Nutraceutical Merchant Account | The Growth of Internet Nutraceutical Sales

Aug 12, 2014
nutraceuticals1Taking part in the growth of Internet sales of vitamins and supplements

One portion of the U.S. audience that continues to be extremely health conscious is the baby boomers. Their consumption of calcium, Vitamin D, fish oil capsules and supplements to keep joints moving without pain are at record levels. Many people in this audience prefer to purchase their supplements online via Nutraceutical Merchant Accounts because they can rest comfortably in front of their computers and compare brands, contents and costs.

Another group that keeps the keyboards working is those searching for diet and weight loss products. Our nation as a unit is overweight. There are record numbers of people being diagnosed with Type II Diabetes every day. The ‘cure’ most nutritionists say is to lose weight. Current diets full of refined sugars have made so many people insulin-resistant that those really wanting to lose the extra pounds are ordering supplements as well as meal replacements online.

According to marketresearch.com, by 2016, nutrition and dietary supplement market retail sales is expected to cross $1 billion mark. The market is expected to grow at a CAGR 4.54% between 2011-2016 driven by sports nutrition and weight loss demand and multivitamins demand.

The Wall Street Journal says that Nutraceutical Merchant Accounts (sales of vitamins, minerals and supplements) totaled nearly $23 billion in the U.S. last year, according to Euromonitor International, and are growing at a 5% to 7% annual clip. IBIS World states further that “Recessionary drops in employment levels and the resulting decrease in access to health insurance led consumers to purchase vitamins and supplements as alternatives to expensive prescription drugs.”

It makes one wonder with all the revenue that can be captured via online sales, why do the card associations consider Nutraceutical Merchant Accounts a high risk business? One reason, in their minds, is that because of the lack of FDA controls, there is no oversight on claims, products or ingredients. However, the industry regulates itself. If there is a maker or manufacturer selling bad products or making false claims, the competitors are the first ones to issue complaints.

Banks and traditional, conservative credit card processors virtually will not touch an online merchant of vitamins and supplements. However, if a merchant keeps his chargebacks under three percent, eMerchant Brokers will welcome you with open arms. This is because they specialize in high-risk merchants. There are no application or set up fees. The rates are highly competitive and you can receive an approval in as little as 48 hours.

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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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