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Kratom Commerce Made Easy - Leading Payment Processors for Your Business |
Processing payments is something that you need to do if you are in the business of selling kratom, regardless of whether you sell your products to customers in a traditional store or offer them for sale online.
For a variety of reasons, it can be difficult for kratom retailers to locate merchant service providers who are willing to collaborate with them. This is the problem.
To your good fortune, we have already completed a portion of the necessary research for you.
Finding businesses that are willing to collaborate with you is not impossible. In this article, we will discuss our top choices for kratom payment processing, as well as how to locate the most suitable businesses to fulfill your requirements.
Easy Pay Direct stands out as a leading payment processor for kratom vendors due to its robust platform and exceptional customer service.
Their system is designed to handle high-risk transactions, ensuring that businesses dealing with kratom can process payments smoothly and efficiently.
Easy Pay Direct offers a range of features including seamless integration with existing e-commerce platforms, advanced fraud protection, and reliable chargeback management.
Their transparent pricing and absence of long-term contracts make them an attractive option for many businesses.
- Specialized in high-risk merchant accounts
- Excellent customer service and support
- Advanced fraud and chargeback protection
- No long-term contracts
- May have higher fees compared to low-risk processors
- Approval process can be stringent for some businesses
2. PaymentCloud
PaymentCloud is another top choice for kratom payment processing, known for its high approval rates and flexibility in working with high-risk industries.
They offer a comprehensive suite of services including e-commerce integration, mobile payment options, and dedicated account managers to ensure smooth operations.
PaymentCloud is particularly praised for its ability to secure merchant accounts for businesses that have been turned down elsewhere.
Their competitive rates and commitment to customer satisfaction make them a preferred choice among kratom vendors.
- High approval rates for high-risk merchants
- Competitive rates and flexible terms
- Dedicated account managers
- Wide range of payment processing options
- Initial setup can take some time
- Some users report occasional technical issues
Cornerstone Merchant Services brings over two decades of experience in the payment processing industry, making them a reliable partner for kratom businesses.
They offer customized solutions tailored to the unique needs of high-risk merchants, including robust security measures and comprehensive chargeback protection.
Cornerstone is known for its transparent pricing and commitment to helping businesses grow through effective payment solutions.
Their user-friendly platform and excellent support make managing transactions straightforward and stress-free.
- Over 20 years of industry experience
- Customized high-risk merchant solutions
- Transparent pricing
- Strong security and chargeback protection
- May not be the cheapest option available
- Limited international processing options
Each of these companies brings unique strengths to the table, making them top choices for kratom payment processing.
Whether you prioritize high approval rates, comprehensive support, or robust security features, there’s an option that can meet your business needs.
Kratom is a tree indigenous to Southeast Asia, known scientifically as Mitragyna speciosa.
While it's not illegal, it has psychotropic effects similar to opioids. People use kratom for various reasons, including pain relief, anxiety, depression, and alcohol withdrawal management.
You can find kratom in stores, often at convenience stores, gas stations, headshops, and other retail locations, as well as online.
Customers purchasing kratom typically prefer using credit or debit cards, though some might opt for eChecks or mobile wallet apps like Apple Pay or Google Pay.
To facilitate these transactions, kratom businesses need merchant services.
A merchant account is a specialized bank account acting as a holding tank for money from sales.
When a customer pays with a credit card in-store or online, the funds are transferred from their card to your merchant account upon transaction approval.
After deducting transaction fees and other charges, the remaining funds are transferred to your business bank account.
This process is essential for businesses to avoid cash-only transactions or unreliable payment aggregators.
Payment processors ensure that money from sales moves smoothly through the financial pipeline, ensuring that credit card fees are paid and deposits reach your business bank account promptly.
Kratom businesses have several options for accepting credit card payments, depending on the business type (brick-and-mortar or online) and personal preferences.
Brick-and-mortar businesses often use POS systems and credit card terminals for payment processing.
These systems facilitate the transfer of funds once a payment card is swiped and authorized. Various POS systems and terminals offer features to enhance business efficiency.
Some kratom retailers may prefer virtual terminals over traditional POS systems. Virtual terminals allow payments to be processed via a computer or tablet with internet access.
By logging into a specific website provided by the payment processor, retailers can enter customer payment information. This option is also useful for phone orders.
Online kratom businesses require payment gateways to process customer payments seamlessly.
