What Is A Nutraceutical Merchant Account?
A nutraceutical merchant account allows business owners to accept credit cards, debit cards, and stored value cards, as payment options for their online webshop. A Nutraceutical Merchant Account allows merchants ( Nutra company owners) to accept credit or debit card payments for the high risk nutraceutical industry.
Nutraceutical Merchant Accounts—What you ought to know
Nutraceuticals provide a natural ingredient or substance that’s treated in order to sell for health benefits such as weight-loss or food supplements. However, such nutraceutical businesses will doubtless encounter problems for nutraceutical credit card processing.
Why are nutraceutical merchant accounts finding it difficult to process online payments?
Nutraceutical credit card processing for online nutraceutical merchant accounts is considered high risk. — Although many nutraceutical merchant accounts argue that their products are 100% natural, the government and medical ruling authorities still consider their nutraceutical products as “unregulated”, which means the health benefits are not confirmed by government standards, even if nutraceutical businesses do indeed offer great, beneficial products.
There’s also the problem of chargebacks for nutraceutical merchants whose customers may find that the product did not work for them and then instantly request a refund. High chargebacks will indeed negatively affect your chances for obtaining a nutraceutical credit card facility, and banks will always question the chargeback ratio of your nutraceutical merchant account.
Exclusive Nutraceutical Merchant Services & Credit Card Processing for the Nutra Industry
Who Needs Nutra Supplement Merchant Accounts:
As the fitness and health conscious millennial generation has adopted supplements as part of their everyday rituals, the Nutra supplement business has undergone explosive growth. According to Nutraceutical World, The international nutraceuticals market will keep growing at 7.3% through 2021. Much of this expansion is because of the constant steps made by the health-conscious consumer towards functional foods and drinks, nutritional supplements and personal fitness. Nutraceuticals cover a very broad set of goods provided under the pretext that they’re sourced naturally. These products have a tendency to be defined from the naturally sourced ingredients which go into, like supplements, foods, and medications.
With such negative light being cast on GMOs along with other genetically modified foods, a golden chance for growth is in the nutraceutical market. With lots of vendors utilizing the expansive online market, the time is now to expand your sales reach with a Nutra Merchant account. The largest hurdles you are going to be forced to unavoidably face will come in the shape of chargebacks and tempering your advertising strategies to ensure you’re not currently practicing business in a manner that is bad or unethical. One particular type of chargeback that may possibly rear its head will come in the shape of clients canceling because they don’t believe the merchandise met with the advertised benefits.
These forms of chargebacks can be unavoidable at times, but nevertheless should be monitored closely. Both of those hurdles have the capability to hurt your merchant account. Being vigilant at these red flags and preventing, or in the case where they do happen, reacting consequently will ensure you have a healthful account and don’t lose the capability to process credit cards. Being able to process cards will give your company opportunities that wouldn’t have been available otherwise. With the growing tendency of natural based alternatives rising by the year, there’s a golden opportunity to capitalize on the new clients which are currently turning to the market.
The specialists at IPAYTOTAL are here to assist you every step along the method to ensure your company has the tools you want to compete in the highest level. We at Ipaytotal offer credit card processing solutions specifically for merchants in the online and mail-order nutraceutical industry and we have both domestic as well as international solutions available. There are slightly higher credit card processing fees and a reserve fund is common, although not always, required for nutraceutical merchant accounts due to the high risk of chargebacks associated with the industry. However, be rest assured that you will not have your merchant account terminated simply for being in the Nutraceuticals business.
Why Nutraceutical Merchants are Considered High-Risk?
So, why are nutraceutical businesses categorized as high-risk? The following are just two of the very numerous reasons and some of the greatest obstacles these retailers encounter: Chargebacks. The nutraceutical industry has a regrettable history of high chargeback rates, because of disgruntled buyers. A reason behind this is that these supplement/vitamin businesses use subscription billing to market their merchandise. Many buyers don’t realize that they have subscribed to get a brand new product on a monthly basis, leading them to refuse to cover the subscription – and also a chargeback occurs. In response, credit card processors have categorized nutritional supplements and vitamins as high risk, and cost substantial rates for transactions.
