Kratom Merchant Accounts: What You Need to Know
Kratom is different than marijuana and CBD, but sellers often run into the same problems as marijuana dispensaries when it comes to obtaining a merchant account.
Kratom is different than marijuana and CBD, but sellers often run into the same problems as marijuana dispensaries when it comes to obtaining a merchant account.
At the best of times, it can be difficult to give an accurate answer regarding a good “rate” for credit card processing, because costs are highly business-specific. This is even more true of “high risk” businesses – those in industries like adult entertainment, gambling, vape shops, travel, and tech support.
If you sell CBD oils, waters, creams, or edibles, you know that it’s not the same as selling marijuana or marijuana edibles. But that doesn’t mean you won’t run into difficulties finding a credit card processor.
Businesses that offer bail bonds are considered a “high-risk” industry when it comes to credit card processing.
Pharmaceuticals, nutraceuticals, and the more nebulous “pseudo-pharmaceuticals” are all considered high-risk sales in credit card processing. That means a different approach to securing a processor.
When most people think of “high risk” credit card processing, they think of gambling, firearms, tobacco, and similar industries. But travel agencies also typically fall under “high risk.”
Gambling of any form has a murky history in the United States. Legal in some locations and not in others, it creates a challenge for credit card processors.
Some people are surprised that tech support businesses are considered high risk. But when you factor in the ease of scamming consumers, high chargebacks, and over-the-phone or internet transactions, it makes more sense.