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Nutraceutical Credit Card Processing
The nutraceutical industry, often referred to as “Nutra,” is a serious player in the market, projected to reach a staggering $671 billion by 2024 worldwide. We understand the challenges faced by businesses in this sector when it comes to working with traditional payment processors, especially in the online sale of various nutraceutical products and supplements. That’s why we specialize in providing nutraceutical merchant accounts tailored to keep your business fully compliant and operational at all times.
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Get a Merchant Account to Sell Supplements Online
Get a Merchant Account to Sell Supplements Online In today’s market, running a successful Nutra business and establishing a brand presence is virtually impossible without an online presence. Launching a website and offering products, subscriptions, or services through an eCommerce platform is essential to maximize revenue opportunities. A nutraceutical merchant account enables entrepreneurs to process transactions securely and efficiently, whether it’s through their website or preferred eCommerce solution.
While popular tier one payment processors like Square, Stripe, and Braintree are widely used, they do not support businesses in high-risk industries such as online supplement sales. Unfortunately, obtaining a standard merchant account for nutraceuticals is challenging due to their classification as high risk. Even if successful, traditional payment processors may shut down accounts upon discovering the nature of the business. Opting for a high-risk nutraceutical merchant account ensures uninterrupted business operations without jeopardizing sales opportunities or customer acquisition.
Reasons for Nutra Being Labeled High Risk
The nutraceutical market is deemed high risk due to several factors inherent in online transactions:
Chargebacks: The online supplement business often experiences higher chargeback rates, exceeding the 3% threshold considered high risk.
Fraudulent Charges: The prevalence of fraud in the nutraceutical and supplement industry contributes to its high-risk classification.
Additionally, concerns over consumer expectations and product satisfaction further complicate matters for supplement and Nutra businesses, increasing the likelihood of account issues and hurdles.
Applying for a High-Risk Merchant Account
Banking Information: Personal and business banking details, including statements for up to three months, may be required.
Personal Details: Provide your Social Security Number (SSN) or Employer Identification Number (EIN) based on your business structure.
Credit Score: Prepare to share your credit score and history, particularly if applying for a high-risk merchant account for the first time.
Industry Experience: Highlight any relevant industry or payment processing experience to potentially qualify for lower processing rates.
Online Presence: Include your business website to demonstrate compliance with industry standards.
Obtaining a nutritional supplement credit card processor not only ensures the smooth operation of your Nutra business but also instills confidence in every customer transaction. With a high-risk supplements merchant account, focus on business growth and customer satisfaction without worrying about potential account closures or restrictions.