A payment gateway integrates with your website's shopping cart, allowing customers to add items to their cart and complete the checkout process quickly.
Payment gateways can be branded to match your business, adding authenticity to your online store.
For businesses operating outside a physical storefront, mobile card readers offer a portable solution for accepting payments.
These readers function like mini-POS systems, providing similar functionalities. Additionally, payment processing apps can facilitate mobile payments.
Many kratom merchants consider using payment aggregators (or Payment Services Providers, PSPs) like Stripe, PayPal, and Square due to their perks:
- Instant account approval
- Immediate payment processing
- Quick fund transfers to your bank account
However, these aggregators often avoid working with kratom retailers due to the high-risk nature of the business.
Some business owners hide their product types to avoid issues, but if discovered, it could lead to frozen funds or account closures, risking months of inaccessible money.
This makes traditional merchant services a safer choice for kratom businesses.
Finding a reliable merchant services provider to handle your payment processing is crucial. Here’s what you should consider before making your choice.
Kratom retail businesses are considered high risk, even though kratom is legal.
Its legality is somewhat ambiguous, with some states like Rhode Island and Indiana banning its sales entirely.
Additionally, these businesses face a higher risk of excessive chargebacks, which occur when customers dispute credit card transactions.
Due to these factors, you need a high-risk payment processing company to manage payments effectively.
When you sign up for kratom credit card processing services, you'll need to sign a contract. The right company's contract terms should be straightforward and easy to understand, but this isn't always the case.
Carefully review the contract, ask about any unclear fees, and check for additional fees that might not be explicitly stated.
As a high-risk business, you might have to agree to a three-year term initially, which could be renegotiated later based on your ongoing relationship with the processor.
Merchant account providers have various fees and costs associated with their services, including:
- Monthly fees
- Annual fees
- PCI compliance fees
- Statement fees
- Payment gateway fees
Additionally, you’ll incur transaction fees for each sale, structured in different ways:
- Flat-rate pricing: You pay a fixed transaction fee for each sale, which simplifies accounting but can be costly for high-volume businesses.
- Tiered pricing: Transactions are categorized as qualified, mid-qualified, or non-qualified, with most kratom sales falling into the highest fee category.
- Interchange-plus pricing: This transparent pricing model includes interchange rates set by credit card companies plus a fee from the processor.
When selecting merchant services for your kratom business, being well-informed is essential. Here are some tips to guide you:
After submitting your application for merchant services, you’ll undergo an underwriting process. The underwriter will evaluate your business and risk level, requiring documentation such as:
- Business license
- Business plan
- Bank statements (business and personal)
- Payment processing history, if available
- Voided check
- Government-issued ID
The underwriting process can take a few days to a few weeks but is expedited by providing comprehensive documentation upfront.
Choosing a kratom payment processor isn’t as simple as a quick Google search. Many companies serve businesses like yours, but not all offer the best value.
Take the time to read reviews from other business owners to gain insights into their experiences with different providers.
Avoid any merchant account provider promising instant approval, as this is often unrealistic.
Instead, look for companies offering fast approval, ensuring you can start quickly with reliable service.
Since credit card payments for kratom can be declined due to legality and safety concerns, offering alternative payment methods is crucial.
Consider mobile wallet payments, electronic checks, or even cryptocurrency. These options provide convenience and cater to the growing number of consumers moving away from traditional card payments.
For brick-and-mortar stores needing hardware, steer clear of long-term equipment leases, which can become very costly.
Purchasing POS systems or integrating with existing equipment is more cost-effective.
If you’re dissatisfied with your processor's services, it’s important to know the implications of terminating your contract early.
Some high-risk processors impose hefty early termination fees, ranging from $500 to $1,000. This information is often buried in the contract, so be sure to ask about it before committing.
Finding a reliable and efficient payment processor is crucial for your kratom business.
We've highlighted the top contenders to streamline your transactions and keep your operations running smoothly.
- Easy Pay Direct stands out for its robust platform and excellent customer support, making it a favorite for many kratom vendors.
- PaymentCloud offers versatile solutions tailored to high-risk industries, ensuring your business stays compliant and secure.
- Cornerstone Merchant Services combines personalized service with competitive rates, making it a solid choice for any kratom merchant.
Choose the one that best fits your needs, and watch your kratom business thrive!