Kratom credit card Processing

Kratom is a natural supplement derived from the leaves of the Mitragyna Speciosa, an evergreen tree in Southeast Asia. The herb has been in use for centuries as an alternative to opium.

As a result, people are using it in the United States as an herbal alternative to pharmaceutical opioid addiction drugs and to counter panic attacks.

Additionally, Kratom is marketed as a mood-enhancing supplement. In small doses, it increases energy and provides an improved mood. In larger doses, it can have the opposite effect and can be used as a painkiller and sedative.

The FDA has not cleared Kratom, however, Kratom is not illegal.

This leaves distributors in the tough middle ground of high risk merchants. This allows merchants to market Kratom but makes it challenging to accept credit card payments for their products.

Despite these obstacles, Kratom sales have continued to increase each year, and sales are projected to top $22 billion by 2025.

WHAT ARE KRATOM BUSINESSES?

At the moment, most Kratom businesses are still online vendors. However, Kratom is an herbal supplement that can be sold by any supplement business.

Until recently, most merchants that sold Kratom were considered untouchable by credit card processors. As a result, businesses that did sell either hid their sales under false sales reports or conducted their business through offshore accounts.

This necessity has since passed, and nutraceutical merchants can legally sell their products in the United States, albeit as high-risk merchants.

With a growing number of merchants now selling Kratom, there is likewise a rise in the number of legitimate distributors. This legitimate growth will most likely lead to an increase in the quality of the product as large-scale production and distribution companies put their weight behind the product.

WHY ARE THEY CONSIDERED HIGH RISK?

Kratom merchants are considered high risk because the supplement is not FDA-approved. This is considered a black mark and makes the future of the supplement uncertain.

Credit card processors try to avoid any product which leads to high levels of chargebacks and has the potential to see a shift in legality without warning.

The high chargeback rate is a result of the historic necessity for Kratom merchants to operate in an online setting. This resulted in the majority of transactions being of the card not present (CNP) variety.

WHY DO YOU NEED A RELIABLE KRATOM MERCHANT SERVICE?

In the past couple of years, nutraceutical businesses have stepped into a more reputable position. No longer are Kratom merchants relegated to the confines of online retail. As production and distribution have increased in quality and capacity, brick-and-mortar stores are finally able to sell the product.

To keep up with this, merchants are no longer required to conduct their transactions through offshore accounts.

The shift from offshore accounts to high risk accounts is a step in the right direction.

Having a reliable merchant account can ensure your business is not interrupted. A traditional merchant account helps make business more convenient for the merchant and the consumer.

In this business shift, it is important to make sure you choose a reputable merchant account provider to help protect you and your business.

The right merchant service can not only protect you but also allows you to focus your energies on the important matter of growing your business.

GET APPROVED FOR YOUR KRATOM PAYMENT PROCESSING

Creditly offers peace of mind when choosing the right merchant account provider. We have made a name for ourselves, working with high-risk businesses and providing top-end services.

That experience allows us to tailor our offerings to specific industries and help provide real solutions to the problems that often arise.

For high-risk merchants, our first order of business is to connect you with the right merchant account provider. We have years of industry connections and experience to place each business with the provider to best suit their needs.

By utilizing the correct providers, we can guarantee a lower chance of holds, freezes, and shutdowns. This ensures a stable business and allows for merchant growth.

Creditly also offers a single point of attack for your search. Instead of each business sending out multiple applications in the hopes of finding the right provider, we take your application and pair you with the right provider the first time.

What is a merchant account?

A merchant account is a specific type of bank account that allows merchants to accept payments. Typically, a merchant account is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. To get a merchant account, one must submit an application with a merchant account provider.

These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments.

There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. If the merchant account is used for card not present (CNP) or ecommerce transactions then it must be integrated with an online payment gateway. Otherwise, a physical terminal is required to capture payment information.

Who does Creditly Work With?

Creditly works with all kinds of merchants, including, what the banks call, “high risk” merchants. These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud.

The most common reason for this is card not present transactions which presents a higher risk of fraud. These merchants can have a particularly hard time finding a high risk merchant account because a lot of payment processors refuse to participate in high risk processing. Even if these merchants find a “high risk payment processor” they can still frequently deal with holds or freezes on their money and shut down merchant accounts.

This is where Creditly saves the day by finding them a high risk merchant account provider that wants to work with their business and providing them with all the resources to meet their high risk credit card processing needs.

What does Creditly provide?

Creditly provides merchant accounts specifically tailored to a merchant’s industry. We do this by leveraging our banking relationships to apply for merchant accounts on your behalf.

However, we do not just apply for any merchant account, we use providers who want to work with your business model and underwrite their merchants. This is important because it lays out all the cards on the table and ensures that a provider gets to know who you are and your business model before working with you. That way they know what to expect moving forward.

This strategy guarantees that we find a merchant account provider that wants to work with you, making the likelihood of holds, freezes, and shut downs, much less and providing stable credit card processing.

Another benefit to this are you get to avoid the nightmare that applying for merchant accounts can be. Not only do most merchant account providers do very little underwriting, but it can take many applications before you find a merchant account that is good for you.

Each application that you send out hurts your chances of getting approved for the next because multiple applications make you look desperate to a provider which they perceive as high risk.

After your merchant account is set up…

After we get you set up with your first merchant account, we recommend getting you an additional merchant account if you have over $250,000 in sales volume a year. This is to ensure stable payment processing.

Even though Creditly takes all the precautions to prevent you from experiencing a hold, freeze, or shutdown, we can never know how banks might act in the future. If they hire someone new or implement a new algorithm, your account could have action taken against it. In the event of this, if you have a second merchant account that is already up, and running and processing payments, you can pivot your revenue stream to this account and avoid holds, freezes, and shutdowns altogether.

Now all of this may seem complicated and a lot of work, and it would be if you were doing this on your own. However, if you are working with Creditly, we manage all of this for you making your role in all of this very easy. We even assign you your very own Certified Payment Specialist (CPS), who will monitor your merchant accounts for you, giving you one point of contact for all of your merchant processing needs.

How to get a merchant account:

The first step on your path to a new merchant account is starting the Creditly application or if you would rather chat with someone to find out more, call us at (877)307-7711*. We can get you set up in as little as 2 DAYS!

*Hint: This is easier cause we can fill out your application for you!

Choose the right Merchant Account for your business:

• • High-Risk Merchant Account
  • CBD Merchant Account
  • Enterprise Merchant Account
  • Retail Credit Card Processing
  • Mobile Credit Card Processing
  • Online Gateway
    
    

The Creditly experience:

At Creditly your journey will begin with your application which we use to collect information about you and your business to match you with the right merchant account provider. From there you will be connected with your very own New Client Specialist (NCS) who will help you complete this application and will be your contact to answer all of your questions.

Once we have the necessary information and have assessed your business model, you will be classified as a Gold, Platinum, or Diamond merchant based on your unique payment processing needs.

After this, you will be introduced to your Certified Payment Specialist (CPS), who will be your one point of contact for all of your payment processing needs. This ensures that when you call, you are talking to someone you know and who knows you and your business. They will apply for merchant accounts on your behalf and help you set up your new merchant accounts and your online payment gateway.

After that, you will be ready to start accepting payments. Your CPS will monitor your accounts and keep in contact whenever you want to chat or if they need to alert you of something that requires your attention on top of annual merchant account reviews.