A Better Kratom Credit Card Processing Solution
Do you know that low-risk processors massacre kratom accounts in bulk? Yes, that is true. Traditional payment processors are not the perfect fit for kratom merchants. When these regular processors experience a chargeback spike on their shared account, the first thing they do is shut down merchants from high-risk industries like Kratom, Kava, Hemp, CBD, and Peptides.
Many don’t stop there; instead, they start initiating refunds for all orders, even if merchants have already initiated the shipment. Some go one step ahead and freeze the funds for 180 days or more, or maybe even forever.
This insensitive behavior by generic credit card processing companies is depressing for kratom entrepreneurs. Fortunately, there are some solid and stable options that still exist. Once approved for these solutions, merchants can establish a stable online Kratom business. We are referring to high-risk credit card processing for Kratom merchants.
QuadraPay offers these highly stable Kratom credit card processing accounts. We guarantee that our Kratom merchant services can be a game-changer for your business. You get a domestic US payment processing solution with fast settlements and easy integration. Funds reach your business bank account within 72 hours. With the stress-free kratom payment processor, you will be able to offer various payment methods to your customers. Cart abandonment will decrease, while orders will increase. Talk to one of our kratom payment processing experts today.
Why is it hard to get a Kratom merchant account?
Government agencies’ viewpoints are the main reasons why payment processors are uncomfortable supporting Kratom merchants. Despite Kratom’s lack of classification, government agencies have identified it as a product worthy of concern. Additionally, Kratom lacks approval for medicinal use and raises safety concerns. While the agencies have not clearly blocked merchant accounts for Kratom, their overall stance demotivates credit card processors.
It is worth noting that government guidelines and regulations regarding Kratom sales and payment processing for Kratom products may change. Currently, some banks allow Kratom credit card processing. Merchants can only sell products that are in line with the bank’s guidelines and requirements. It’s just like how certain CBD products are allowed over others.
You must remember that, based on new guidelines, the processing companies we work with may decide their course of action. So, what is available today may not be available in a few months or years. Do not waste time. Ask us about our payment solutions for Kratom merchants.
Source
https://www.uspharmacist.com/article/the-dea-changes-its-mind-on-kratom
https://www.fda.gov/news-events/public-health-focus/fda-and-kratom
For any financial institution, maintaining a positive brand image and reputation is important. As a result, they may prefer to avoid onboarding Kratom accounts to steer clear of any negative attention and controversy. This is also the case with other industries like adult entertainment, casinos, and spas.
Payment Processing Solutions for Kratom Merchants
A domestic high-risk Kratom merchant account, like any other card processing account, undergoes extensive due diligence before approval. Only American kratom merchants can get these accounts.
Underwriters may also require a site inspection. A representative may visit the business location, verify a few details, and then submit a report to the underwriters. All these measures help ensure that only genuine kratom merchants get access to better credit card processing solutions.
When all local high-risk PSPs decline your application, we send it to offshore providers. These processors aren’t located in the United States. They may or may not support Kratom sales, as they must follow an even more complex underwriting process.
Kratom Echeck ACH Processing: A large percentage of Kratom companies in the USA are already using ACH and e-checks. These solutions are simple to implement and assist merchants in generating a processing history, which can then serve as a motivator for a credit card processor to approve your application.
Benefits of Kratom Credit Card Processing
A good credit card processing account has numerous benefits for any kratom business. It removes the need for cash transactions, and customers feel more comfortable using plastic money. Additionally, many research papers suggest that when customers make payments by credit card, they spend more. It allows the merchant access to a customer base in other countries. Using a merchant account, Kratom merchants can accept domestic and international orders.
Credit card processing gives kratom merchants a competitive advantage as they meet the expectations of a wide range of customers. A better customer experience leads to repeat business. It also helps reduce the unnecessary workload on your team.
The built-in merchant reporting interface provides a lot of information about the state of the business. Merchants can extract reports and identify chargebacks, returns, average transaction value, peak order timings, most selling SKUs, and many more. By carefully analyzing these, kratom entrepreneurs can make informed decisions.
Kratom Merchant Services FAQ
How Much Time Do Kratom Payment Processors Take To Approve An Application?
We observed accounts receiving approval within 24 hours. However, this is not the case with every application. The total time that a kratom payment processor takes to approve an account varies depending on a number of factors. The most important factor is the availability of all KYC documents and a fully operational website.
To be 100% honest, we can say that even after sending a complete list of required documents, only around 20% of merchants send all documents at once. We don’t blame those 80% of merchants, as they may have their own reasons, but the point we are trying to state here is that without documents, approvals can’t come. In most cases, we can set up accounts within 3–4 days if all the necessary documents are available.
What kind of kratom products can a merchant sell online?
The type of kratom product a merchant can sell online depends on what the processor approves. The merchant cannot sell any product type if the payment processor is uncomfortable with it. However, in general, the most common products that you can find on kratom websites include kratom leaf, powder, capsules, kava tea, digital scales, tea strainers, measuring spoons, muslin bags, merchandise, kratom chocolate bars, softgels, and gummies.
Are there any specific compliance requirements or regulations that I need to adhere to when processing kratom transactions?
Kratom merchants must implement two key elements on their website. Since kratom is a substance of concern, merchants must ensure that they have an age selection popup on the site. Only people above the age of 21 should be allowed to access the site. Kratom products are not approved by government agencies for medicinal purposes, so merchants should not claim any benefits that are not documented with credible research or government endorsement. Merchants should place a disclaimer on the site and confirm that the products are not approved or validated by relevant agencies.
