If your business is in the kratom industry, chances are you may have a hard time finding a provider to process your credit card payments.
While the herbal supplement is loved by many for its potential effects on well-being, its legal acceptance and regulations continue to vary across the globe. As such, domestic banks and traditional payment processors often categorize kratom businesses as high-risk, leading to challenges in securing kratom payment processing.
This could affect a merchant’s ability to accept payments from customers, especially for online transactions. Moreover, in such cases, it can lengthen the application process, account approval, and processing rates.
The good news is there are credit providers known to specialize in merchant accounts for kratom businesses.
In this article, we break down the best kratom credit card processors for you to consider. Learn more about your options, and find a provider that is best suited to your business.
High processing fees are one of the major downsides of being in high-risk businesses. Merchants are more prone to strict underwriting requirements, chargebacks, and penalties, thus prompting processors to charge higher fees.
As such, it is best to opt for a provider that specializes in high-risk industries, especially one with an extensive network or has relationships with domestic banks. In such cases, they are able to secure the lowest possible transaction rates despite the risks.
Similarly, high-risk businesses like kratom sellers are also subject to a limit on transaction volumes.
Apart from decreasing their potential revenue, this could also affect processing fees. As a rule of thumb, the higher the transaction volume, the lower the processing fees.
As such, when looking for the best kratom credit card processors or merchant account providers, make sure to choose one capable of processing your usual transaction volume and will not place restrictions or caps.
Chargebacks are the effect of fraudulent or disputed transactions, wherein merchants need to pay back customers and, in the process, incur chargeback fees from the bank. Although refunds are normal in any business, high-risk industries are more susceptible to fraudulent claims for chargeback.
That said, it is important to narrow down your search to payment processors or providers offering chargeback protection, usually in the form of alerts or investigations. These automated systems ensure the legitimacy of a chargeback before it is approved and processed. In effect, merchants can avoid costly fees, if necessary.
A payment gateway is the backend network that handles the entire payment process – from accepting a customer’s payment to transferring funds to a merchant’s bank account. This system applies to all payment methods, whether online, in-app, or in-store.
When working with a credit card processor, they should take care of integrating this payment gateway into your website or e-commerce store. In most cases, they make use of reputable, third-party gateways like Authorize.net and NMI. However, some providers have their own in-house gateways that offer the same features.
Either way, it is essential for online kratom merchants to partner with a credit card processor or payment service provider that can easily and efficiently incorporate this system into their e-commerce platform of choice. The most popular ones include BigCommerce, Magneto, Shopify, Wix, and WooCommerce, among many others.
An added bonus is a processor or provider that offers other integration options for businesses that run on less popular platforms.
Credibility and good reputation are given when selecting a partner for kratom credit card processing for your business. Apart from researching their rates and services, make sure to do a deep dive into other merchant testimonials and reviews. Another tip is to ask about the experiences of their past and active clients, especially those from the same or similar industries.
Considering all these factors, below is a list of the best kratom credit card processors and merchant account providers.
These recommendations take into account the high-risk nature of kratom merchants and their need for specialized solutions, competitive rates, security features, and a provider with extensive experience in high-risk businesses.
eMerchantBroker is a merchant account provider based in Los Angeles, California. They specialize in payment solutions for high-risk e-commerce merchants, including kratom merchants.
With their experience and expertise, they are able to approve 99% of low-risk and high-risk merchants. According to their website, they have worked with over 3,200 businesses to date.
Address: 2985 E. Hillcrest Dr. Suite 209 Thousand Oaks, CA 91362
Contact number: 1-800 621-4893
PaymentCloud is a merchant account provider based in Woodland Hills, California. They are known for their high-risk merchant accounts, including kratom merchant accounts, CBD merchant accounts, and hemp merchant accounts. They guarantee fast, hassle-free approvals and integration.
Apart from online payment processing, their tailored solutions also extend to in-person, mobile, and virtual payments. They provide merchants with all the necessary systems, like payment gateways, credit card terminals, EMV readers, and the like.
Address: 16501 Ventura Blvd Ste 300, Encino, CA 91436
Contact number: 1-800 988-2215
Shark Processing is a merchant account provider based in the United States but serves businesses within and outside the country. Kratom merchant accounts are among the many high-risk merchant accounts they provide.
As a high-risk payment provider, they offer secure payment processing and customized solutions to benefit high-risk merchants and their unique business needs. They also work with a network of trusted banks around the world to ensure the lowest possible rates.
Address: 1309 Coffeen Avenue STE 3991, Sheridan, Wyoming, 82801
Email address: firstname.lastname@example.org
Contact number: 1-800 567-3019
Apply for a Kratom Merchant Account with our specialists at Shark Processing, and look forward to all these benefits.
Apply through our website or give us a call, and we’ll guide you through the entire application process.
Once your Kratom Merchant Account is approved, we promise you an easy and seamless experience that will help grow your business and satisfy your customers. Our merchant accounts include the following features:
For any questions or concerns, contact us today, and we’ll be happy to assist you.
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