You may have seen the surgance of Kratom, a botanical substance that’s home to Southeast Asia regions. When derived from the Mitragyna speciosa plant, Kratom can be used in several products. With it’s rising popularity, businesses are looking to expand their goods.
That said, Kratom is labeled as high-risk. Due to this, companies face challenges when getting an approved merchant account. With all the frustration and confusion that getting approval comes with, you need a payment processor that knows how to work with high-risk industries.
Why Is Kratom Considered High Risk?
Much like the CBD industry, Kratom has several reasons why they are labeled as high-risk, including reputation, legislation and chargebacks.
Although Kratom is legal on the federal level, several states and municipalities have banned the use of Kratom. Due to its related nature with CBD and THC, states are cautious about allowing the use of this substance. This not only makes it harder to obtain and sell within certain states, but also gives the industry a reputational risk. Most banks or financial institutions don’t want to be associated with this type of industry.
Not only that, but Kratom faces a large amount of chargebacks. Kratom, in low doses, is said to reduce anxiety, lower pain, and relax users. However, since each customer may have different experiences, this can cause disputes with the business if the product doesn’t “perform” like it should. This increased chargeback rate leads to more account shut downs.
What Products Can You Sell with Kratom?
When mixed properly, Kratom can be used in several other products such as:
- Dietary Supplements
With the right know-how, you can boost your product line and expand to new customers. To do that, you’ll need a payment processor that will focus on getting your account set up properly without delays.
How to Apply for a Kratom Merchant Account
To get approved for a Kratom merchant account, you’ll need specific documentation to begin your application process. Here is what you’ll need.
- Driver’s license, or valid government ID
- A voided check or official letter from your bank
- Bank Statements from your business or personal account from the past three months
- If applicable, processing statements from the past three months
This essential part of the application process can help your Kratom company get approved for credit card payment processing faster. Once you’ve provided the necessary documentation, AllayPay can work with you to get you started on your payment processing.
How AllayPay Can Help
With Kratom products rising, getting access to several markets will be a top priority for your business. With AllayPay, we know the industry and can integrate a payment gateway that will work for you.
Most merchant accounts you try to set up will have a long process, only just to be turned down at the end because you sell Kratom products.
When you have a partner like AllayPay who understands the industry, we’ll help you so you don’t have to bend over backwards to set up your account.
Within 24-48 hours, we’ll be able to integrate our payment process platform with any third party gateway, so you can get your business up and running as quickly as possible.
Not only that, but we stay up-to-date on all compliances and rules set by the bank to ensure your account doesn’t get shut down.
Starting Your Payment Approval Process with AllayPay
Getting started with AllayPay takes only a few simple steps. By following these instructions, you’ll be on your path to securing online and in-store payments for Kratom products.
- Fill out the quick pre-application form online.
- Our sales representative will get in contact with you immediately to finish your application process.
- Take a break while underwriting does its process. This typically takes about 24-48 hours.
- After our staff has approved your application, we’ll contact you to get started on setting up your payment gateway and card present merchant account for your business.
AllayPay knows how to integrate your needs with our platform. With years of developing payment gateways to high-risk accounts, we provide an affordable rate that will grow your business and keep your accounts secured.
Process With Us Today!
Don’t waste any more time trying to find the right solution. Regardless of poor credit or no processing history, we’ll work with you to get you on track for quick and efficient payment processes.