A Merchant Account Focussed On the Needs of Nutraceutical Products. We are living in an age when leading a healthy life no longer means eating healthy and getting enough exercise. In the fast paced world powered by technology, new health complications are surfacing everyday and leading to lifestyle diseases. Hence, we are always looking for solutions to problems such as weight gain, weight loss, sexual wellness and numerous other health concerns. As a result, there is a rapid growth of the nutraceutical health and wellness industry that mainly operates through its online presence.
While there is a large amount of interest in nutraceutical products, as a manufacturer and retailer you know that at every stage of business you have had to make a humungous effort right from developing a prototype, standardising the procurement, identifying the target market, getting the required approval from the concerned Government agencies, building a fantastic website that puts forth the value proposition of your product and finally developing a marketing and distribution plan. Even after having made this effort, it is difficult to generate the initial demand for your product, as there is scepticism around its effectiveness and the lack of credibility that clinical studies and FDA labels signify. As most of these products have a herbal base, an FDA approval is not mandatory. As a result, established financial institutions categorise products in the Vitamins Sales / Nutraceuticals / Weight Loss / Sexual Stimulants / Energy & Diet, health and beauty products skin treatments segments as “non-essential”.
The general consensus among these institutions is that consumers though interested may only order these products once in a while on a whim. Further, when a company sends a product for medical formulation in a bulk consignment and it falls short of the clients’ requirement, it may result in a significant chargeback. Such mistakes are unacceptable as far as traditional financial institutions are concerned.
With risks such as the ones mentioned above, banks and other traditional financial institutions may either refuse to approve your merchant account application or charge you exorbitant fees to maintain a merchant account as yours is a business that falls in the high risk category. Further, even if you default on a single payment, you run the risk of having your account shut down and an abrupt halt to the payments process. If obstacles such as these are stopping you from establishing your nutraceutical product, despite your conviction in the same, do not worry as help is at hand. As a high risk merchant account provider, we have extensive experience in partnering with several new businesses across industries and are acquainted with the risks associated with nutraceutical companies.
For instance, we are well aware that there may be cases when a customer is drawn towards a product and place an order attracted by the discounts on the website only to realise later that it is a subscription based product that will lead to recurring billing. At times such as these, the customer may demand a chargeback on the payment already processed on their credit card. If the customer has made an honest mistake, you have to be prepared to return his payment. What differentiates us from traditional financial services providers?
As a merchant account provider dealing with several such problems, we have several checks in balances in place to deal with such situations. For example, instead of depending on one underwriting bank that may refuse to accept a chargeback, we have partnerships with multiple underwriting banks. This ensures that you are never faced with an embarrassing situation in case of a chargeback and face a cash crunch in your business.
As a leading merchant account provider for high risk businesses, we are sympathetic towards the needs of new business owners and try and facilitate conditions to help you grow your business. Thus, if you are facing difficulty setting up a merchant account for your new nutraceutical business, you need not worry on that front any longer. When you choose us as your merchant account provider, you receive several benefits such as quick and easy approval with no application fee, fast documentation and processing, setting up of a secure virtual terminal, ability to handle recurring billing and easy to handle Droid/iPhone mobile applications for easy payments. You can also choose to open a domestic or offshore account with us, depending upon the vision you have for your business. For instance, if you are just about starting out your new business and want to strengthen your local foothold, a normal domestic high-risk merchant account will suffice for you. On the other hand, if you have a global vision for your product, you are better off choosing an offshore account.
There is often a misconception among retailers that offshore merchant accounts are the more expensive ones and are difficult to maintain, but that is not true if you choose us as your trusted merchant account provider. Not only do we offer offshore merchant accounts at reasonable rates, we also facilitate payment processing from global customers with ease. So if you wish to open a new high risk merchant account, give us a call today for us to understand your needs.Sign Up Today
Three easy steps to accepting credit cards.
Complete the online Merchant Application. Remember, there are no setup fees.Sign up
Upon approval, normally within 48 hours, you will receive an email with your account credentials.
Log into your gateway account or mobile application to process credit cards.