Nutraceuticals Under The Microscope

Jul 23, 2015

While the buzz amongst consumers is favorable, the FDA and other regulators are looking over the nutraceutical industry. From false claims, to unknown product origins, there are multiple reasons why the Feds and interested in finding out more about the industry. While scrutiny is being placed on the industry, and perhaps rightfully so, consumers will want their products. This is a tough time for nutraceutical merchants, but the industry is still lucrative, even with the added heat.

The first thing you need to do is to make sure that you have a reputable nutraceutical merchant account. This can save you a major headache if a chargeback happens, or even if an agency wants to see your accounting information. Secondly, do your research and keep records. Keep thorough records concerning whom you purchased your goods from, as well as where they indicate the products originated. It is not good enough to know that they were packaged in Florida. You need to know where the actual ingredients came from. Not only do well-informed consumers want to know this, but also many times when your business is scrutinized by a governing agency, they want to know this. It not only shows that you are on top of your business dealings, but that you are also well informed about the industry.

You also need to make sure that whatever you sell does not have false claims on the packaging. Many companies and manufacturers get into trouble with this, and it can cause you to lose money. Plain packaging works best, as anything with any type of claims can quickly get you into trouble. Nothing can make you lose 50% of your body fat in a few months, so why sell a product that claims to do so?

Overall, the nutraceutical industry is great. More and more people are turning away from prescriptions and traditional medication for nutraceutical remedies, and there is a need for well-informed merchants. While the industry can be tricky, and at times give merchants a headache, it is well worth it. Not only is it worth it money-wise, but also for the fact that you are offering consumers an alternative to the traditional medicinal route.

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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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