Nutraceutical Merchant Accounts are responsible for the high demand in people over the world who are desperate to lose weight, the natural way. New research shows that the public wants natural products more than ever before. — Indeed, there are many products nutraceutical merchants sell for a healthier living and for people who desire to lose weight; but in order for a company selling nutraceutical products online, they need to obtain a merchant account.
Online payments for nutraceutical merchant accounts
Online payments for nutraceutical merchant accounts require a merchant ID (MID) in order to process payments using credit or debit cards. Most people today prefer to purchase online, especially for personal products such as weight-loss and other nutraceutical products. For this reason, it is essential that nutraceutical companies apply for a nutraceutical merchant account so that their online platform can accept credit card processing for nutraceutical payments online.
Not all banks will be eager to support a nutraceutical merchant. Nor will card companies trust nutraceutical businesses by offering its card services. The reason? This industry, though gaining support from customers and even the scientific community (according to this data), is considered high risk.
Why is a nutraceutical merchant account considered high risk?
Despite respected studies from scientific journals, such as this piece of research on a natural product, traditional banks are still wary about nutraceutical products that are not regulated by government. It’s also a relatively ‘new’ idea for this modern society, which has become accustomed to chemically produced drugs.
Chargebacks and the nature of nutraceutical products
What does this mean?
Chargebacks can become exceedingly high when a person who takes a supplement and does not see results as fast as he or she would want to see the results.
This is especially the case with weight-loss products.
Like any other drug in the world, there is also a requirement on the patient’s side to do certain activities to help the drug work optimally. Still, customers will claim that the product doesn’t work and then ‘claim a refund’. This ‘refund-claiming’ negatively affects the chargeback ratio of the nutraceutical merchant, and for this reason, traditional banks and card companies generally do not want to support a high-risk industry such as the nutraceutical business.
The nature of nutraceutical products, not being fully accepted by governing bodies and pharmaceutical societies, tells banks that they ought not to trust such products, which have not had the proper testing and research to be beneficial to the public. However, what banks may be unaware of accepting is that nutraceutical merchants sell products that have indeed a great support in the scientific community, with certain ingredients having been tested extensively for the benefit of weight loss and other health benefits.
This means it may be expensive for nutraceutical merchants to do regular business, especially online.
Can it be made easier for nutraceutical merchants to start selling online now?
Yes, it can be. The important thing to remember is that there are professional payment solutions companies out there who can assist in helping you obtain a credit card processing solution for your nutraceutical merchant account.
However, it is also not unequally important to remember that selecting the right payment processing company for your nutraceutical merchant account is essential in offering a full, integrated and compliant nutraceutical merchant account for online users.
The application process is not as difficult as you think
iPayTotal, a premier UK payment processing company, specialising in high-risk merchant accounts such nutraceutical merchant accounts, has made it easier to apply for credit card processing and website integration for your nutraceutical merchant account.
What you will need:
To obtain a nutraceutical merchant account, an online application is the fastest and most efficient method to obtain an approval. Once the application is submitted, your nutraceutical business will be required to have the following items:
- Completed website
- Copy of the complete agreement
- A government-issued ID such as a driver’s licence
- A pre-printed voided cheque or bank letter
- Three months’ processing statements
- Three months’ banking statements.
Our underwriting process for your nutraceutical merchant account
Your nutraceutical merchant account will go through an underwriting process to ensure that everything provided from your side is vetted. For example, iPayTotal will ensure that the products you are selling are indeed what you have stipulated on your application form. We will ensure that your website is providing the correct information and that no legal restrictions apply to your nutraceutical merchant account. Once this is done, we will return your application with an approval for the next steps.
The next steps for your nutraceutical business
In order to move on and become a fully operational online nutraceutical merchant business, being able now to accept credit card processing, you should speak to one of our representatives today and find out precisely what is needed. Also, take a look at the costs iPayTotal has, which are transparent; something not many other payment solutions companies offer for high-risk merchant accounts such as nutraceutical merchant accounts.
We will help you integrate your website with the proper anti-fraud technology, and we will help to reduce your chargeback ratio. — We have our own-designed payments gateway, which will make it easier for your nutraceutical merchant account to transition to processing credit cards and online payments.
It’s time for your nutraceutical merchant account to take advantage of the online market, which is large and ready to purchase. You just need the right payment processing company to suit your credit card processing for nutraceutical merchant businesses.
Call iPayTotal today on +44 800 776 5988 or emailinfo@ipaytotal.com now. You can also go directly to our application page now if you are ready to take the next step to increase your revenue and offer a safer, secure payment option for your customers through your nutraceutical merchant account.
