Despite its surging popularity as an alternative treatment for chronic pain, opioid withdrawal, and mood disorders, Kratom is facing increased regulation in the wake of an FDA review. This development has made digital transactions incredibly difficult for kratom sellers and kratom consumers.
Kratom merchants are unlikely to find domestic banks that are willing to take on kratom merchant account services, which means that they usually have to open offshore merchant accounts.
So, if you’re curious about how to get a legitimate Kratom merchant account, with a US-based bank, WAAVE got you covered.
What is Kratom?
Native to Southeast Asia, Kratom is a tropical tree with leaves containing compounds that have mind-altering effects. Although it is currently not considered an illegal substance and it can easily be ordered on the internet, it is sometimes sold as a green powder in packets labeled with “not for human consumption”. Other forms include edibles and extracts.
Most people take kratom as a pill, capsule, or extract. Some people chew kratom leaves or brew the dried or powdered leaves as tea. Sometimes the leaves are smoked or eaten in food. It can cause effects similar to both opioids and stimulants because two of its many compounds such as mitragynine and 7-α-hydroxymitragynine interact with opioid receptors in the brain producing decreased pain, pleasure, and sedation, especially when consumed in large amounts.
Why is a Kratom merchant account considered high-risk?
It should be easier to obtain a merchant account to process Kratom, however, because of the legality of the products, makes it a unique high-risk type of business.
This is due to its chemical contents of mitragynine and 7-hydroxmitragynine, which are psychoactive substances, classifying Kratom merchant accounts under the high-risk industry list. This reason alone causes banks to have reservations about offering payment processing solutions.
Conversely, Kratom is also seen as an effective pain reliever for ailments such as arthritis, restless leg syndrome, and fibromyalgia as well as an effective treatment for diarrhea and opiate addiction.
What are the benefits of using a high-compliance payment processor?
It Scales up Your Business
Unlike low-risk payment processors, you can use Kratom credit card processing if you want no limit on both currencies and spending. By this, you can generate more sales without worrying about the limitations that hamper growth.
More sales also make high-risk merchants look attractive, such as Kratom merchants. It enables various income opportunities.
It Boosts Your Revenue
Business with lots of recurring payments needs a high-risk credit card processor. The ability to process large transactions and regular fees boost sales and revenue, and credit card processing makes it easy to retain customers. An efficient recurring payment system will allow your Kratom business to work long and short-term. Also, a recurring model gives a steady income that helps the business grow.
WRAPPING IT UP
Today Kratom is in an unregulated marketplace, however, this does not have to cause any trouble for your business.
If you’re looking for a high-compliance payment processor online and in-store to help you process credit cards everywhere you sell, then WAAVE is the right choice for you.
We’re the #1 payment enabler for Kratom sites with CBD and Delta products.
Safe, simple, and secure.
Learn more about our solutions