Are You In The Nutraceuticals Industry? Get A Merchant Account From EMB

May 30, 2017

The nutraceuticals industry continues to grow and is expected to have a bright future. According to Euromonitor International, a global market intelligence publisher that provides market research reports, statistics and online information systems on industries, countries, and consumers, the US vitamin and dietary supplement market is projected to grow by 53% to $28.7 billion by 2021.

Nutraceuticals Industry

Each year, over 2/3 of American adults take dietary supplements. The dietary supplement industry generates $121.6 billion to the US economy (about 0.68% of GDP). This is based on an economic impact report funded by the Council for Responsible Nutrition (CRN), a trade association advocating science-based information concerning the importance of various minerals and vitamins in consumers’ diet. The report was produced by John Dunham and Associates on behalf of CRN.

Also, thanks to the industry, 754.645 jobs are created nationwide, and $38.4 billion is paid in wages. Moreover, the industry generates almost $15 billion in business taxes (federal and state), not including taxes coming from product sales.

Consumers are becoming more concerned about their wellness, focusing on a diet full of natural, whole foods. What they’re trying to use functional, value-added products like nutritional beverages and dietary supplements more often.

If you’re among merchants looking for a reliable and secure nutraceutical merchant account to start and grow your nutraceutical business, consider applying to emerchantbroker.com, the nation’s #1 high risk payment processor. EMB boasts an A+ rating with the BBB and has an A rating with Card Payment Options. EMB is named one of Inc. 500’s Fastest Growing Companies of 2016.

Nutraceuticals Businesses

Let’s take the example of one of the companies in the industry, New Horizon Nutraceuticals. The company researches and manufactures a wide range of supplements and offers custom blending and packaging services utilizing the most advanced machinery and ingredients of the highest quality.

New Horizon Nutraceuticals launched 5 years ago. Since then, the company has grown its business by trying to find ways to improve their products and practices. This is a private-label contract manufacturer that aims to establish customer loyalty by offering nutritional supplements that taste great and guarantee results.

The company does its best to make their products safe and pure, that’s why it has installed a metal detector called Signature Touch.

According to Rob Wiscount, owner of Kennett Square, PA-based New Horizon, the nutraceutical industry is a too large and there is lots of competition in the field. Manufacturers’ duty should be to produce quality products and guarantee safety for food to maintain success. Their metal detector helps them fulfill the mentioned purposes.

Wiscount further adds they do everything in their power to make their private-label customers successful, and they depend on their suppliers to help them since it’s a team work and effort.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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