Payment Processing for Aromatherapy Products Online

Jan 23, 2018

The awareness regarding therapeutic uses of essential oils has increased, which, in its turn, has resulted in the growth of the aromatherapy market. The global aromatherapy market size accounted for $1.07 billion in 2016. The market is expected to further grow and become more lucrative in the years to come.

Are you starting an aromatherapy business or you already own one? Have you already found the right payment processor to apply for a merchant account for your business? This article will tell you about the aromatherapy industry and how you can get a reliable and low-cost merchant account to start accepting payments online.

The Aromatherapy Industry

Aromatherapy is considered an alternative medicine therapy that can be used to treat a number of disorders. Aromatherapy can be good for pain management, skin-related problems, cardiovascular disorders, digestion problems, cold and cough, respiratory disorders, immune system functioning, anxiety, insomnia, and wound healing.

Grand View Research, Inc. reports that the global aromatherapy market is projected to account for $2.35 billion by 2025. This growth can be the result of the higher level of awareness about the therapeutic benefits essential oils can have.

According to a recent study by Future Market Insights, the global aromatherapy market is anticipated to grow at a healthy 7.7% CAGR and account for US$ 8.058.8 million valuation by end of 2026.

Selling Aromatherapy Products Online

In 2016, North America played a dominant role, which was driven by the presence of most key players in the US. The market is growing through huge penetration of a wide variety of aromatherapy products.

To get easily approved for secure and affordable payment processing so to start selling aromatherapy products online, turn to EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB. Moreover, EMB is rated A by Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2016.

The US essential oil market accounted for $3.36 billion in 2015. The market is expected to have a 9.0% growth rate from 2016 to 2024. Aromatherapy is anticipated to play a major role in the field of alternative medicines. North America and Western Europe will continue to represent the dominant regions in the global aromatherapy market.

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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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