Nutraceutical Merchant Account Options from EMB

Feb 29, 2016

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.

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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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