Are you struggling to secure the payment processing solutions your nutraceutical business needs? Unfortunately, there are many industries whose merchants struggle to secure merchant accounts for their businesses – the nutraceutical industry is definitely among them. But why would banks avoid my business when the industry is thriving, you ask?
Indeed, according Nutraceuticals World, “The global nutraceuticals product market reached $142.1 billion in 2011 and is expected to reach $204.8 billion by 2017, growing at a CAGR of 6.3%.” These numbers are based on a new market report from Transparency Market Research, Albany, NY. Increased e-commerce among consumers, rising health concerns and improving economic conditions have all been credited as factors in the current success of the market.
It is the lack of health regulation by the government that has made traditional providers categorize the industry as “high risk”. The high possibility of legal action in such a loose and unregulated market causes them to shy away and avoid nutraceutical companies. While all startups struggle to find merchant accounts, this is an even bigger problem for nutraceuticals, e-cigarettes and vaporizers. All of these businesses thrive via Internet retail, yet lack authoritative regulation from the federal government.
Where traditional providers have failed, alternative providers like EMerchantBroker have stepped in to fill the gap. While banks walk away, a high risk provider specializes in working with businesses categorized as “high risk”. In this case, your nutraceutical company.
Another issue you have probably stumbled across is the endless documentation requirements and lengthy waiting periods experienced when applying with a traditional provider. With EMB, starting a nutraceutical merchant account is simple and straightforward. The application process is simple, fast and hassle free. Upon submitting your application, you will hear back in as little as 48-72 hours – if not sooner. EMerchantBroker’s guarantee is that your application will never be declined based on your industry.
A nutraceutical merchant account with EMB provides your company with the opportunity to enjoy the services of an experienced and knowledgeable staff. A nutraceutical merchant account is specifically tailored to meet the needs of your business, and is based on information collected by EMB staff from nutraceutical merchants. To learn more about how a nutraceutical merchant account can help your business, contact EMB today.