Kratom might be a debatable issue for many. But for some merchants, the challenge is of a different level. Especially they find it challenging to find the best merchant accounts for Kratom that are safe and fast.
Kratom: A High-Risk Sector
Before we discuss the best merchant accounts for Kratom let us first understand what are the issues related to Kratom.
The Kratom debate is at a turning point: Kratom is a drug that has medicinal benefits, much like CBD and medical marijuana, but many people view it as an addictive narcotic. Kratom is a plant that is grown in places like Thailand and Malaysia.
It is said to influence the opiate receptors in the brain, providing sedation, euphoria, and pain relief. Kratom is reputed to serve as a stimulant at low doses. But at very high concentrations, it has sedative properties. Many individuals praise the health advantages that this natural drug offers, even though Kratom has generated a considerable amount of controversy.
Despite some of the beneficial effects of Kratom use, some medical professionals and the FDA have cast doubt on the plant by asserting that it may have addictive characteristics and result in harmful side effects. Because of this, their enterprise is regarded as high risk.
This herbal remedy derived from an evergreen tree in Southeast Asia may be helpful for people dealing with withdrawal symptoms from addiction or experiencing panic attacks. For generations, traditional Asian medicine has employed Kratom. Users laud its abilities to increase energy and improve mood.
The FDA has not authorized the use of Kratom in any way due to potential negative consequences.
Kratom Product Types
Like any consumable product, Kratom is available in a variety of forms. And therefore it becomes more important to find the best merchant accounts for Kratom for your business.
There are many different types of Kratom goods available on the market, from powders to stems, and a Kratom merchant account may cover them all.
Marketing Charges on Kratom
Due to this debate, Kratom sellers may have trouble obtaining merchant accounts because they are considered high-risk customers. Those that sell Kratom are aware of the controversy surrounding it. Questions for reasonable, trustworthy Kratom merchant accounts may be the most frequent ones we get among all the enquiries we get each day.
Despite being prohibited in numerous places, Kratom is not an illegal substance; therefore, standard merchant account providers will not allow credit card processing for Kratom businesses.
Online stores sell Kratom almost exclusively in the United States. Payment card companies have banned Kratom. Some Kratom businesses have relied on their merchant accounts’ miscoding to secure credit card processing. This is extremely hazardous since if it is discovered, the account may be immediately closed and added to the Terminated Merchant File.
Entrepreneurs in the Kratom industry were previously required to open offshore accounts only to accept payments. Due to the availability of high-risk Kratom credit card processing options, that is no longer necessary. E-checks are the most popular payment option for both local and internet Kratom businesses.
Kratom Merchant Accounts
No matter how well-liked a developing product like Kratom may be, rules and procedures must be followed to keep it safe for customers. This is acknowledged by acquiring banks and payment processors, who follow the regulations and set criteria. Therefore it becomes more important to choose one of the best merchant accounts for Kratom to ensure safety and fewer troubles.
To sell Kratom items online or in person, businesses must use high-risk payment processing solutions. Fortunately, there are many payment options available. Due to the high-risk status currently attached to Kratom goods, the possibilities for accepting payments are constrained.
For domestic banks that are willing to handle Kratom credit card processing transactions, it is challenging to accept Kratom merchants. Making matters more challenging, e-commerce Kratom payment processors are typically not ready to share their solutions with other Kratom suppliers because doing so would mean losing their unique competitive edge. Kratom use is rising despite the controversy and the efforts of several nations to criminalize it.
Kratom will continue to gain popularity because many users believe it may treat conditions like chronic pain, opioid withdrawal, and mood disorders. About 3-5 million people use Kratom in the US, according to the American Kratom Association (AKA). The Kratom market is thought to be valued at over $1 billion in the United States alone in 2016.
Some companies offer merchant services prepared to close this gap, giving Kratom retailers a chance to accept payments and expand their operations. See how each of these merchant service providers fits into your Kratom business by looking at the top ten of them.
We’ve put together the following list of the top Kratom merchant account providers to make Kratom merchant services available to everyone and assist you in finding a payment method for your Kratom business. The companies on this list have a track record of success in the high-risk market, particularly in the e-commerce and nutraceutical industries.
Additionally, they have a low complaint rate and offer their merchants live customer service. Due to the enhanced risk linked with their industry, most sellers of Kratom should generally be ready for higher-than-average transaction rates, and they may also experience rolling reserves or sporadic fund holds.
Please keep in mind that the Kratom processing industry is currently dynamic and subject to rapid, unannounced changes to banks’ acceptance standards. At the time of writing, the credit card processors on this list were known to approve Kratom merchant accounts, but this is subject to change every day without prior notice to us.
