Nutraceutical and Supplement Merchant Account Solutions

Jan 24, 2018

The global nutraceutical market is anticipated to account for $285.0 billion by 2021 (up from $198.7 billion in 2016), demonstrating a compound annual growth rate (CAGR) of 7.5%, from 2016 to 2021.

Are you a nutraceutical merchant interested in opening a merchant account for your online business? Be aware it’s critical to turn to a reliable and experienced merchant account provider that specializes in the high risk industry.

The Nutraceutical Industry

Today, consumers of different demographics are paying more attention to wellness. Consumers focus on a diet full of natural, whole foods, as well as functional, value-added products like nutritional beverages and dietary supplements.

According to a 2016 economic impact report funded by the Council for Responsible Nutrition, consumption is at its highest, so are revenues. The dietary supplement industry contributed $121.6 billion to the US economy in 2016.

According to Euromonitor International, the US vitamin and dietary supplement market is expected to grow by 53% to $28.7 billion by 2021. There is a higher demand for functional foods as compared to other variants.

This segment is excepted to continue to play a leading role in the years to come. On the other hand, the demand for functional beverages is also forecast to spike by 2021.

Nutraceutical Merchant Account for Your Business

Nutraceutical merchants can have a difficult time getting approved for credit card processing because of the high risk nature of their business. The companies in the field are classified as high risk due to the chance for legal action in this loose and unregulated market.

With this in mind, it’s critical for nutraceutical merchants to work with a reputable merchant account provider like emerchantbroker.com to get a nutraceutical merchant account without any challenges. EMB is voted the nation’s #1 high risk processor and is rated A+ by the BBB.

Moreover, EMB has an A rating with Card Payment Options and is among Inc. 500’s Fastest Growing Companies of 2016. With EMB, you can be sure to get a merchant account tailored to your specific business wants and needs.

According to Transparency Market Research (TMR), the US market for nutraceuticals is expected to soar at a CAGR of 5.30% from 2016 to 2024, and touch a value of US$102.6 billion by the end of the mentioned period.

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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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