Kratom Credit Card Processing and Kratom Merchant Accounts

Kratom’s legal status in the United States varies by state. Federally, the United States does not currently classify kratom as an illegal substance, but it is considered a “drug of concern.”

In 2019, the FDA warned consumers not to take kratom supplements, and it is illegal for businesses to market kratom for human consumption or to market its proposed benefits as a health supplement.

Many U.S. states appear to be taking matters into their own hands and have passed laws restricting the sale and use of kratom.

These are subject to change with time.

• Alabama
• Arkansas
• Indiana
• Rhode Island
• Vermont
• Wisconsin
• District of Columbia

• Illinois (Over 18)
• Tennessee (Over 21)

Additionally, laws are pending in several other states, making the future of kratom legality for the U.S. market slightly uncertain and a risk to domestic banks.

Kratom businesses often require a high-risk merchant account solution because of the unique challenges and regulatory requirements associated with these businesses.

There are a few reasons why mainstream financial institutions shy away from Kratom businesses, including:

• Varying legal statuses across states
• Higher likelihood of chargebacks
• Unique regulatory requirements

Working with a high-risk merchant account servicer like Limitless Payment Solutions ensures a reliable processing solution for your business without the constant, looming threat of an account closure or payment interruption.

Yes, there may be restrictions on the types of Kratom products you sell. These decisions are based on the legal framework and guidelines for the sale of Kratom in your state and the policies of your payment processor.

For more information, speak with a Limitless Payment Solutions representative today.

We have a featured industry list, but that is not all we accept—there are too many to list. We can approve any legal business!

Domestic account approval typically takes 48 hours, given that we have all the paperwork.

All high-risk processors ask for a rolling reserve. Typically, it is 10%, and in rare cases, there will not be any. This reserve is taken from your batch amount daily to offset the risk associated with the merchant account. The rolling part means that in 7 months, you get back the money they took out in month 1, and so on. Chargebacks do not get taken out of the reserve; those get taken out of your bank account. A reserve is in case of an emergency.

Pricing for high-risk merchant accounts varies depending on the business and the amount of risk. Higher risk account rates will trend higher depending on risk. Don’t be fooled by low pricing. Please call us, and we can explain how processors try to hide fees. Limitless will always work to get the best deal for you.

YES!

No, Limitless does not charge a set-up fee. If there ever is one, we will disclose it. Typically, you see this with offshore accounts.

Typically, your funds get deposited within 48 hours. Offshore accounts are once a week.