Every girl dreams for shiny hair- beautiful skin and happy dreams and for boys the dream of having good height, nice muscles, and good physic but it’s looking like only be a dream for boys and girls. As result was not always as expected instead of looking beautiful, they start gaining weight, frizzy hairs, and blemishes same goes with the boys as their muscles stopped developing as expected — no matter how often boys “pumped them up.” These issues forced teenagers to do experiment with various skin care products, hair products, diet pills, and muscles developing protein shakes and different products available in the market. Every product started promises about the different benefits like by using our product you can avoid signs of aging, thinning hair and hair falling and the ugliest thing is flabby abdomen forever.
Today the craze of online beauty is so much that every marketplace offers personal care products that you want and need. But the ugly truth of online beauty is “high risk “status now the question is why high risk? What challenges are they facing? And what advice we can offer them?
Risk of the online beauty business
Before starting any business you must be aware that, not every business is treated equally, the businesses are divided into two categories one is low-risk and other is high –risk and the division of businesses is done according to the type of industry. as you see in the stores and online that, there are so many marketing strategies like trial offers and subscription services (with recurring billing). These beauty businesses are considered as high risk and a majority of businesses in this line is the online business. There are so many products in the beauty industry that promises for the miracle like protection from the wrinkles and for fairness but how many miracles cured for hair fall have you tried actually worked? Now the customers’ sign for the subscription service for 6 months and after six months they actually realized that the result isn’t good enough? You guessed it: Chargebacks! Hence the “high risk” label applied to online beauty businesses.
Some products are also there in the beauty industry that is subject to government regulation or FDA approval that’s also too risky. Many major banks, credit card associations, and payment processors never agree to work with the online beauty industry. For earning more profits and keeps your business earn more you require a payment processor, but no bank, no card association and no payment processor is agreed to do business with you due to high risk. For the expansion of your business online merchant account is the must for you.
What to Look For in a Merchant Account For Your Online Beauty Business
When you are in online business then it is must to have your own merchant account which will enable you to accept debit and credit cards payments. Choose a merchant account i.e. custom-made for your online beauty business — which implies, customized to a high risk business like yours. Once your payment processing is up and running, your selected processor will enable you to expand your business.
Regardless of whether your expansion decision takes you to facilitate domestically or internationally, your merchant account ought to get you there. All things considered, the beauty of an online business model is how easy it is for Internet-enabled customers to discover your shop.
Search for abilities like these, to enable your business to flourish:
- PCI compliant payment gateways: To prevent CNP fraud a secure online portal is necessary in order to stop the damage to the sales of your online beauty business, for this reason, make sure that your processor offers a Level 1 PCI-DSS compliant gateway.
- Multi-currency processing: when you want to explore international markets and keen to expand your business globally then you must be able to accept multi-currencies. So it’s important to have multi-currency processing merchant account.
- Business protection through robust risk management and chargeback management capabilities offered by your chosen payment processor — who should help you pinpoint both causes and solutions when issues arise.
If you are looking for a merchant account for your online Beauty business you are at the right place because iPaytotal is here to help you in every phase of your payment cycle. Ipaytotal provides payment solutions to help you to grow your business. Processing thousands of credit and debit card transactions per day, we make the process of opening a merchant account easy and affordable.