Thursday, June 2nd, 2022
Kratom merchant account comes with more than one benefit. The high-risk nature of this type of merchant account makes it challenging to get approved for kratom payment processing. However, with a reputable payments comparison specialist, you can enjoy fast and simple access to a merchant account for your kratom business.
Kratom Business Is High Risk
Kratom herbal extract is made from the leaves of an evergreen tree called Mitragyna species grown in Southeast Asia. Kratom features opioid properties and some stimulant-like effects. Though it’s not the same as Marijuana and CBD, similar psychoactive properties made the kratom businesses at high risk.
Kratom leaves are commonly chewed. They’re usually used as a tea, in the form of capsules or pills, or in liquids. Kratom isn’t smoked often. So, as a rule, people use it to manage chronic pain, treat opioid withdrawal symptoms, or for recreational purposes.
In 2019, the U.S. Food and Drug Administration (FDA) stated that they lacked evidence that kratom was safe or effective for treating health conditions. Many traditional banks and payment processors shy away from kratom businesses.
In addition, the field is highly regulated. That’s the reason why kratom merchants have a difficult time getting approved for merchant processing services.
Kratom Merchant Account from BestPaymentProviders.com
Kratom businesses fall under the strict regulations from the federal government and deal with higher than average chargeback ratios as compared to other businesses. Thus, it’s critical to work with a reputable payment expert like BestPaymentProviders.com that can help you open a reliable and cheap kratom merchant account without challenges.
Best Payment Providers U.S. is focused on terms, integration, and complaints to ensure you’re getting the most unbiased review of processors at the time of writing.
Now, let’s go through the advantages of kratom merchant accounts.
- Enlarged customer base and sales growth
- Cooperation both with retail and eCommerce
- Fraud prevention and chargeback mitigation solutions
- Improved business security
- Advanced payment processing services
- Ability to accept multiple payment types
Kratom Payment Processing
Kratom merchant accounts are high risk. With a true payment expert, you can enjoy multiple benefits of kratom credit card processing and face minimal chargeback fees.