Merchant Account for Hair Restoration Service

Dec 22, 2014

Hair restoration services and products are a hot commodity for millions of American men and women. In fact, Americans spent billions of dollars this year on finding ways to combat hair loss. The hair restoration business can be a lucrative investment for the right entrepreneur. Still there are many variables to consider in this new industry that interested parties must consider before making any decisions. Here are a few.

Cost. There are many upfront costs associated with the hair restoration business. The cost of equipment, medications, and employees to perform procedures, facilities, and marketing materials to find patients is more than most entrants to bare.

Credibility. Using hair restoration products and services is also an upfront and costly investment for patients. For example, the cost of graft hair plants can be as high as $10,000. Therefore, some customers may be hesitant to try a new company who doesn’t have much experience in the field. To combat this effect, new merchants might have to perform services for significantly less to build up clientele. This will affect your profit margins until your reputation is established.

Competition. There are a lot of products and services that have saturated the hair restoration market. The first challenge entrants have to face is deciding which products or services they will be offering. Will it be prescription and over-the-counter drugs? Shampoos, wigs, hair plugs, lotions, or surgeries? Once this is done, competent competition analysis must occur in order to mount successful advertising campaigns that convince consumers of the superiority of your products and services over those of others.

The hair restoration industry has an abundance of customers, but is still a high risk business with significant upfront costs. This drastically lowers the chances that entrants have to acquire fairly priced hair restoration merchant accounts. Contact to discover how complete and fair hair restoration merchant account management can accelerate the building of your clientele.

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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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