Tips for Starting an Herbal Supplement Business

Jul 20, 2015

There are many types of businesses that one could start. From e-cig businesses to hair salons to online dating websites, the possibilities are endless. One of the hottest, but looked over, business opportunities is herbal supplement sales. From online sales to pop-up shops to brick and mortar stores, your business housings are as big as your imagination. The herbal supplement industry is hot, thanks to Dr. Oz and other television doctors singing their praises. While care should be taken, these businesses could end up being a godsend for you and your desire to live the American Dream.

Opening any type of business is tough, but herbal supplement businesses have a few more issues than the average business. Most states have regulation when it comes to businesses selling herbal supplements, so be sure to thoroughly research before applying for your business license. Another issue comes with locating an herbal supplement merchant account. Every business needs a merchant account to process plastic card payments, but because of the sensitive nature of herbal supplement companies, one can be hard to find. Be sure to research this as well, before signing your name to any merchant account-processing contract.

Once you have a business license and merchant account, you need to focus on your inventory. Make sure that you know where your products are coming from. Not just the merchants that are selling them to you, but also where they go them. You need to know where every ingredient comes from, as customers will ask. If something is harvested in Peru and manufactured in Utah, you need to know this. You also need to know the track record of the merchant that you are getting your goods from. Make sure that they are on the up and up, and have not had any issues with the FDA or other regulators. You do not want to have your supplier get into trouble, and suspend sales at the drop of a hat. That problem would result in you either not carrying the product, or having to hurry and search for another manufacturer. A good rule of thumb for any business is to research what you are getting into, and the herbal supplement business is no different.

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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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