Here are a few of the best options for Kratom businesses if you’re searching for a payment processor that won’t cause you any headaches:
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Payment Cloud – One of the best merchant accounts for Kratom
Our number one suggested credit card processor for Kratom businesses is PaymentCloud. The supplier can now offer Kratom merchant accounts, hemp merchant accounts, and even CBD merchant accounts.
This company specializes in difficult-to-approve business kinds. One of the top-rated merchant service providers in the credit card processing sector is PaymentCloud. With a strong customer support system and negligible disputes so far it has become of of the best merchant accounts for Kratom.
Payment Cloud is the company that receives the fewest complaints from previous clients out there. This payment processor, which is based in Woodland Hills, California, primarily serves high-risk merchants but also works with low-risk companies. This equips them with the know-how and expertise needed to execute transactions for difficult-to-find merchants safely and correctly.
A variety of services are available through Payment Cloud for both card-present and card-not-present transactions. They, therefore, provide a variety of solutions that can meet your needs if you own a Kratom store that has both an eCommerce storefront and a brick-and-mortar location.
They provide virtual terminals, shopping cart integration, payment gateway solutions, and eCheck processing for online transactions. The fact that new users might receive a dedicated account representative makes the services provided by Payment Cloud particularly intriguing.
This entails that you receive what amounts to a direct line to Payment Cloud, giving you rapid assistance and customer support when you may need it most. And thus
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eMerchant Broker
The second best merchant accounts for Kratom that our experts suggest is the Merchant Broker. The Los Angeles, California-based business eMerchantBroker.com provides high-risk e-commerce processing options, such as Kratom merchant accounts. ACH processing, an online payment gateway, merchant cash advances, and a chargeback management system are among the company’s offerings that assist merchants in resolving and disputing chargeback claims.
For online medical suppliers who do not supply unlawful services, do not use continuity-based billing, are not situated in India, maintain significant processing volumes, and are duly licensed, eMerchantBroker.com can offer an offshore merchant account.
Although eMerchant Broker’s solutions could be a little more expensive than those of other suppliers, they guarantee seamless functionality for both online and offline enterprises. However, keep in mind that eMerchant Broker doesn’t provide many hardware possibilities because they continue to concentrate mostly on eCommerce solutions.
Nevertheless, they provide outstanding solutions that take care of all the necessities of the transaction’s tail end, covering all the fundamentals for start-ups. In addition to high-risk merchant accounts, eMerchant Broker also provides integration partnerships, chargeback protection, eCheck processing, company funding, foreign merchant support, and crypto-currency payments.
But keep in mind that they only offer tiered pricing, so you won’t discover any internet estimates of their costs. It might be preferable to get in touch with them to have a better idea of how much you should plan to pay.
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Host Merchant Services
Host Merchant Services, a Newark, Delaware-based company established in 2008, offers high-risk merchants, such as Kratom firms, customized payment processing solutions. On public forums, Host Merchant Services has solely gotten positive reviews, with the majority of commenters praising the firm’s customer service.
All of its merchants can take advantage of Host’s interchange-plus pricing without having to pay early termination penalties, giving customers access to the most open pricing structure and free service cancellation. And because of this reason this company always appears in the list of top 10 best merchant accounts for Kratom.
With ease, Host Merchant Services competes with household names like Payment Cloud and Easy Pay Direct. They are highly effective at offering customer service, so you can easily find a solution to the majority of your processing-related problems. Despite having a small clientele (only 6,000 firms),
Host Merchant Services manages to compete against stiff opposition thanks to its extensive offering of services. They offer
- the guaranteed lowest rate,
- free mobile options,
- affordable point of sale,
- free equipment for qualified accounts,
- transparent statements,
- online marketing tools,
- multiple payment gateways (Transaction Express and Authorize.NET),
- virtual terminals, online shopping carts,
- PCI compliance, merchant cash advances,
- EMV credit card machines (including conventional, mobile/wireless,
- PIN Debit PIN Pads),
- point of sales systems,
- gift and loyalty programs,
- and a variety of other features.
Furthermore, Host Merchant Services keeps their payment processing alternatives affordable for the majority of customers even though they might provide top-notch solutions. So if you find the other top on this list of best merchant accounts due to high cost then you can choose Host merchant services.
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American Merchant Broker
These individuals are very new to the industry and are based in Phoenix, Arizona. Even so, they have built up a sizable clientele with their services, which are mostly geared toward helping high-risk merchants. One of their largest markets is the Kratom industry, which they serve with very specialized solutions that emphasize chargeback and fraud prevention.
Their risk management function gives businesses the resources they need to lower fraud, prevent chargeback issues, and shield their merchant accounts from possible closure. They also offer hardware features like POS terminals and other in-store solutions for brick-and-mortar stores that are intended to simplify payments and give customers more options.
Their prices are listed on their website to offer customers a clearer idea of what they can anticipate spending if they choose to work with American Merchant Broker. They charge $0.55 to $0.6 in transaction costs, provide a rate of 14%, and demand a 10% 6-month rolling reserve. Although these rates aren’t the cheapest available, they don’t include early termination fees, which may benefit you in the long run.
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Web Merchant
Web Merchant was established in 1997 and has offices in Kingston in Hull, UK. It is a platinum accredited partner with significant banks in the UK, Europe, and the rest of the world. Strong risk management capabilities, a complete reporting interface, and customized payment options are some of their advantages. Numerous payment options, sophisticated anti-fraud systems, PCI DSS specialization, transaction optimization, round-the-clock support, thorough anti-fraud solutions, various acquirers in one solution, and payment solutions tailored to your needs.
Since Web Merchant collaborates with so many banks and acquirers, it is practically impossible to predict what products, charges, and services will be available at the outset. It is essential to be aware of this information to avoid being struck with unforeseen costs from the acquiring bank.
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Allied Payments
Allied Payments, a company with offices in North Palm Beach, Florida, specializes in offering high-risk processing services to online retailers. A check conversion processing solution they offer, an e-Check solution, has the following advantages: low costs, account stability (transaction disputes are 2% to 3%), increased protection from chargebacks, a fraud protection system linked to their fraud scrubbing platform, check verification, check guarantee, and check to draft. Furthermore, there are no volume restrictions. The approval process and setup take place over 1-3 days. We’ll have your deposits within 48 hours. They provide payment gateway integration for platforms including WooCommerce, Shopify, BigCommerce, Ecwid, Limelight, Magento, Opencart, and Prestashop.
This business solely provides contact options by phone, mail, and contact forms. For urgent situations and questions, it would be great to have a live chat tool that merchants may use.
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Payline
Payline, a 2009 startup with headquarters in Chicago, Illinois, provides its merchants with the following advantages: use of a virtual terminal, no cancellation or termination fees, monies deposited the next day, direct Quickbooks integration, and a chargeback protection platform. Their high-risk experts will quickly and painlessly build a customized solution for you as part of the application procedure. They also provide a specialized support team to help high-risk merchants understand the various solutions open to them.
Invoicing, a hosted payment page, billing plans and scheduled payments, shopping cart integrations, ACH payments, mobile apps, securely storing customer data, in-depth reporting, emailed receipts, void and refund capabilities, free PCI compliance, and unlimited users are just a few of the many features available through their virtual terminal.
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Durango Merchant Services
Durango Merchant Services, established in 2004 and based in Durango, Colorado, collaborates with numerous gateway processors and suppliers who have sponsor banking ties to provide credit processing solutions for both US-based and foreign businesses.
Variable contract lengths (month-to-month), free application processing, direct financing with regular deposits (daily or weekly, depending on whether onshore or offshore), recurring billing, competitive rates, acceptance of multiple currencies and deposits, compatibility with leading gateways and shopping carts, integration support for more than 100 shopping carts, chargeback prevention tools and advice, processing of eChecks, and Gateway Inc. are all features of the contract.
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Green Pay
Green Pay Merchant Services, with its main office in Princeton, New Jersey, specializes in offering Kratom merchants specialized payment processing solutions.
A state-of-the-art gateway that is safe and PCI compliant, major debit and credit card acceptance, a secure virtual terminal, the processing of ACH and electronic checks, great rates, free integrations, same-day funding, round-the-clock customer service and tech support, chargeback insurance, and minimum and rolling reserves are just a few of the advantages provided to Kratom merchants. Based on the kind of business, rates are decided.
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iPay Total
iPay Total is a head shop payment processor with its main offices in London. It was founded in 2018 and provides end-to-end high-risk merchant solutions to Kratom merchants all over the world.
The following features are available with Kratom merchant accounts: multi-bank processing (including offshore), secure payment gateway, chargeback alerts, chargeback disputes, ACH/Check 21 processing, fraud protection and prevention, competitive processing rates (below 6%), and round-the-clock online and telephone support.
Additional Option: Instabill
Instabill, based in Portsmouth, New Hampshire, was established in 2001 by CEO Jason Field to assist high-risk merchants, such as Kratom enterprises, with secure credit card payment solutions. According to the website for Instabill, companies that have been accepting Kratom payments for three to six months may apply for offshore Kratom merchant accounts.
Easy person-to-person transfers, the lack of debit/credit card or PIN use, a handy storage solution on your PC or smartphone, and traceable transactions to prevent fraud are just a few advantages for online casino merchants.
The conclusion:
Although the Kratom market may be high risk, there are service providers who can meet your needs for payment processing. Our list of top 10 best merchant accounts for Kratom might have been helpful to you in this regard. There is some significant difference between each supplier. But, each of them has its own pros and cons. So elect wisely.
