Kratom Payment Processing
In traditional medicine, people self-medicate with kratom to alleviate pain, depression, and anxiety problems, as well as the withdrawal symptoms associated with prescription opioids. However, the use of kratom as a supplement remains a contentious issue.
Despite the fact that Kratom has several medicinal and recreational advantages, it has earned a reputation as a highly addictive drug. Because of this, there are no typical banks that provide merchant services to kratom-based enterprises. If you sell or offer kratom, you'll need a high-risk merchant account for kratom credit card processing services in order to conduct business.
Merchant Accounts for Kratom
Kratom, scientifically known as mitragyna speciosa, is a tropical evergreen plant that is a member of the coffee family and is native to Southeast Asia. Due to the fact that there is so little research being done on kratom as of 2018, the efficacy and safety of the chemical are still up in the air.
A paucity of study has led to the United States Food and Drug Administration stating that there is no evidence to suggest that kratom is safe or effective for treating any ailment. It is due to this reason that acquiring banks and payment processor’s view kratom as a high-risk product. Consequently, kratom businesses must seek out particular payment solutions for their online credit card processing needs in order to succeed.
Many kratom users, on the other hand, feel it to be beneficial in the treatment of pain, depression, and opiate addiction. Additionally, aphrodisiac effects have been observed in the use of kratom products.
Why Is Kratom Considered A High Risk Industry?
Kratom includes the hallucinogenic compounds mitragynine and 7-hydroxmitragynine, which are found in a variety of plants. This alone leads banks to be hesitant about selling payment processing services to their customers. However, kratom is also considered to be a powerful pain reliever for conditions such as arthritis, restless limb syndrome, and fibromyalgia. It is also considered to be an efficient therapy for diarrhoea and opioid addiction, among other things.
How to Get Kratom Credit Card Processing
First and foremost, you must get a high-risk merchant account for your kratom-based business in order to be able to transmit and receive payments. Obtaining a high-risk merchant account allows you to take use of associated services such as payment processing and payment gateway.
Finding a credit card processing company that accepts kratom is becoming increasingly challenging. Payment processing service providers may be found on the internet if you search for them, however some of them are quite pricey and dubious in their business practises.
Nutraceutical Merchant Account – Connected.co
Connected.co focuses in locating merchant accounts for nutraceutical merchants that are having difficulty finding accounts. It is becoming increasingly difficult to find banking partners that are ready to work with nutraceutical firms, much alone start-ups that have little to no processing experience, since banks' risk appetites and credit rules shift over time. This is where our extensive knowledge and vast network of domestic and international financial contacts come into play to the greatest extent possible. High risk specialists have worked with practically every sort of nutritional supplement, from diet and beauty to muscle mass and fat loss to fitness and vitamin supplements to herbal supplements, as well as anything else in the middle of the road. Additionally, we are quite familiar with all of the industry standard CRMs and payment gateways, so integration will be a snap.
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).