Kratom is a substance that has so many medical benefits and Kratom is somehow similar to CBD and medical marijuana but still, so many people are there who see Kratom as an addictive narcotic. With low doses of Kratom it raises levels of physiological activity in the body on the other hand if we take high doses, it shows its calming or sleep-inducing effect. No domestic banks offer merchant solution for Kratom but iPaytotal is here to provide you several solutions for Kratom merchant account. If you are in a business of kratom then it is very useful for you to know that traditional credit card processing companies never process your online kratom merchant account and never do business with you, but we can do it! Kratom merchants certainly require high risk merchant accounts. Kratom has surging popularity as an alternative treatment for chronic pain, opioid withdrawal, and mood disorders.
Why Kratom Business requires High-Risk Merchant Accounts?
All Kratom merchants certainly require high risk merchant accounts including all online Kratom merchants, the niche known as online herbal botanical shops, are start-accepting credit cards now to accept payment from their customers. Therefore, we iPaytotal is here, merchant account provider ready to accept this type of high risk business. The first circumstances that cause difficulties for Kratom business are that many countries including the USA have strict rules concerning the sale of herbal botanicals to their population and citizens even though it is perfectly legal and not restricted by the FDA, so this stumbling block just adds to the risk to the credit card processor.
Why is Kratom High Risk?
There are several reasons with Kratom business by which credit card processor considered them high-risk, one of which is the controversial nature of the business. Online business for these types of companies is very profitable; they get enormous benefits by doing their business online. So many times offshore merchant account is the very good option for Kratom industries, they use offshore merchant accounts for their business often.
Kratom contains the chemicals mitragynine and 7-hydroxmitragynine, which are psychoactive substance. Conversely Kratom is very effective for the pain reliever
The companies in the business of nutraceutical having high chargeback rates and because of that reason they considered as high-risk industries, there are many reasons for this situation .one reason is that many customers are not aware of what they are opting for when they sign for annually and quarterly bill. Another reason is the dissatisfaction of the customer with the product and demand for the refund.
They set their offshore Merchant accounts for kratom with the foreign banks generally outside the country where their actual business is located. The reasons for having an offshore merchant account are as follows:
1) The first reason is tax
2) The second and obvious reason is the product itself that domestic banks are refusing to underwritten and approving. Still, there is some hope and solutions also.
3) Another reason is doing high monthly volume in a high-risk business. With high monthly volume, so many people with high-risk merchant accounts ignore the risk and do high monthly credit card volume they did so to avoid the issue of high non-swiped volume and choose to operate offshore.
Our high expertise in customer care services helps you to answer all these complicated areas and give you the best solution for your business. Always remember that take advice from an international tax advisor and legal advisor regarding tax and legal issues of the industry. Always talk to your legal advisor and experts for any type of legal help related to your business and for setting up an offshore merchant account.
Although the use of Kratom is legal in 20+ states still Federal Government considered some of it as illegal. For this reason, most banks including major financial institutes and major will not provide any credit card processing facility to Kratom outlets. They afraid that federal government will come down on them with the fine that is why they do not want to take any type of risk. This is the reason, which makes burden s for business owners. Burdens like paying their employees in cash, for paying bills and buying supplies they have to purchase money orders, and of course, other security concerns.
How credit card process for Kratom services?
Steps to understand how credit or debit card transaction works. The first step is the landing of the customer on the merchant’s website and then selecting a Kratom product or service to purchase and after selecting the product the customer adds the product to a shopping cart. After finishing their shopping customer, proceed to fill their credit card billing details. This all credit card information sends to the processor for authorization via a secured payment gateway. Once the transaction received an authorization, the transaction is approved. The merchant then notifies by email that there is an approved transaction ready and waiting for fulfillment. The bank, which issues the credit card to the customer, also gets the information through the processing bank; this is an issuing bank. The issuing bank confirms whether the customer has authority to process the amount and verifies the validity of the card. This entire process takes the approx 3-15 second to complete.
No need to worry because iPaytotal is here to help you. Our customer care support is available 24/7 to give your business the best solution no matters where you are. You will be amazed by the service provided by us.