You need a dependable high risk merchant account provider for your nutraceutical merchant account.
The global dietary supplements industry was estimated at $123.28 billion in 2019, according to Grand View Research. The main drivers of this growing demand include increasing health concerns as well as changes in dietary lifestyles.
The demand for dietary supplements is also fueled by the growing number of sporting events on a global scale, as athletes aim to improve their physical stamina and health.
Breakneck urbanization and an increase in disposable income has created the perfect environment for consumers to pause and think about their health and how they can better address it. Rapid development of cities, increasing work hours, and rising pollution issues, are contributing to an outbreak of poor health throughout the world.
Are Nutraceuticals Considered High-Risk?
If you are about to launch your business within the nutraceuticals industry or are already processing transactions, you will be surprised to know that this industry is categorized as high risk.
The reasons that nutraceuticals are labelled as high risk are the following:
- Nutraceuticals are highly regulated by the U.S. government.
- Some companies utilize substances within their products that most if not all banks based in the U.S. refuse to work with.
- Specialized underwriting is required in order to approve these types of accounts.
- Incredibly high chargeback rates
- Card-not-present transactions.
In order to keep your nutraceutical business afloat, you need to have the ability to process credit card payments. But if you are unable to convince a traditional merchant account processor to take you on, what are your options?
Enter the high risk merchant account provider.
High risk merchant account providers are specialists in the high risk industries and are well equipped to handle the needs of your nutraceutical business.
How To Secure A Nutraceutical Merchant Account
You don’t need to get sucked into the blackhole of research to find the perfect high risk merchant account provider, EMB is all you really need. EMB or eMercantBroker.com offers e-commerce solutions for high risk merchants, including nutraceutical merchant accounts.
As a leader in the high-risk industry, EMB does not shy away from helping legitimate businesses that have been previously shunned by traditional merchant account providers.
Some of EMB’s offerings include:
- Their own EMB payment gateway
- ACH processing
- Offshore merchant accounts
- Merchant cash advances
- A chargeback resolution system (to dispute and resolve chargeback claims)
Getting started on securing your nutraceutical merchant account could not be easier. You simply fill out their online application. Together with the application, you will be required to submit the following information for your underwriters and processors:
- A valid driver’s license or government issued-ID
- A voided check
- Three month’s worth of processing statements
- Three month’s worth of your most recent bank statements
- Your employee identification number (EIN), or social security number
- Your chargeback ratios must fall under 2%
Additionally, all prospective merchant account holders must ensure that their websites are fully-functioning and have ample security measures in place.
EMB assures you that the application process will be quick and painless. As soon as processors and underwriters receive all required information, you simply have to wait 24 hours for approval. Although this is not guaranteed to all merchants, there is a high probability that most will be approved.
Get On The Health Bandwagon
Without a doubt, more people are making health-conscious decisions than ever before. Thanks to rising health costs, pollution, and stress-filled modern-day living, people are becoming more conscientious about what they eat and what they fuel their bodies with.
If you want to make your mark and make an impact within this outrageously lucrative industry, you need to have the right high risk merchant account provider by your side.