The FDIC-insured sponsoring bank associated this new program is an Acquiring bank, a member of MasterCard’s Interbank Card Association (ICA) and they own a ‘BIN’ (Bank Identification Number).
Only licensed financial institutions, third party processors, and acquirers are members of the Interbank Card Association (ICA).
ICA members are allowed to acquire business in need of payment processing, oversee merchant activity and settle transactions in compliance with MasterCard rules.
All of this verbiage simply means that you’re are dealing with a rock solid, FDIC-insured US domestic bank offering a service that requires no upfront investment on your part.
Rolling Reserve of 10% (for six months): Brand new kratom startups and kratom sellers with no previous merchant processing history merchants will have a ‘rolling reserve’ assigned to their account. The exact percentage (5% or 10%) is determined by bank underwriting on a case-by-case basis. If the merchant/applicant has a previous history with Square, Stripe or PayPal (etc.) we can request a waiver.
American Express – cannot be accepted by merchants selling THC-O, THC-V, or HHC products. Any merchant found using the term “THC” in their product description will have their merchant account immediately terminated (no exceptions). Merchants that wish to accept AMEX cannot market their Delta 8 or Delta 10 products as Delta 8 ”THC” or Delta 10 ”THC”. *Get rid of the term, THC.
American Express can be accepted by merchants selling legal hemp flower products. Flower products still must have a Certificate of Analysis reflecting THC content below 0.3%, including Delta 9 THC, THCA, and Total THC. If the flower products contains THC greater than 0.3% D9 THC, THCA, or Total THC that product cannot be sold at all on this program and must be removed from the website.
KJ Proweb™ is an authorized Independent Sales Organization (ISO) representing a California-based merchant services provider that holds credentials as an FDIC-insured financial institution with its own Banking Identification Number (BIN), Interbank Card Association (ICA) membership credentials with MasterCard™ and its own in-house underwriting team.
ICA members are allowed to acquire new business in need of payment processing services, board accounts, oversee merchant activity and settle transactions in compliance with MasterCard rules.
The acquirer processor is the link between the merchant and the card networks. An acquirer processor authorizes transactions and receives transaction settlement information. They also create the database of payments, or system of record, that ultimately means everyone is paid.
These unique capabilities allow us to underwrite, approve and provision merchants classified as “high-risk” in a manner that traditional payment processors lack the ability to support.
Our principal payments technology partner was established in 2008 and is best known as the first company to offer credit card processing to the vaping industry. Our partner bank manages over $600MM in monthly transaction volume for more than 40,000 businesses throughout North America and holds a triple AAA rating with the Better Business Bureau.
We offer credit card, debit, ACH and Check-by-Web processing solutions to businesses and entrepreneurs in the USA, Canada, Europe, Australia, New Zealand, and in developing nations.