Payment Services for Your Online Beauty Supply Shop

Jan 19, 2018

Are you starting an online beauty supply store or you already own one? This is a growing industry and is expected to further grow. The US cosmetic and beauty supply stores industry is expected to account for $19.509 million by 2024.

Beauty Supply Industry in the US

Skincare, hair care, makeup, perfumes, toiletries, and deodorants, and oral cosmetics represent the main product categories of the cosmetic market. In 2016, the US was the world’s most valuable beauty and personal care market. It generated nearly 84 billion US dollars in revenue in 2016.

Foundation proved to be the most lucrative segment. In 2016, the sales of foundations in the US generate approximately 985 million US dollars. Next, came mascara, accounting for sales revenue of 941.5 million US dollars. Mascara also was the top segment of the eye cosmetic industry in the US.

However, foundation and mascara weren’t the only profitable segments; lipstick was also a lucrative segment within the cosmetic industry in the US and generated 626.8 million US dollars in revenue for the lip cosmetics category.

Payment Processing for Your Online Beauty Supply Shop

The share of online health and personal care sales as a percentage of total retail eCommerce sales is expected to represent 9% in 2021. In 2016, the percentage was 7.8%.

With eCommerce now playing a major role in the US cosmetics industry, it’s important for merchants in the field to open an online beauty supply store. It’s critical to find a reputable payment processor to work with so to enjoy reliable and affordable payment processing. Consider turning to emerchantbroker.com, the #1 high risk payment processor in the US, to get the lowest possible rates and exceptional terms for a beauty supply merchant account.

Emerchantbroker.com boasts an A+ rating with the BBB and an A rating with Card Payment Options, and is named one of Inc. 500’s Fastest Growing Companies of 2016. EMB talks to every single business to get to know their ins and outs so to provide merchant account services geared to their specific business wants and needs.

Over the past 5 years, the revenue for the beauty, cosmetics and fragrance stores industry has increased driven by the expansive product selections and skilled staff. Per capita disposable income is anticipated to further rise and the industry revenue similarly go upward in the upcoming 5 years.

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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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