make a significant difference. The company specializes in Point of Banking (POB) programs that accept bank cards without the need of having a traditional merchant account.
GreenPay provides all its high-risk account holders with multiple solutions to handle all sorts of credit card processing needs. These include Virtual Gateways, cashless ATMs, all-in-one POS systems, and a lot more.
The company has an astounding 99% approval rate for the Kratom industry and guarantees to provide unique, tailor-made solutions to fit your particular needs.
Allied Payments
Allied Payments is a Florida-based merchant account provider that offers domestic services within the US. The company is a great option to turn to if you’re running a Kratom business and you feel that competing with numerous applicants to open your very own merchant account is a huge hassle. They offer top quality solutions that are highly affordable and very easy to use.
Their Kratom credit card processing services are very prompt and they offer quick integrations with renowned shopping carts. Not to mention, their customer service is very active in case you have any questions or concerns about your merchant account. Their dedicated Kratom payment processing team will handle all your business needs.
Allied Payments is certainly among the better options if you wish to get started on your Kratom journey on a positive note.
Conclusion
The landscape of Kratom credit card processing is ever-changing. Your payment service provider might impose newfound restrictions based on the latest verdict on this botanical herb. There is no guarantee that you will be entitled to the very same services and charges throughout the entirety of your contract. A provider can change the terms, alter the fees, or even terminate your high-risk merchant account without prior notice. It’s highly important to be aware of this information before you start your journey with your newfound Kratom business.
