Concerns Continue over Supplement Fraud

Jun 01, 2015

There has been a lot of controversy surrounding the supplement industry after news broke that, upon investigation, store-brand supplements at GNC, Target, Walgreens and Wal Mart do not include the ingredients they claim to contain. In fact, these supplements included potential allergens that were not listed on the packaging.

Some of these supplements reported by the New York State Attorney General’s office include Echinacea, garlic, gingko biloba, ginseng, saw palmetto, St. John’s wort and valerian root. Through the use of DNA barcoding, twenty-four products were tested by the New York State Attorney General’s office that claimed to contain these seven herbs. All but five of these products contained DNA that was indistinguishable or derived from a plant that was not listed on the ingredients list.

The biggest problem with the dietary supplement industry is that these products do not have to undergo rigorous testing and review by the federal government. Drugs, on the other hand, not only have to undergo testing and review, but they also have to prove to be effective. This investigation has revealed the sad truth that the supplement industry is not all that it seems.

The big controversy is that even after the investigation, these supplements are still sitting on store shelves. It is also still difficult to find any information that is reliable concerning the safe use and potential risks of using dietary supplements. If it wasn’t for the investigation by the Attorney General’s office, who knows how long Americans would have remained in the dark regarding the truth of the situation.

There are currently 65,000 supplements on the market, and nearly half of all Americans use one or more of these supplements. The present situation has also led to mistrust of those who are in a position of authority in the industry, considering that their willful ignorance could cause harm and allergic reactions for those taking their supplements.

The bad news for businesses is that this situation has made the industry even more high risk in the eyes of traditional lenders; this means businesses or startups in the industry will have an even more difficult time securing the funding and payment processing solutions they need. Fortunately, there are providers who specialize in not only serving “high risk” merchants, but also in specifically offering a vitamin supplement merchant account.

Let us help you get a Vitamin Supplement Merchant Account today!

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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 on 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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