Kratom is one of many industries that face difficulties when it comes to obtaining business financial services. Even though this tropical tree can be used to help treat opioid withdraw, chronic pain, and mood disorders, it is still under scrutiny from the FDA. As a result, kratom businesses are considered a high risk by banks. The good news is that there are options available that will allow you to operate your business legally and effectively.
Opening Your Kratom Merchant Account
We work with Instabill to help you find the best financial solution for your Kratom business. Instabill maintains a network of acquiring offshore banks as well as other financial solutions that cater to high risk industries. Applying for an offshore Kratom merchant account will require three to six months of payment processing statements that show total sales, company name, chargebacks, and refunds. You will also need to provide three months’ worth of banking statements for your business.
Only offshore solutions are offered at this time. No domestic payment processing is available for Kratom. Instabill provides all clients with a dedicated account manager. They can provide information and updates on financial products and recommend the best option for you.
How Long Does It Take to Get Approval for a Merchant Account?
The length of time required to establish your account will vary. Factors like payment processing history, country registration, and financial details can affect the process.
Once Instabill receives all supporting documentation and related material, your credit card processing service can be set up within 10 to 14 days. Kratom sellers should get started now to begin the process and take the next step in growing their business.
Benefits of Opening Your Kratom Merchant Account
Attempting to open a merchant account can be intimidating for some business owners. The good news is that Instabill makes it as easy as possible. Why should you consider applying today?
- Firms Understand the Risks of Your Industry – High risk merchant account providers understand the risk that comes with this type of financial solution. While other firms may be quick to close your account due to excessive chargebacks, high risk merchant accounts are designed to deal with this kind of problem.
- Improved Security Strategies Are Already in Place – Due to the nature of the account, improved security strategies are put in place. These methods are often capable of identifying theft early in the transaction. This will also defend your business from potential scammers.
- Your Opportunity to Expand Your Reach – Offering more payment options like credit card processing is a great way to attract new customers. You can tap into markets you may be missing now and make your business more attractive to more consumers. It also strengthens your company’s overall reputation within your community.
Financial services are available to the kratom industry. Contact us now to learn how you can get a high risk merchant account for your business.