What is Kratom Credit Card Processing?
We live in a sad situation where herbal remedies are illegal in some countries. Companies looking for kratom credit card…
We live in a sad situation where herbal remedies are illegal in some countries. Companies looking for kratom credit card processing have found this out the hard way. In the United States, the FDA released a statement in 2017 that was damaging to the kratom industry.
The Administration's interference means that merchants selling kratom find it tough to make sales. Traditional credit card processors avoid such companies. As a result, kratom vendors need to find alternatives.
An Overview of Credit Card Processing for Kratom
Kratom is another name for the Mitragyna speciosa tree. The tree’s leaves contain intoxicating compounds. There are various ways to use the substance. However, an increasing number of vendors now sell it in pill form.
When used at low doses, the drug has a stimulating effect. Those who consume high doses find that the effects are more sedative. Those who use it should wait at least 45 minutes to see how the compounds affect them. It may also have interactions with other drugs.
Companies that sell this substance should inform customers about the risks. There are also legal issues to contend with for both sellers and buyers. This is why sellers often need to find kratom credit card processing alternatives. At present, well-known processors steer clear of the industry.
Problems with Kratom Credit Card Processing 2020
You will find a lot of contradictory kratom credit card processing information on places like Reddit. Discovering a suitable partner is a little easier than it used to be. However, the companies used by other industries are probably out of your reach.
The thing is, kratom isn’t federally controlled in the United States. However, it is classified as a ‘drug of concern.’ The FDA didn’t help matters with its statement. It suggested that dozens of people have died from using kratom. However, it is essential to note that most of these individuals had other drugs in their system. Therefore, it is hard to attribute the cause of death to kratom usage alone.
Individual states have implemented bans. Kratom is illegal for sale or use in:
- Rhode Island
The Psychoactive Substances Act criminalized its use in the United Kingdom. Several other European nations, like Denmark and Poland, also have controls. Other nations that have outlawed Kratom include Australia and Myanmar.
As a result, credit card processing firms see kratom as a high-risk industry. In most cases, it means they outright refuse to do business. Others may take your company on but charge enormous fees and introduce several other restrictions.
The problem is, if you don’t have credit card processing, selling kratom online is incredibly hard. You can’t use the likes of PayPal either as it bans anything remotely controversial. You can set up a store and take cash, but you face other problems. Mainly, where do you store the money? Banks also won’t do business with you!
Credit Card Processing Companies for Kratom
It is high time you investigated kratom credit card processing online. The best firms will accept every payment type through domestic banks on a state level. As a result, you don’t have to set up an offshore account. You also don’t need immense cash reserves, and customers benefit from a smooth transaction process.
Top-rated kratom credit card processing companies claim to offer the following:
- A same day funding guarantee.
- Internal underwriting to speed up the approvals process.
- Payment within a couple of seconds.
- FDIC Insurance for all payments (in the United States).
- The ability to function with retail and eCommerce.
- POS companion services.
Once you have a processor on your side, there are no limitations on your account. As a result, your business can grow unencumbered.
When choosing a processor, make sure you learn all about their charges. Unfortunately, some firms have hidden fees. Such companies don’t provide information, but these charges are in the terms and conditions. By the time you find out, it is already too late. You are locked into a lengthy and costly contract.
Typically, top-rated companies will have everything set up within a few days. Indeed, a capable high-risk processing team should approve you in a matter of hours.
Kratom Face to Face Credit Card Processing Alternatives
Whether you sell powder, tea, or kratom pills, credit card processing is a challenge. First of all, make sure the drug is legal in your state or country. If it isn’t, you have no choice but to either shut down or move somewhere that tolerates kratom. No reputable credit card processor will work with a kratom seller in an illegal location.
There is an array of options for kratom vendors regarding credit card processing. Highly-rated firms tend to offer features such as:
- ACH Processing
- Chargeback Management System
- Merchant Cash Advance
- Online Payment Gateway
- Point-of-Sale Solutions
- Virtual Terminal
- Mobile Credit Card Processing
Certain companies even provide vendors with a free website and email address. If this sounds appealing, look for a processor that specializes in eCommerce.
Why are kratom suppliers having credit card processing problems? This is a question that many vendors want an answer to. The primary reason is that various governments around the world view kratom in a negative light. This is even though its adverse side effects are often overstated.
Kratom almost became a controlled substance in 2016. The DEA declared its intention to add it to Schedule 1. However, this announcement was met with a considerable backlash. Eventually, the DEA backed down.
It seems unlikely that governments, especially the American one, will change its mind on kratom any time soon. As a result, vendors must seek reliable credit card processors. One final option is CannaPay. It specializes in the marijuana industry but is happy to help other businesses in so-called high-risk industries.
Aside from quick transactions, low fees, and reliable service, CannaPay even hires an armored car to bring cash to a bank! Now that is what we call service!