You are all set and excited to order your favorite Kratom strain online.
Now imagine yourself selecting the product, adding it to the cart and heading to the payment page.
So, you see plenty of options to pay….but wait, where is the Credit Card option?
Unfortunately, you can’t pay through Credit Card while buying Kratom!
Stop rubbing your eyes in disbelief and don’t dismay!!
So, what if the Kratom Industry doesn’t accept Credit Card payments?
There are a plethora of other viable alternatives!!!
But before that, we know there are plenty of concerns and queries clouding your mind: Why is that so? What’s the other way round and so on.
So, this article intends to enlighten and guide you in all aspects!
Is Kratom Legal?
Ultimately, the foremost concern looming your head pertains to the Kratom’s legality status. According to the American Kratom Association, Kratom is legal at the Federal Level and illegal in six states.
Since 2016, the DEA (the Drug Enforcement Administration) has made numerous attempts to categorize it as a Schedule I Drug- which includes heroin, marijuana, LSD, and ecstasy.
However, after facing severe backlash from the public and Congress members, the attempts were made futile. Nonetheless, the DEA has labeled the herb as a “Chemical of Concern”.
Kratom Industry At A Glance
After the 2016 U.S. Farm Bill passed at the Federal Level, the Kratom industry witnessed a dramatic increase in its production as well as consumption throughout the country.
There was a sudden influx of online retailers launching Kratom line-up into their eCommerce stores.
Is it any wonder if we tell you that, by June 2019, the Kratom Manufacturing Industry in the USA accounted for a massive 1,950,030,482 grams with an average of 15,600,244 consumers!
Perhaps what’s more surprising is that these figures are steadily rising with each passing day!
Current US Laws For Kratom Payment Processing
Now, here comes the interesting twist: Despite the plant’s ever-growing popularity, why doesn’t the Processing Card Industry support the Kratom Industry?
We all know that Kratom is labeled as a Controlled Substance at the Federal Level. Consequently, most Financial Institutions view it as an “Unregulated Pharmaceutical.”
Hence, it is no surprise that by 2017, out of the 11,000 operational banks in the country, only 300 were willing to collaborate with the legal Kratom and CBD industry.
In 2014, the Barack Obama government passed the Financial Crimes Enforcement Network (FinCen), granting all financial institutions the freedom to join hands with the Kratom and other legal drug industries.
Despite the acceptance of the Bill and wide acclamation from the Kratom Community, it failed to make any significant change. The entire financial sector was hesitant to extend their services.
Part of the problem was because of the terms of the Bill, which mandated the finance companies to adhere to the anti-money laundering regulations. And failure to implement can lead to strict actions taken by the Federal Deposit Insurance Corporation (FDIC)- ranging from scrutinization, investigation, and penalization to even seizure.
This proved to be a significant put-off as most of the firms found it impossible to abide by. This ultimately forced them to initiate a Standard Policy of limiting operation to all Kratom-related businesses or activities (to avoid risking indictment of money-laundering).
Needless to say, at one place where all other major industries are booming and thriving with financial support, loan benefits, and other services, the Kratom industry struggles to barely survive being deprived of the privileges.
What’s worse? The scenario is unlikely to change anytime soon. So guess, the Kratom vendors must learn to live with it.
The good news is, alternative payment processors are on the rise and with time will get into the blood.
These innovative workarounds assist the Kratom vendors in managing their cash flow, profits, and daily transaction, and simultaneously help customers conveniently pay for the ordered Kratom.
And honestly speaking, not only are these a breeze to use but also completely safe for purchasing Kratom, be it online or in-store.
Why Opt For The Alternative Kratom Payment Solutions?
Exceptional. Flexible. Reliable.
Following are the Top 5 reasons why customers must resort to other processors to meet their payment needs:
1) Large Scale Payments
These payment gateways successfully process payments worth millions everyday- regardless of how complex.
2) Data Privacy
They protect your information with end-to-end encryption. Besides, there are security checks embedded in the system which are battle-tested 24/7 to avert all potential vulnerabilities.
3) Minimum Risks
There is a dedicated in-house team comprising of expert data scientists and risk analysts to eradicate the fear of fraud.
4) No Hidden Charges
Customers can rest easy knowing that there are absolutely no hidden charges, extra fees or commissions involved.
5) User-friendliness
There are no hard and fast tricks or rocket-science involved to use these payment processors.
Convincing enough! Now, is there any reason left not to try?
Top 5 Payment Options For Buying Kratom
So, while there are multiple alternative solutions to pay, the best kratom manufacturers will employ only the most trustworthy processor. Thereby, it is essential to check the feasibility and reliability before you place an order. And the rest you are good-to-go!
