Nutraceutical Merchant Account
As our staff at FintechMerchantAccounts conducted our research on the nutraceutical industry (” Nutra”) we found that it is estimated to grow to a staggering $671 billion by 2024 worldwide. FintechMerchantAccounts works with nutra merchants understand how tough it can be for Nutra business owners like you to get approved for standard merchant account, particularly if you are selling certain nutraceutical products and supplements online, such as nootropics.
We help to provide those in the supplement industry with the payment processing you require to keep your company completely compliant and functional at all times. Our payment gateway to provides you with a way to sell your nutra supplements online.
Running a successful nutra business and developing a brand is no longer possible if you select to work entirely offline. Developing an online existence, releasing a website, and selling products, memberships, or services with an eCommerce store is necessary to maximize opportunities and your capability to generate sales. A high risk merchant account can provide you with the capability to create revenue utilizing your website or preferred eCommerce option. Accept credit card payments and monitor your processing with your nutraceutical merchant account.
The most common merchant services companies are Square, Stripe, and Braintree. However, these providers do not support merchants that are considered high risk. So regrettably, if you sell supplements online you can not acquire accounts on these platforms to be able to accept credit cards.
Why Use a High Risk Merchant Account for the Nutraceutical Industry
As we have discussed, nutraceuticals, particularly Nootropics are unfortunately considered high risk. Acquiring a standard merchant account is most likely not possible. However, even if you do succeed in getting a merchant account from Stripe or Square, you are still at risk of being shut off. Offering nutraceuticals of any kind is against their service policies and will wind up in a closed account once they find out. Selecting to acquire a high risk nutraceutical merchant account is a way for you to guarantee that you are able to carry out service without the threat of getting your account terminated.
When you have a high risk merchant account, you can promote your nutra products, services, and subscriptions without risking your capability to create sales or complete transactions. High risk merchant accounts are perfect for those who have an interest in offering unique, distinctive, or alternative products that are not standard for the retail market. With the best payment processor, you will be able to perform organization as usual regardless of the industry that you find yourself in.
Reasons for Nutra Being Labeled
Running an online supplement service may not seem high risk, however conducting company online proposes a higher threat than standard, face-to-face transactions. Some factors the nutraceutical market is currently considered high threat to standard payment processors include:
Chargebacks: The online supplement business and nutra markets are known for higher chargeback rates. When an industry has a chargeback rate that is higher than 3%, it is frequently identified as “high risk”.
Deceitful Charges: If fraud is an issue with any market or industry, it is rapidly identified as “high danger” by traditional banks. Due to the sheer size of the nutraceutical and supplement industry, the fraud rate is much higher than other basic markets.
Many banks hold a tired position on anything that is sold to be taken in by clients. Consumers hold expectations for the supplements that they take too. This could lead to more complicated problems if a consumer connects to them for explanation or is upset about the item. Problems like this regrettably occur to supplement and nutra organizations more frequently than any other industry, resulting in more obstacles and account concerns.
Looking for a High-Risk Merchant Account
Prior to you begin the application process for your nutraceutical merchant account, it is necessary to collect the following information:
Banking Information: Personal and service banking account details along with statements (as much as 3 months) may be asked for.
Individual Details: SSN (Social Security Number) or EIN (Employer Identification Number) might be asked for depending on how you plan to perform company.
Credit report: You might be requested to share your credit report in addition to your credit report, especially if you are obtaining a high threat merchant account for the very first time. Your credit history is a way for payment processors to identify whether or not you are received a high threat merchant account within the nutraceutical industry (based upon a variety of market elements).
Industry Experience: If you have industry experience or experience with processing debit and credit card payments, this might assist to get you lower processing rates.
Online Presence: Share your company’ website when submitting your application so that the bank and the processor can be sure that you are compliant on all fronts.
Finding a dietary supplement credit card processor is not only a way to maintain a completely functional nutra company, but it is also a method to gain assurance each time a consumer completes a deal using their debit or charge card. With a high risk supplements merchant account, focus on bringing in new customers, stocking new products, and growing your company instead of worrying over the potential locking or loss of your merchant account altogether.
Finding a Supplements Merchant Account you can Trust
The majority of nutraceutical merchants that find their way to us have been just recently shut down by their previous processor. This frequently occurs due to the fact that the other bank and processor didn’t appropriately finance your service, leaving you exposed to fraud and chargeback concerns. Thankfully, FintechMerchantAccounts isn’t like that. We have the banking relationships and underwriting in place to support nutraceutical supplement credit card processing.
We will supply an assigned account supervisor to assist you to remain certified, get lower rates, and get you set up with a safe and secure shopping cart. We are here to see that your company flourishes.
Let us demonstrate how simple it is to get going.
Call us at 617-918-7235 or by completing our easy online form with Sandy on the bottom right of your screen.
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