What You Should Know About Payment Processing for Your Kratom Merchant Account
By Donald Kasdon, Founder of T1 Payments
Often times, e-commerce businesses in emerging industries that sell products with limited or evolving regulatory oversight fall into the high-risk category. These high-risk merchant accounts face several challenges when it comes to accepting payments for their products online, including chargebacks, higher fees, and even fines.
What is Kratom?
One recent example of this scenario playing out is within the kratom industry. Kratom is a tropical tree native to Southeast Asia. It has been used in that region for centuries as an herbal remedy to ease the symptoms of many common health issues. Similar to Cannabidiol (CBD), it has recently gained traction in the U.S. as more people become aware of its potential benefits. By some scientists’ count, there are between 10 million and 15 million kratom users in the US alone, and that number is only expected to increase.
The Challenge
At the same time, kratom culture predominantly lives online so many of the consumers who rely on it choose to buy products over the internet. While it is not an illicit substance, unless you live in one of the six U.S. states where kratom possession is criminalized, e-commerce businesses that sell kratom products are categorized as high-risk due to skepticism surrounding its benefits and side effects from regulatory bodies liked the FDA. Unfortunately for those merchants, this skepticism seriously complicates the process for collecting online payments.
How T1 Payments Can Help
As the first payment services provider to process transactions for kratom products without the merchant account being miscoded or hidden under an aggregated account, T1 Payments is in a unique position to serve businesses that operate in this emerging industry. For any merchants looking to sell kratom products online, here’s how T1 Payments can help:
- Unmatched Experience: T1 Payments’ understanding of kratom and the latest industry regulations can help businesses quickly open a kratom merchant account and unlock the benefits of credit card acceptance.
- Simplified CX: T1 Payments offers businesses the ability to sell kratom products on the same website with no need for separate kratom merchant accounts and landing pages.
- Global Reach & Processing: T1 Payments can help merchants navigate the challenges of selling kratom products globally by collecting payments in over 169 currencies and settling payouts in 27 currencies.
- Security & Compliance: T1 Payments’ secure payment gateway and cart integrations are fully compliant with all PCI DSS Statements to ensure every transaction and the associated data is 100% secure.
- Hassle-Free Integrations: T1 Payments offers seamless integrations with more than 175 eCommerce shopping carts and handles the entire integration process from start to finish.
- Chargeback Prevention: T1 Payments can prevent chargebacks with the latest technology, which ensures businesses remain in good standing with the credit card networks and maintain the longevity of their kratom payment processing capabilities.
All high-risk businesses can be a challenge to manage, but kratom merchant accounts present a unique set of challenges. Thankfully, T1 Payments is here to help businesses navigate the complex, evolving regulatory climate within each state in the U.S. and beyond. For more information about how T1 Payments can help streamline your kratom business’ eCommerce capabilities, visit: https://t1payments.com/apply-now/