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Kratom Credit Card Processing

The Top Kratom Credit Card Processing Companies

  1. Easy Pay Direct
  2. PaymentCloud
  3. Dharma Merchant Services
  4. eMerchantBroker
  5. Helcim

1. Easy Pay Direct

Kratom merchants are usually already aware that their product is controversial. EPD is ideal for businesses that sell Kratom in-store or online and are vulnerable to fraud or chargebacks. For online and in-person kratom businesses, echecks are the most common payment forms. EPD connects with 38 offshore banks in many different jurisdictions. They will be able to set up a merchant account for your Kratom business very easily.

2. PaymentCloud

PaymentCloud works with high risk merchants all over the world. As a Kratom business, you are already considered to be high risk just because of the products you are selling. They offer state of the art security systems in order to protect you against fraud or chargebacks that could potentially hurt your business. They will provide you with many ways of processing payments online or through a mobile device. PaymentCloud will assist you as a high risk merchant in the application process in order to connect you with the perfect merchant processors for your business and to get you an approved account instantly.

3. Dharma Merchant Services

Dharma does not require you to sign a bunch of contracts and there are no hidden fees when working with them. Due to the fact most Kratom transactions happen online, Dharma offers online transaction processing with the same rates as any other service provided by them. Their low transaction interchange rate gives them this opportunity to keep their rates the same across the board. Dharma's goal is to make your customer's online experience as easy as possible.

4. eMerchantBroker

Due to the tricky nature of Kratom, it can be difficult to find a merchant processor willing to take on your business's needs. EMB will work with your company and its unique needs. Kratom is not FDA approved making the gray area it's in risky for merchant processors to take on. They will give you protection against chargebacks and fraud which become more likely with a high risk business. While approval is not guaranteed, EMB will not discredit your business due to the products you sell.

5. Helcim

Helcim gives you the ability to set up a fully subversive and functioning online store for your business. They make it easier for you to organize inventory online so you know exactly what products you have been selling the best. Helcim makes it super easy for you to process transactions online while also giving you the same great rates as any other mode of transaction processing they have. They will work with any device you choose as well.

Payment processing is required in the kratom business, whether you sell your products in a physical store or online. It can be difficult for kratom retailers to find merchant service providers willing to work with them for a variety of reasons.

The good news is that we've already done some of the groundwork. If you look hard enough, you can find businesses that will work with you. Payments for kratom are processed by a variety of businesses. We'll go over which ones we prefer and how to find the best one for you.

What is Kratom?

Kratom, for example, is the common name for a Southeast Asian tree. Mitragyna speciosa is the scientific name for it. Although not illegal, it has psychotropic, opioid-like effects that make you feel better. It can help with pain, anxiety, depression, and alcohol withdrawal.

Kratom can be purchased in stores and is commonly found in convenience stores, gas stations, head shops, and other places where people shop. It is also available for purchase online.

What are Merchant Services for Kratom Businesses?

While most people who want to buy kratom will do so with a credit or debit card, this is not always the case. Some people prefer to pay with echecks or mobile payment apps like Apple Pay or Google Pay. To accept these payment options, a business must be capable of accepting and processing them.

This is possible if you use merchant services. To sell Kratom, you'll need a merchant account and payment processing capabilities, both of which are included in the "merchant service" package.

The Merchant Account

A bank account known as a "merchant account" is a type of bank account. This account is designed to hold funds from sales in a safe place, such as a tank. Customers will use a credit card to pay for items purchased in your store or online.

When a transaction is completed, funds are transferred from their card (or bank account, if they are using a debit card) to your merchant account.

Transaction fees and any other fees are deducted once funds are received in the merchant account. It is then transferred to your company's bank account. All of this is possible with a merchant account, which is why having one is critical.

The only other option is to require everyone to pay in cash, which is not feasible for an online business. You could also use a payment service, which is not recommended. The explanation is on its way.

Payment Processing for Kratom Retailers

Your payment processor is in charge of transferring funds from your sales through a "pipeline," which is a fancy way of saying what they do. Ascertain that companies are charged credit card processing fees and that payment acceptance is simple.

This company will take care of it for you. Furthermore, they ensure that funds are received in your business bank account on time.

Options for Kratom Credit Card Processing Services

At a kratom shop, you can pay with your credit card in a variety of ways. Whichever one you select will almost certainly be influenced by your personal preferences as well as the type of business you run (brick and mortar or online).

POS Systems and Credit Card Terminals (In-Store)

As a business owner, you may believe that you should accept payments via a POS system and/or a credit card terminal. This is something you will notice if you go to a lot of stores. The funds are routed through the previously discussed process after the payment card is swiped and the transaction is approved.

They each have unique characteristics that can help your business run smoothly. There are numerous point-of-sale systems and credit card terminals on the market.

Virtual Terminals

Certain kratom retailers may prefer to make money through a virtual terminal rather than a point-of-sale system. As long as you have a computer or tablet with an internet connection, you can use a "virtual terminal."

The payment processor will direct you to the appropriate location where you can use it. You log into your account and enter the payment information for your clients. If they also accept orders over the phone, they will use virtual terminals to process them more quickly.

Payment Gateways

If you run any part of your kratom business online, you'll need a payment gateway to process your customers' money. The payment gateway integrates seamlessly with your website's shopping cart. Customers come to your website, add items to their shopping cart, and then check out.

The following is how it works: The general public is unaware that everything behind the scenes happens in a matter of seconds. To give payment gateways a more authentic appearance, they are frequently branded with your company's name. You cannot run an online business without one.

