Without a kratom merchant account, it can be next to impossible to run a kratom company of any kind. It won’t be possible for you to receive payments and customers will be forced to shop elsewhere. So, kratom merchant accounts are essential for those in the kratom business. Getting a kratom merchant account can be difficult for many reasons, but Shark Processing is here to help.
Kratom is the name of a tree that grows natively around South Asia, in countries like Thailand and Malaysia. The leaves from this tree have been used for healing and wellness purposes for many years, and kratom is beginning to spread around the world, consumed in capsule form or brewed as tea. Reports suggest that it can offer various beneficial effects for users.
Unfortunately, when it comes to plant-based supplements and herbal health products, regulation can be very strict and severe. In spite of many users reporting positive effects with kratom, the plant itself remains controversial and has a lack of clinical studies to provide evidence for its benefits and uses. Laws and rules regarding kratom are subject to change at any time.
This means that kratom businesses are considered high risk. If you’re trying to make and sell kratom products, you can struggle to find a payment processor willing to provide you with a kratom merchant account. Many processors feel that kratom is too much of a high risk payment processing industry until additional regulation and official guidelines are put into place and more studies are done.
A kratom merchant account is a type of merchant account aimed at those in the kratom industry. You can use a kratom merchant account to facilitate payment processing and high risk credit card processing, collecting payments from your customers safely and securely and storing that money before it proceeds to your main business account.
Kratom merchant accounts, along with other types of merchant accounts, are designed for modern businesses that do a lot of their business online, receiving online credit card payments and other forms of digital payments for their goods and services. This is particularly relevant for those in the kratom industry, as many kratom brands have e-shops and online stores to sell to customers.
In this line of work, having a reliable kratom merchant account for high risk payment processing is of major importance. Without such an account, you won’t be able to receive safe digital payments for your kratom products. This will force your customers to look elsewhere for their kratom powders, capsules, and extracts, leaving your online store without any custom.
It’s clear to see, therefore, that a kratom merchant account is a must-have for any kratom business owner. But because kratom is still a relatively new product in the Western world, without much research or scientific evidence regarding its benefits, a lot of payment processors and banks are unwilling to work with kratom businesses.
There are a lot of risks and problems associated with trying to get a typical kratom merchant account. Many payment processors will refuse outright if you apply for a merchant account as a kratom business, and other processors could shut you down and prevent you from getting any payment processing at all if they find out that you are selling kratom through an audit.
PayPal is also very harsh when it comes to kratom businesses and account holders. The company has a history of putting strict limits and restrictions on accounts that have been found to sell kratom, locking money away for a period of up to 180 days, and preventing you from getting cash from the sale of your products. Other payment providers, like Stripe, can be a little more lenient but may still restrict account holders who work in the kratom industry.
Even high merchant credit card processing companies will refuse or reject applicants in the kratom industry, and there are also plenty of very sketchy merchant account providers out there who may claim to help with kratom businesses but actually trick people into signing up and paying high fees and facing big risks with their kratom merchant accounts.
Why does all of this happen? Well, the main issue is that kratom is seen as a high-risk payment processing industry. Payment processors and banks view it as risky, with a high chance of scams, chargebacks, and other issues, due to the fact that the kratom industry is still quite new and young, with a lot of room to grow and a lack of regulation for the time being.
In time, as more studies are carried out on kratom and the industry grows and gains respectability, we can hope to see kratom merchant accounts becoming easier to obtain for those who need them. However, for now, there are clearly a lot of challenges and risks associated with this type of high-risk credit card processing.
Fortunately, if you’re looking for a high-risk kratom merchant account, there is a solution out there. With years of experience in high-risk payment processing, the team at Shark Processing is willing and able to help kratom business owners get the merchant accounts they need. We offer kratom merchant accounts at competitive rates, working with trusted banks worldwide to facilitate your business’ payment processing.
Shark Processing is a name you can trust when it comes to high-risk merchant accounts for kratom businesses. We know all about the issues and problems you may face as a kratom business owner, and we’re here to help. Get in touch to find out more.