Following we have given a quick run-down of the 5 Best Ways to pay for Kratom products:
For Seamless Customer Experience.
1) Cryptocurrencies
Unless you live in the Sahara, you must have heard of this digital form of currency.
The denial to access financial services to legal sectors (the like of Kratom and CBD), paved the way for the introduction of Crypto-currencies.
These are a unique processing solution to instantaneously and safely transfer cash to and from anyone, anytime and anywhere in the world!
The tip of the ice-berg is; any government or institution does not regulate them. Instead, an open network of users successfully operates the entire system.
So, customers can rest easy knowing that even if all other modes of payment for Kratom cease, these currencies will continue working.
100% Digitalized and Anonymous!
The most popular and widely accepted digital currencies are the Bitcoins, designed to be used via the internet. Wondering where to buy and how to use it?
Hold on!
While there are numerous ways to purchase Bitcoins, the easiest and most common one is highlighted below:
Step 1: Create an Account with a well-known exchange such as Coin-base, BINANCE, etc.
Step 2: Link the account with your preferred payment source.
Step 3: Purchase Bitcoins and pay.
Step 4: After the payment is processed, you will have the required Bitcoins in your wallet.
Step 5: Now, you can make subsequent transactions through these coins.
Besides, there are BTM or Bitcoin ATM set up in the malls and other high traffic places of large metropolis cities. These machines enable you to purchase and sell the coins directly with minimal fees.
To sum it up, nothing can beat the convenience and efficiency of Cryptocurrencies.
2) Cashless ATMs
So, what if you can’t make your Kratom transactions through a Debit or a Credit Card?
With the advancement in technology comes these break-through Cashless ATMs that have totally eliminated the need for cash.
The procedure works similarly to the traditional ATMs, except that the set-up costs are a bit high. Nonetheless, it guarantees an exceptional level of security and peace of mind with minimum risks of forgery, chargebacks, or fraudulent transactions.
Enough said! Let’s have a sneak-peak into how it works:
Buyers use their debit cards to pay at the ATM set up inside the dispensary. The transaction is instantly directed, and the payment transferred from the customer’s account to the seller, after which the customer receives a voucher and a receipt for the transaction.
3) Mobile Applications
The usage of mobile apps in the arena is gaining momentum like anything. And rightly so! These are the fastest way to process payments and promise same-day delivery (provided it has been made during Post Office Hours PST).
Some of the top-rated digital apps are Zelle, Square Cash App, and Venmo. Just download the app from Apple Store or Play Store, and you can start with only an Email ID and phone number at hand!
All in all, whether you are extremely eager to buy quality Kratom or need it for a medical emergency, mobile apps are the best option on the go.
4) E-checks
Feeling skeptical of the safety and security of other payment options? We assure E-checks won’t fail to amaze you with their outstanding security features!
It works very similarly to the traditional cheques and eliminates the need for any Debit or Credit Cards. In addition, contactless payments can be made as fast, painless, and safe as possible. The only drawback is, the payment takes a bit longer to process.
5) Loyalty Cards
What can be better than a specially designed card in your pocket, which you can conveniently use to buy Kratom any time you crave?
Isn’t a dream come true?
Well, technology has actually progressed this far.
Our final payment solution involves using a Loyalty Card, an electronic prepaid card to handle kratom payments.
The foundations were laid by Cal-Bay International in 2014 when the company first issued their Green Cards. These cards can be conveniently used at the payment processing terminals stationed at licensed dispensaries.
Apart from the options mentioned above, some online stores also accept Cash on Delivery (COD). However, most Kratom vendors choose to rather stay out of it.
Primarily because, while it sounds a relatively simple and straightforward way to pay, it is actually not.
With negligible processing options, accepting cash is not less than a frightening nightmare. Not to mention the headache of its handling and storing.
The Bottom-line
Purchasing Kratom, Made Less Hassle-free!
Albeit legal at the Federal Level, Kratom is a high-risk industry. On top of it, the stringent guidelines and the regulatory framework crafted by the FDA is extremely unrealistic to implement.
As a result, many payment processors are reluctant to support the Kratom companies- as it is just not worth the risk of coming into conflict with the federal government.
However, with the demand of the herb outpacing the payment options, alternative processors are on the rise. These can efficiently dodge the potential financial predicaments and find success.
Regardless, as wholehearted and ardent Kratom fans, let’s pledge to raise the awareness of the god-gifted botanical at a national level on all platforms.
In so doing, hopefully, one day, all primary forms of payment, including Credit Cards, will be promulgated. You can check the best places to buy Kratom in bulk with credit cards.
Now Making Secure Payments Simpler Than Ever Before!