Mobile Card Readers

It's ideal if your company doesn't have a physical location but still needs to accept payments while on the go. The most convenient way to accomplish this is with a mobile card reader. Mobile card readers work in the same way that small point-of-sale systems do. They are capable of carrying out many of the same tasks.

Furthermore, payment processors have created apps that can be used to process mobile payments.

What’s the Difference Between a Merchant Account Provider and a Payment Aggregator?

Getting merchant services for kratom businesses isn't always easy. Many people want to work with payment aggregators (also known as payment service providers, or PSPs). Stripe, PayPal, and Square are all payment processing companies that can help you. It appears to make sense to use them at first glance.

Many of the things they do have a variety of advantages, including the following:

  • You will receive your account information right away.
  • You can start accepting payments right away.
  • Money can be deposited into your bank account as soon as the following business day. In some cases, it is even possible to complete the task immediately.

Finally, aggregators may prove to be more trouble than they are worth. Because of the perceived risk, many of them are hesitant to work with kratom retailers. Some business owners will not disclose what they are selling to PSPs in order to avoid this.

If the PSPs become aware, they have the authority to freeze or close your account. If this happens, you might not be able to get your money for a long time. It's far too risky.

Things to Consider Before Choosing a Kratom Merchant Services Provider

It's critical to work with a merchant services provider you can rely on to process your payments. Before making your decision, keep the following points in mind.

Kratom Sales is High Risk

Kratom retail businesses, as previously stated, are extremely risky. While kratom is legal, the extent of its legality is unknown. Some states have outright banned the sale of kratom. Another issue with this type of business is the potential for a large number of chargebacks.

Chargebacks occur when a customer claims that they did not pay with their credit card for an item. It happens more often than businesses would like to admit. As a result of these factors, kratom is regarded as a high-risk product that necessitates the use of a high-risk payment processing company in order to accept payments. This is the explanation.

Contract Details

Individuals who offer kratom credit card processing will ask you to sign a contract similar to this one. In the right company, the terms should be clear. However, not all contracts are the same, so make sure to thoroughly read it before signing.

If you do not understand any of the fees mentioned in the contract, they should be clarified. Check to see if there are any fees that are not specified in the written contract and that you are not aware of. You may be required to sign a three-year contract with any provider at first. This is due to the high level of risk involved in your business. Is this likely to change if you continue to use that processor?

Cost & Fees

Each merchant account provider has their own set of fees and costs. Whichever of the following is correct:

  • Payment gateway fees
  • Monthly fees
  • Annual fees
  • Statement fees
  • PCI compliance fees

You will also be charged transaction fees for each sale you make. There are three types of fees in general:

  • Flat-rate pricing - Each sale incurs the same amount of transaction fees with flat-rate pricing, ensuring that you pay the same amount each time. This appears to be a good accounting practice. These fees, however, are usually higher, and this structure is not suitable for high-profit businesses.
  • Tiered pricing - Because each transaction is either fully qualified, partially qualified, or unqualified, tiered pricing is used. The majority of people who buy kratom will most likely not qualify, which means they will pay the highest transaction fees.
  • Interchange-plus pricing - This is known as interchange-plus pricing. With interchange-plus pricing, you get the most transparent pricing available. They decide on interchange rates twice a year (in April and October). The "plus" is the amount added to your bill as a service fee by your processor.

How to Choose the Best Payment Processor for Your Kratom Business

Merchant services for your kratom business can help you determine what to expect when looking for them. Consider the following factors when deciding on the best one for your needs. 

Prepare for Underwriting

When the company receives your application for merchant services, it will immediately begin the underwriting process. Your underwriter is interested in learning about your company and determining its risk level. Carry out extensive documentation, which should include the following:

  • A copy of your driver’s license or another government-issued ID
  • Your business license
  • Your bank statements, both for your business and for your personal bank accounts
  • Your business plan
  • A voided check
  • Any information you have on your payment processing history, if you have it

It can take anywhere from a few days to a few weeks to underwrite a high-risk business. However, it is much faster if you provide as much information as possible right away.

Read Online Reviews

You can't just Google "kratom payment processor" and pick one. That is not true! It will be difficult to find a company that works with businesses like yours and will give you the best value for your money.

Follow our advice and spend some time reading reviews for any company with which you are thinking about doing business. You can learn a lot from the mistakes of previous business owners.

Opt for Fast - Not Instant - Account Approval

Any merchant account provider or payment processing company that promises to provide you with a merchant account right away should be avoided. There's nothing else like it. Many companies, on the other hand, offer expedited approval, which means they'll help you get up and running quickly and with excellent service.

Additional Tips

These extra hints can help you find the best kratom merchant service provider.

Alternative Payment Methods are a Must

Using a credit card to buy kratom can be difficult. Several sales have been rejected due to legal and safety concerns. It's a good idea to provide your customers with alternative payment methods, such as mobile wallets, electronic checks, or even cryptocurrency.

Furthermore, more people are abandoning cards in favor of the convenience offered by alternative methods.

Avoid Expensive Equipment Leases

Avoid signing a long-term lease if you own a business and need hardware. The cost of leasing equipment can quickly add up. Individuals can buy point-of-sale systems, and you may be able to use one that you already have.

Pay Close Attention to Early Termination Fees

It's critical to understand what happens if you have to cancel your contract before the end of the term. Finding a payment processor that does not charge a high cancellation fee can be difficult. Some charge anywhere between $500 and $1000. Make certain of this before signing anything legally binding.

Once Again, Here are Our Top Picks for the Best Kratom Payment Processors

  1. Easy Pay Direct
  2. PaymentCloud
  3. Dharma Merchant Services
  4. eMerchantBroker
  5. Helcim

Merchant Accounts

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