Credit Card Processing For Nutraceuticals – Binary Gateways
The nutraceutical industry popularly known as “Nutra” is not a matter to be laughed at. The industry has already expanded where you can’t believe and in the coming future, it will inflate `to about $671 billion by 2024 worldwide. Binary Gateways know how tough it can be to deal with standard payment processors, especially when it comes to selling out various nutraceutical products and supplements online. We assist in supplying those in the nutritional supplement industry with the help of a nutraceutical merchant account.
Be a Merchant Account Holder to Sell Supplements Online
To run a successful Nutra business and build a brand is not possible if you think to work solely on the store i.e offline. Making an online presence, launching a website, and selling products, subscriptions, or services with an eCommerce retail store is a must to expand your chances and position to make revenue. Merchant accounts provide entrepreneurs and individuals alike the ability to make money utilizing their website or suggested eCommerce solution. Stay processing and keep an eye on your transactions with your nutraceutical merchant account.
The most common layer one payment processors on the market may include Square, Stripe, and Braintree. However, these processors do not assist businesses in high-risk areas. That means sadly, online supplement businesses cannot obtain accounts at these stages to be up to accept credit cards. The nutraceutical industry is one of the many hard-to-place business types that doesn’t get enough support from traditional banks.
Why be a Nutraceutical Industry Merchant Account Holder.
As nutraceuticals are unhappily considered high risk, getting a standard merchant account is nearly not possible. However, even if you get success in receiving a merchant account via a traditional payment processor, your business is prone to the risk of disruption. Selling nutraceuticals of any sort is against their service policies and it will result in a closed account once they figure out your business type. Choosing to get a high-risk nutraceutical merchant account helps to make sure that you can direct business without the chance of losing sales opportunities or the ability to obtain fresh customers.
When you seek a high-risk merchant account, upgrade your Nutra products, services, and subscriptions without putting it at risk and your ability to make sales or complete transactions. High-risk merchant accounts are the perfect example for those who have an interest in vending antiques, one-of-a-kind, or alternative products that are not ordinary for the retail market. With the correct payment processor, you will be able to direct business as usual regardless of the industry that you look yourself in.
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Main Reasons for Nutra Being Labelled High Risk
Streaming an online supplement business may not look high risk, but running a business online suggests a huge risk than traditional, face-to-face transactions. Some reasons the nutraceutical market is presently reviewed as high risk to standard payment processors include:
- Chargebacks: The online supplement business and Nutra markets are popular for higher chargeback rates. Sadly, when an industry has a chargeback rate that is more than 3%, it is often called a ‘high risk.’
- Fraudulent Charges: If fraud is an issue with any market or industry, it is speedily marked as ‘high risk’ by traditional banks. Due to the total size of the nutraceutical and supplement industry, the fraud rate is much greater than in other standard markets.
In inclusion to these, many banks hold a weary stance on anything that is traded to be consumed by customers. Consumers have beliefs about the supplements that they take as well. This could promote more bad issues if a customer comes out to them for clarification or is unsatisfied with the product. Problems like this sadly take place to supplement Nutra businesses more often than any other industry, leading to more hurdles and account problems.
Appealing for a High-Risk Merchant Account
Before you commence the application process for your nutraceutical merchant account, it is crucial to collect the following information:
- Banking Information: Personal and business banking account information with statements (currently to 3 months) may be asked.
- Personal Details: Your Social Security Number (SSN) or Employer Identification Number (EIN) may be required depending on how you plan to conduct business.
- Credit Score: You may be asked to give your credit score with your credit history, majorly if you are applying for a high-risk merchant account for the very first time. Your credit history is a method for payment processors to decide whether or not you are having potential for a high-risk merchant account within the nutraceutical industry
- Industry Experience: If you have industry experience or you have tried hands with processing debit and credit card payments, this may help you to get lower processing rates.
- Online Presence: Share your business’ website while submitting your application so that the processor and the bank can be assured that you are pliable on all fronts.
Finding a nutritional supplement credit card processor is not only a method to keep going with a fully operational Nutra business, but it is also a way to get peace of mind every time a customer accomplishes a transaction using their debit or credit card. With a high-risk merchant account, focus on new customers by throwing them proper attention, stocking new products, and enlarging your business rather than being tensed over the potential locking or loss of your merchant account combined.
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Looking For a Supplements Merchant Account you can Trust Blindly.
Most of the majority of nutraceutical merchants that find their route to us have been recently shut down by their earlier processors. This generally occurs because the other bank and processor didn’t systematically underwrite your business, leaving you to uncover fraud and chargeback issues. Fortunately, Binary Gateways’ nature is so supportive that the customer once comes to us never think to switch the company. We have the banking relationships and underwriting in the region to help nutraceutical supplement credit card processing.
We will give an assigned account manager to assist you to stay compliant, get reasonable rates, and get you set up with a safe gateway. Our in-house risk reduction and chargeback management tools are also accessible in case you fight a lot with this problem. If you have any questions at an early stage, during, or after the application process, feel free to contact us. We are here to see your business flourish. Contact us : (801) 761-5001