Over the past couple of years, everything has moved online. If they didn’t have an online shop already, the circumstances around the pandemic pushed business owners to take their products and services to the digital world. However, as the demand for delivery grows, kratom retailers are finding it increasingly difficult to process payments online.
If you own a kratom business or are new to the industry, the following information will give you all the information you need about what a kratom merchant goes through today to secure online payment processing services – and how you can simplify this process.
What is Kratom?
A native to Southeast Asia, kratom is derived from the leaves of the kratom tree. Traditionally, medicinal practitioners would grind these leaves into a powder that was brewed in a tea. It is also used as an extract, chewed and smoked. A mild substitute for opium for pain relief, it has been advertised as a supplement that can boost energy, relieve pain, reduce panic attacks, enhance mood and assist with opioid addiction treatment.
The Truth About Kratom Online
There are many questions surrounding the kratom market. It’s legality, use and distribution, to name a few. But one thing is for certain: the merchants who deal with kratom are considered “high risk” by banks and credit card processors. This has made it incredibly difficult, in many cases impossible, to secure credit card processing services. When rejected for this merchant service, businesses are unable to accept and process debit and credit cards.
What Should Kratom Merchants Do Next?
A high risk label can be hard to operate with. Many feel that this categorization is a little unfair, even though there are limited regulations in this industry that make financial institutions nervous. Even so, it does make it tremendously difficult to operate smoothly with the resources you need to be competitive. In this situation, more kratom merchants are turning to high risk merchant accounts from processors that specialize in helping their industry.
A kratom merchant account can help you grow online sales through access to industry-leading credit card processing. The key is to do your research and compare the prices, features and support of the best kratom providers on the market today. Make sure you choose a processor that understands your unique needs and the challenges you face.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of kratom merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.