Insufficient Government Regulation. Another reason processors label this industry “high-risk” is because these products and supplements are not tightly regulated by the government. As a result, claims are made about products that are not substantiated by a regulatory body. Buyers purchase the product, expect to see the results that were promised, and then blame the merchant when they are not happy with their experience. Leading to a strong case of buyer’s remorse, a dissatisfied customer, and a chargeback. Worst case scenario, the situation could also result in legal issues. This industry is highly unregulated, banks often feel uneasy approving payment processing for nutraceutical merchant applications. Benefits of these products can be questionable to some, and dishonest manufacturers and merchants may make unsubstantiated claims about the efficacy of their product. Because of this, nutra merchants run a high risk of lawsuits, chargebacks and other hassles that most credit card processors would prefer to steer clear of.
Benefits of having a nutraceutical credit card processing system online
When your nutraceutical merchant account goes live, it opens your nutraceutical merchant services to a world out there you could never have attained without a nutraceutical credit card processing solution. — Statistics show that credit card users are on the increase, with 2.8 billion credit cards being used today, worldwide. That’s a significant number; a number that would be excluded from your nutraceutical merchant services should you choose not to opt for a reliable nutraceutical credit card processing solution.
It’s easier and more convenient for people to purchase online. With your nutraceutical merchant account having a credit card processing system in place, you can be sure to attract a far larger audience for your nutraceutical merchant services and products than you would otherwise.
You can obtain nutraceutical credit card processing today by simply contacting iPayTotal and allowing the professionals in high risk, especially for nutraceutical merchant accounts, do the work for you in obtaining a nutraceutical credit card processing solution.
Tips on finding the right nutraceutical merchant processing company
Here’s what you should look out for when selecting the right nutraceutical merchant account processing solutions company: —
Before rushing to obtain your nutraceutical merchant account or your nutraceutical credit card processing solution, consider the payment solutions company and its track record. If they have not managed high-risk merchant accounts such as nutraceutical merchant accounts before, then you should be weary and not be quick to act. Ask them if they can obtain a nutraceutical merchant account for you before you go through the process only to find out they cannot offer you the right nutraceutical credit card processing solution.
iPayTotal has the experience you need for your nutraceutical merchant account and can provide you with the right credit card processing solutions for your nutraceutical business.
It is absolutely important, when running an online business, especially one that offers products such as a nutraceutical merchant account would, to have a proper and dedicated support system ready to manage any customer queries. — This not only improves customer service and sales, but it reduces any chance for chargebacks. This is vital in maintaining a healthy chargeback ratio so that your nutraceutical merchant account can continue to provide credit card processing online.
iPayTotal has a 24/7 support team to manage any of your queries regarding your nutraceutical merchant account. Our team is dedicated, experienced, responsive and efficient in dealing with our clients’ queries.
Be very cautious of costs for your nutraceutical merchant account when requesting a credit card processing solution from a payment processing company. There may be hidden costs involved for which you will not be aware. Ensure that you they provide you with all the charges upfront so that you know what you’re in for before it’s too late.
The Many Business Types in the Nutraceutical Industry
The nutraceutical industry is made up of both large companies and small businesses. These businesses develop and manufacture vitamins, dietary supplements and herbal remedies, and other natural health products. Some businesses specialize in offering niche nutritional products, while others are focused on researching and manufacturing the products.
IPAYTOTAL offers nutraceutical merchant accounts to businesses that sell the following products:
- Dietary supplements
- Medicines made from botanical ingredients
- Natural male enhancements
- Nootropics, such as cognitive enhancers
- Weight Loss Supplements
- Workout and sports performance supplements
Why Nutraceutical Merchants Face So Many Chargebacks
The nutraceutical industry is susceptible to a high level of chargebacks due to the loose regulation in regards to dietary supplements and vitamins. Usually, the claims made on such products are not verified or substantiated by a regulatory body and this can cause huge headaches when customers wish to return products.
For example, buyers may try to initiate a chargeback due to buying a supplement and not making any lifestyle changes, therefore claiming the supplement doesn’t work. Their lack of activity or failure to change their diet can render the effects of the supplement useless and they will blame the merchant for such incidents. The result of this is a chargeback.
