Kratom (Mitragyna Speciosa) is a type of tropical tree that belongs to the coffee family and is native of south-east Asia. This plant has many purposes and has been utilized in Thailand as part of traditional medicine for countless centuries.
The FDA might not view kratom as an authorized type of medicine, but you cannot ignore the list of uses of that this plant is good for. For example, countless people rely on kratom as a way to manage their chronic pain as it acts almost like an opioid while other people have experienced kratom to be handy to help with the withdrawal effects of opioid addiction. People in Thailand usually chew it in its raw-leaf form almost like Columbian workers chew a coca leaf. On top of that, kratom is also used as some type of herbal remedy to help with insomnia and anxiety and can even help in certain cases with premature ejaculation!
Though, just like with other countless strong herbal remedies, there are a few side effects that are not too serious such as itching, vomiting, flushing, nausea and constipation. It is important that only well-informed adults will use kratom. As the nausea can be rather unpleasant, it should not once be used irresponsibly. So, treat it with respect and refrain from taking too much kratom.
Now just like with countless other supplements in the United States of America, kratom is regrettably already linked with fake or herbal-blended treatments that can be extremely hazardous. As the Internet has grown so much, the members of the public have been given a way to access this wonderful plant that boasts so many functions. Though, there is a concern that too much exposure will lead to prohibition.
One of the most difficult fields for processing payments has to be kratom, for sure, because the majority of countries are not willing to get involved. As a result, merchants are facing a big challenge with finding a way to collect payments. The local US solutions are not very comprehensive if even available. On top of that, often these solutions come at an expensive fee and are not very reputable. If there were to be a MasterCard or Visa audit, these local accounts will get closed at that very instant without any notice. In certain situations, your company can even be placed on the Terminated Merchant File by MasterCard or Visa. In the unlikely event that this should happen, you will not be able to complete any processing for your company at all for a few years.
As a result, card associations have started to prohibit any merchant service provider from doing business with companies that sell kratom. Currently the majority of banks and processors will not allow companies that have successfully and safely made kratom available for research purposes to continue to make it available.
Consequently, countless owners of businesses are finding themselves in a rather difficult situation as they must now possibly close their business completely. To make matters worse, there has also been an increase in dishonest people who are now taking advantage of these companies and are contacting them claiming that they can in fact help them with processing credit cards. Kratom has been used by adults in a respectful way for more than a thousand years, but regrettably the field has taken a wrong turn.
Stripe, PayPal and Kratom
It is not a good plan to process credit cards with the help of PayPal or Stripe. Why? Well, if you perhaps use a fake website to get approval for your account and then begin processing, it will be uncovered. As a matter of fact, PayPal is truly strict when it comes to selling kratom and will most of the time close any account that sells kratom permanently which means that your funds will get locked in for about six months (that is 180 days). Although Stripe might not currently be as harsh as PayPal (they generally do not lock any money away), they have recently become harsher and could possibly follow PayPal’s route.
Though, do not despair… If you do sell kratom and have found it difficult to get a merchant account, there is help available. It is still legal in the majority of American states and there are a few companies that are willing to help you with processing credit cards as well as eCheck transactions.
Allied Payments has been offering high risk payment solutions since 2005 and is able to setup your Kratom business with a Kratom merchant account and echeck processing.
Kratom eCheck Accounts
eCheck processing has become a great method for accepting payments for kratom and is not regulated by Visa and MasterCard so the longevity of your account will be lengthened significantly. We integrate with; WooCommerce, Shopify, BigCommerce, Ecwid, LimeLight, Magento, Opencart and Prestashop to name a few.
Many credit card processors will offer kratom credit card processing services however; kratom is a prohibited product by the card brands (Visa, MasterCard, American Express and Discover). This is mainly due to the fact that in 2017 the DEA listed kratom as a "Drug of Concern." Kratom merchants being approved and setup to accept card payments should exercise caution since their account is able to be closed at any time. Card processors "miscode" kratom merchants in order to setup the merchant account but this opens the processor and the merchant up to considerable risk once it is discovered by the bank and/or card brands.
Low Volume Kratom Merchants
In most cases, startups or companies that have a low processing volume will not be helped by high risk merchant credit card processing companies. Any startup that sells kratom is regarded as posing more risk. However, a company like Allied Payments addresses this issue.
So, if you run a business that sells kratom and you are fed up with completing applications to open a merchant account, you can turn to Allied Payments. Their team can offer you many excellent answers. They work with a wonderful bank and will be able to offer you some of the most affordable rates. Apart from their low rates, they also boast integrations with several popular shopping carts, a round-the-clock fraud department to limit chargeback problems, first-class support and an impressive backend where you can view all of your transactions. With the help of the Allied Payments team, you can get approval and be paid promptly.