UPDATE: 2022-10-15: Easy Pay Direct now officially offers
Merchant Accounts for Kratom Businesses
(currently must be selling more than 50k/mo)
Kratom is a natural supplement derived from the leaves of the Mitragyna Speciosa, an evergreen tree in Southeast Asia. The herb has been in use for centuries as an alternative to opium.
As a result, people are using it in the United States as an herbal alternative to pharmaceutical opioid addiction drugs and to counter panic attacks.
Additionally, Kratom is marketed as a mood-enhancing supplement. In small doses, it increases energy and provides an improved mood. In larger doses, it can have the opposite effect and can be used as a painkiller and sedative.
The FDA has not cleared Kratom, however, Kratom is not illegal.
This leaves distributors in the tough middle ground of high risk merchants. This allows merchants to market Kratom but makes it challenging to accept credit card payments for their products.
Despite these obstacles, Kratom sales have continued to increase each year, and sales are projected to top $22 billion by 2025.
What Are Kratom Businesses?
At the moment, most Kratom businesses are still online vendors. However, Kratom is an herbal supplement that can be sold by any supplement business.
Until recently most merchants that sold Kratom were considered untouchable by credit card processors. As a result, businesses that did sell either hid their sales under false sales reports or conducted their business through offshore accounts.
This necessity has since passed and nutraceutical merchants can legally sell their products in the United States, albeit as high risk merchants.
With a growing number of merchants now selling Kratom, there is likewise a rise in the number of legitimate distributors. This legitimate growth will most likely lead to an increase in the quality of the product as large-scale production and distribution companies put their weight behind the product.
Why Are They Considered High Risk?
Kratom merchants are considered high risk because the supplement is not FDA-approved. This is considered a black mark and makes the future of the supplement uncertain.
Credit card processors try to avoid any product which leads to high levels of chargebacks and has the potential to see a shift in legality without warning.
The high chargeback rate is a result of the historic necessity for Kratom merchants to operate in an online setting. This resulted in the majority of transactions being of the card not present (CNP) variety.
Why Do You Need a Reliable Kratom Merchant Service?
In the past couple of years, nutraceutical businesses have stepped into a more reputable position. No longer are Kratom merchants relegated to the confines of online retail. As production and distribution have increased in quality and capacity, brick-and-mortar stores are finally able to sell the product.
To keep up with this, merchants are no longer required to conduct their transactions through offshore accounts.
The shift from offshore accounts to high risk accounts is a step in the right direction.
Having a reliable merchant account can ensure your business is not interrupted. A traditional merchant account helps make business more convenient for the merchant and the consumer.
In this business shift, it is important to make sure you choose a reputable merchant account provider to help protect you and your business.
The right merchant service can not only protect you but also allows you to focus your energies on the important matter of growing your business.
Get Approved for Your Kratom Payment Processing
Easy Pay Direct offers peace of mind when choosing the right merchant account provider. We have made a name for ourselves working with high risk businesses and providing top-end services.
Having that experience allows us to cater what we offer to specific industries and help provide real solutions to the problems that often arise.
For high risk merchants, our first order of business is to connect you with the right merchant account provider. We have years of industry connections and experience to place each business with the provider to best suit their needs.
By utilizing the correct providers we can guarantee a lowered chance of holds, freezes, and shutdowns. This ensures a stable business and allows for merchant growth.
Easy Pay Direct also offers a single point of attack for your search. Instead of each business sending out multiple applications in the hopes of finding the right provider, we take your application and pair you with the right provider the first time.
Merchant Account Features and Integrations
Our experienced team of Payment Specialists helps high risk businesses find the right merchant account provider the first time.
In addition to the promise of the right provider, you will find that we connect you with the lowest rates, lower chargeback numbers, and multiple gateway payment options.
How to Get Set Up
If you are a Kratom merchant, fill out the application and see just how quickly we can get you up and running. Feel like talking to a live person? Call us at (800) 805-4949 and we’ll set you up with a new merchant account in as little as two days.
Once Your Merchant Account is Set Up
The first step is to focus on your business and let us handle the processing.
If at the end of the first year, you find that you have cleared more than $250,000 it would be a great time to talk to us about a backup merchant account.
This second account would be a safeguard in the event of any account freeze, hold, or shutdown. The best part, you don’t have to worry about a thing. Our Certified Payment Specialists keep tabs on your accounts and ensure everything runs smoothly.
The Easy Pay Direct Client Experience
When you sign on with Easy Pay Direct we immediately connect you with a personal New Client Specialist who will take your information and ensure you are connected with the right merchant account provider.
After this, you will be connected with a Certified Payment Specialist who will handle all your processing needs and take preemptive action to keep your accounts running smoothly.
In as little as two days you’ll be up and running, accepting credit cards, and growing your business without having to worry about the processing happening behind the scenes.
Ready to Get Started
We pride ourselves on making your life easier and facilitating the growth of your business. With years in the business, we have helped thousands of businesses achieve their full potential. Check out testimonials to see what our clients say about us.
Let us help you achieve your goals. Contact us today and see how we can smooth your road to a successful business. Start your EMAP application below or call us at (800) 805-4949 Get Set-Up with a Merchant Account.