The Nutraceutical Industry is Coming to Jamaica

Apr 28, 2015

Jamaica is poised to invest big in the nutraceutical industry. Investment and Commerce Minister, Anthony Hylton, believes Jamaica will benefit from establishing a foothold in the nutraceutical industry. In a country desperate for job growth and new sources of income, a market with little regulations and unlimited potential is especially alluring to country leaders.

A nutraceutical product is a purified or isolated item that must have the ability to combat chronic diseases or have a physiological benefit. Nutraceuticals are divided into three distinctive categories: functional food (probiotics, nuts, tomato products, yogurt), functional beverages (sports drinks), and dietary supplements (vitamins, minerals, fatty acids, in the form of tablets and capsules).

The nutraceutical market is booming across the world. According to CNN, over half of U.S. adults use nutraceutical products. Currently, the nutraceutical and vitamin supplement market is worth over $60 billion in the United States. In India, the market is growing even faster than in the U.S. By 2019, the industry is projected to increase by 20 percent, reaching $6.1 billion.

The success of nutraceutical products around the world is encouraging to Jamaican leaders.  At the launch of the National Nutraceutical Industry last week, Hylton stated that the development of the industry would move Jamaica to a more prosperous Jamaica. The country is in desperate need for export diversification to become a bigger player in the international trading system. Nutraceutical professionals also think Jamaica will be a prime location for the industry. The country is home to more than 80 plants that are prominent ingredients in many nutraceutical products.

In addition to vitamins and other nutraceutical product production, Hylton hopes that the formation of the nutraceutical industry will not only induce vitamin production, but also the medical marijuana and industrial hemp industries.

The nutraceutical market is now a global phenomenon, and is ready for smart and independent merchants to establish a nutraceutical merchant account. If the market takes off in Jamaica as predicted, it could mean a wealth of opportunity for forward thinking investors who establish businesses to this area. Contact to learn how you can start your nutraceutical merchant account today and take advantage of this next step in the evolution of the nutraceutical industry.

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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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