Jamaica is Going to Benefit from The Nutraceutical Industry

Aug 11, 2015

Phillip Paulwell, the Minister of science, technology, energy, and mining in Jamaica, says that the country is poised to invest heavily in the nutraceutical industry. Investment and Commerce Minister, Anthony Hylton, believes Jamaica will benefit from the now $150 billion industry. Establishing a foothold in the nutraceutical industry is extremely important so the country can become a leader of the market in the future. Paulwell notes that the country has over 50 percent of the world’s established medicinal plants. This means that the herbal and nutraceutical industry could be a lucrative area for Jamaica.

For a product to be classified as nutraceutical, it must be a purified or isolated item with the ability to combat chronic diseases or an item with some type of physiological benefit. Nutraceuticals are divided into three distinctive categories: functional food (probiotics, nuts, tomato products, yogurt), functional beverages (sports drinks), and dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules). Thanks to a renewed focus on preventative medicine and a focus on personal health, there has been a nutraceutical boom across the world.

Paulwell is working on a three year agreement that will increase agricultural production in Jamaica, and place an emphasis on the development of agricultural initiatives in Jamaican public schools of which there are 1,200.

The country is rife with opportunities for small, medium, large, and micro enterprises. A key point of interest is the growth of the Jamaica 4-H club. The club’s ‘Youth in Agriculture’ programs are working to utilize and develop agriculture technology that has shown some promising results. The growing of nutraceutical plants will be introduced within the 13 club centers using open field agricultural methods and greenhouse technology in the coming years. Jamaican leaders are also investing significant infrastructure to develop programs to add and train potential growers and manufacturers within the industry.

The nutraceutical market is extremely promising in Jamaica. The country is ripe for smart and independent merchants to establish a nutraceutical merchant accounts in. If the market takes off in Jamaica as predicted, it could mean a wealth of opportunity for investors who establish businesses to this area. Contact eMerchantBroker.com to learn how you can start your nutraceutical merchant account today and take advantage of this next step in the evolution of the nutraceutical industry.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat