Merchant Account Processor Services
Kratom Merchant Accounts are virtually impossible to get approved by traditional credit card processing companies. But we can do it! Kratom merchants certainly require high risk merchant accounts.
Yes, Kratom merchants certainly require high risk merchant accounts. But, obviously, all online Kratom merchants, such as the niche known as online herbal botanical shops, are taking credit cards now. So there are certainly merchant account providers that are accepting this type of high risk business. The first stumbling block is that many countries including the USA have strict rules concerning the sale of herbal botanicals to their population and citizens even though it is perfectly legal and not restricted by the FDA, so this just adds to the risk to the credit card processor. Credit card payment processors consider these merchants 'high risk' merchants for a number of reasons not the least of which is the controversial nature of the business. These type companies do enormous amounts of business online and it is, without a doubt, very profitable for them. Often, Kratom merchants use offshore merchant accounts. Offshore banks approve and issue Kratom merchant accounts.
Offshore Credit Card Processing
Offshore Merchant Accounts for Kratom or are merchant accounts that are set up with a foreign bank generally outside of the country where the actual business is located. There are many reasons for having an offshore merchant account including tax reasons, and the obvious reason that domestic banks are refusing to underwriter or approve this particular product. But there is hope and there are solutions! Other reasons include simply doing high monthly volume in a high risk business. So many people with high risk merchant accounts that also do high monthly credit card volume, chose to operate offshore to avoid the issue of high non-swiped volume. Our advisors can help answer all your questions about navigating this complicated area. Remember, it is advisable and important to seek tax advice and legal advice from an International tax advisor and legal advisor. Talk to our experts for help, answers to your questions, referrals for international tax attorneys and tax experts and other help setting up offshore merchant accounts.
Processing Online Credit Card Transactions for Mitragyna Speciosa
Here's how an internet credit card or debit card transaction works. The customer lands on the merchant's website and selects a Kratom (Mitragyna Speciosa) product or service to purchase. The customer then adds the product or service to a shopping cart. When they are finished shopping and ready to check out, they enter their credit card billing information. The credit card information is sent via a secured payment gateway to the processor for authorization. Once the transaction receives an authorization, the transaction is approved. The merchant is then notified by email that there is an approved transaction ready and waiting for fulfillment.
During the transaction process, the processing bank passes the information about this authorization/transaction to the issuing bank, which is the bank that issued the credit card to the customer. The issuing bank verifies that the card is valid and that the amount requested is available on the customer's credit card. The bank sets aside the purchase amount for the merchant, and sends back an approval number (or a decline message) back to the credit card processor, which in turn transmits that information to the merchant. This entire process takes approximately 3-15 seconds to complete.This all happens without the customer leaving the merchants Kratom website. The authorized transaction usually sits in the day's batch until the end of the day when the batch is closed, or settled. The transaction is completed at this point
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Ready to Get Started Processing for Your High Risk Business? Contact us or give us a call! We answer the phones 7 days a week and will be happy to discuss your options and situation for your Mitragyna Speciosa Business!