Why You Need Nutraceutical Credit Card Processing

Nov 07, 2018

Unfortunately, many credit card processors do not want to work with nutraceuticals businesses. Without a merchant account, these businesses have no way to accept credit and debit card transactions. They also struggle to secure the financing they need to grow their business and cover costs.

There are two main reasons for this. First, the industry is regulated. The U.S. government regulates nutraceutical businesses, which means these companies are unable to make certain promises about their products without having supporting clinical trials. For traditional payment processors, this makes nutraceutical businesses “high risk” to work with. In order to offer processing services, a thorough review of the nutra merchant account application must be done to ensure compliance with these federal regulations; this requires extra underwriting due diligence by the credit card processor.

Second, nutraceutical companies are vulnerable to high chargeback ratios. While many nutraceutical companies maintain happy customer relationships, they are more vulnerable than some industries to high rates of chargebacks (especially those that use a subscription-based model). When it comes to health products and supplements, not every customer will be he satisfied with their experience or results. This creates a financial risk for the credit card processor. Considering all of this, many merchant services providers simply choose not to work with the nutraceutical industry.

Other factors that push a company into a high-risk category include:

  • Business Location
  • Business Size
  • Credit History
  • Credit Card Processing History
  • High Chargeback Ratios
  • Type of Industry
  • Whether a Business Exclusively Operates Online

Types of Nutraceutical Merchant Accounts

Alternative providers, on the other hand, have stepped in to fill this gap. Seeing the industries need, high risk specialists like emerchantbroker.com offer nutraceutical merchant account tailored to meet these companies specific needs. At EMB, or eMerchantBroker.com, we understand that nutraceutical merchant accounts are hard to come by. We offer our vast array of skills and knowledge to help ensure that nutraceutical business owners and their companies have the very best options by offering fair rates and excellent software, security, and terminals.

With EMB, you secure a full suite of merchant account options, including:

  • Retail – This option allows your nutraceutical company to accept face-to-face credit and debit card payments via a credit card machine or point of sale system.
  • Mobile – A merchant account that enables you to accept in-person payments via a credit card swiping attachment that quickly plugs into your iPad or mobile device.
  • Virtual terminal – This option enables you to accept payment over the phone, via mail, or via your laptop.
  • E-commerce – Take your nutraceutical company to the next level by selling products online via your website.

Why Choose EMB

The team of experts at EMB believe every business deserves a chance to thrive, including nutraceutical companies. As an award-winning processor, our team has years of experience in offering solutions tailored to meet each business types’ unique needs – solutions that address each industry’s biggest challenges. With a nutraceutical merchant account, your business also gain access to other key tools and features, including:

  • ACH Processing
  • Business Funding
  • Chargeback Dispute Resolution and Prevention Programs
  • Instant Check Processing Solutions
  • High-Volume Payment Solutions
  • Merchant Cash Advances
  • Mail Order/ Telephone Order (MOTO) Processing
  • Online Payment Gateways
  • Point-Of-Sale (POS) Solutions

If your business needs payment processing, you can quickly fill out an application online to get started. The application itself takes just minutes to complete, and you will hear back in as little as 24 hours. Even if you have less than perfect credit or past bankruptcies you can still qualify. Startups with no credit history, companies with high chargeback rates and returns will also qualify for our nutraceutical merchant account.

Contact our team and get started today.

Let us help you get a high risk merchant account today!

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Award winning.

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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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