Kratom is a tricky industry. Most US or NATO countries won’t touch it. This creates a problem for merchants – how to collect payments? Domestic solutions are skim to non-existent and the ones that are charge high fees with very sketchy solutions. In a case of a VISA or MasterCard audit these domestic accounts will get shut down immediately with no warning! Trust us it happens, you can even get your business put on the Terminated Merchant File by Visa or MC so you cannot get processing at all for any business (for up to 5 years).
Paypal and Stripe Kratom Credit Card Processing
Processing credit cards with Stripe and PayPal is a bad idea. In the chance that you use a fake site to get your account approved and start processing, they will eventually find you out. PayPal is really harsh on Kratom and usually permanently limits accounts selling Kratom. What does permanently limited mean? Well it means your money gets locked in for 180 days! We have one high risk Kratom merchant that got over $15,000 USD locked in PayPal for 180 days. Stripe is a little friendly and don’t usually lock money away but have gotten much stricter over the years so they may very well copy PayPal.
Options for Processing Kratom Payments
Options for Kratom are limited. The only safe processing solution is to go offshore. Many offshore companies that accept many high risk industries are not friendly with Kratom. Examples of these countries are: Latvia and China but there are many other high-risk banking countries where Kratom is not allowed.
Luckily, we have a solution for Kratom merchant accounts. Our bank is friendly to the plant and we have many merchants processing daily. Due to the nature of Kratom processing fees can range from 6.99% – 8.99% depending on volume and chargebacks. We have no hidden fees but there is a reserve of 10%. The reserve is a portion held by the bank for a period of time (industry standard 6 months). This reserve comes back to you on a rolling basis. If there is a company offering Kratom processing with low or no reserve STAY AWAY. These are likely scams and if there were banks offering this we would already be working with them. In a few cases, we might be able to offer no reserve if the merchant is above 500k monthly and has credit history with other banks.
Kratom Credit Card Processing Low Volume
So what about Kratom low volume or start-up companies? It is a catch 22 situation because most high merchant credit card processing companies will turn away low or no volume merchants. A start up Kratom company is always a higher risk so we charge a Risk Assessment Fee (RAF). This fee is a charge that is held to insure as insurance in processing. This is because one merchant may decide to charge many customers and not issue payment. This is also what payment arrears and the reserve is for. It sounds unfair for merchants, but these banks must protect themselves from fraud and scammers. Unfortunately, Kratom is put in with the same industries like tech-support who have have above 5% chargebacks.
Tired of Filling out Applications?
If you are tired of filling out merchant account applications for your Kratom company, please apply with us now. We have great solutions and can get you started within 24-48 hours. We work with a great bank that takes Kratom credit card payments and has lower rates than other companies.
When you decide to work with Shark Payment Solutions you will be impressed. We have many popular shopping cart integrations and a great backend where you can see your transactions. Our company also has excellent support and a great 24/7 fraud department to reduce chargeback issues. We get you approved and paid on time. Please apply now if you want to accept Kratom credit card payments.