Similarly, the nature of the business can lead to a high number of chargebacks. Many nutraceutical companies will offer clients a free trial and follow that up with regular credit card payments once the trail has been completed. However, people may not understand how the recurring billing system works and that can lead to a chargeback.
Another reason for chargebacks in the industry is the regulation of some of the products sold. Some supplements may make unsubstantiated claims or even contain illegal ingredients. If that is the case, the unhappy buyer of the product may dispute the credit card transaction, leading to a chargeback.
Ipaytotal uses the latest technology to combat chargebacks. Our chargeback alert system will warn you when a chargeback has been filed and provide you with 48 hours to fix the issue with the client. This will prevent the chargeback from appearing in your merchant account, reduce chargeback ratios, and could potentially save your business thousands of dollars every year.
Role Of A Good Payment Processing Solution In Nutraceutical Business
IPAYTOTAL Is The #1 Choice For Nutra Merchant Services.
Why Are We #1? Because every client gets three guarantees (whether you’re an online Nutra business, a supplements or herbal products company, or any other kind of nutraceuticals business):
- Instant Online Quote. When you submit your application, you’ll get an instant price quote to DocuSign. No offline paperwork, no faxes, no waiting.
- Industry Minimum Pricing. You will automatically receive Industry Minimum Pricing in your online quote. No more frustrating haggling with sales reps.
- 24/7 Customer Support. When you call or email, you’ll always speak to our friendly support team.
How can a nutraceutical merchant start accepting credit card processing online?
This is the difficult part. Most banks will not support your nutraceutical merchant account, and card companies will not help with a nutraceutical credit card processing system. However, there is a way around this in which some merchant account providers can assist. For instance, iPayTotal, a leading UK (and international) high-risk payment processing solutions company, can help your nutraceutical merchant account obtain secure nutraceutical credit card processing.
With an offshore acquiring bank, iPayTotal can assist in providing your nutraceutical merchant account with the right payment gateway so that you can start selling your nutraceutical products online, all in a simple process. Apply now or contact +44 800 776 5988 and find out more about how iPayTotal can help you with your nutraceutical merchant account.
SEVERAL BENEFITS OF USING IPAYTOTAL’S HIGH RISK MERCHANT ACCOUNT FOR NUTRACEUTICAL BUSINESS ARE:
- Payment acceptance through various means: If you want to grow your business it is important to accept payments by multiple means. Customers feel comfortable if they can pay or choose the payment option as per their choice and convenience, for the products or services they require.
- Acceptance of all type of credit cards: As a payment processor we at Ipaytotal works with all credit cards, the merchant can deal with people and companies all over the world and expand their business.
- No volume limit: We can provide you with a payment system that does not restrict you from making business deals and financial transactions. Also, a system where you can carry out transactions without any interruption or issues.
Extra benefits provided by Ipaytotal :
- 24/7 technical support
- Fast set-up and approval in 24 hours (depending on Acquiring bank)
- No hidden fees in terms of Nutra Merchant Account Solutions
- Instant integration with the website
- Affordable data processing rates
Some merchant account providers specialize in high-risk merchant account but charge the higher fee for certain accounts. There are few providers who offer customized end-to-end payment solutions, which are more beneficial for the merchant as compare to others.Some also offer to process for numerous currencies. For these and other reasons, it’s best to do very systematic research of merchant processors that offer merchant accounts for Nutra deals.
iPayTotal prides itself in being transparent. More than this, iPayTotal has maintained a low-cost service fee, which is either considered competitive or lower than other companies.
With our experience in high-risk merchant accounts and especially with nutraceutical merchant services, not to mention our expansive relationship with offshore acquiring banks to ensure the right credit card processing solution for your nutraceutical merchant account, you can trust iPayTotal to provide you with fair fees and transparency.
For more information regarding your nutraceutical merchant account or for any queries relating to nutraceutical credit card processing, please feel free to contact iPayTotal today on +44 800 776 5988 or email firstname.lastname@example.org or simply fill in the application form here.