Get Quick Approval for Nutraceutical Merchant Account
Nutraceutical companies offer a lot to their consumer base, which includes anyone looking to improve their health or beauty—so, everyone. These products include dietary supplements, weight-loss aids, colon cleansers, skin care products, and anti-aging products. Despite the money-making potential for nutraceutical businesses, companies are having a hard time getting approved for a merchant account due to their industry’s widespread label as “high-risk.”
Banks and financial institutions tend to stay away from anything that could be risky in terms of financial liability. However, there are still account providers willing to work with nutraceutical companies, but even they have standards. This post outlines a few ways nutraceutical businesses can increase their chances of getting approved for a high-risk nutraceutical merchant account—which is essential for business success and growth!
Do what you can to provide fantastic customer Service
One of the first things an underwriter will do upon receipt of your application is search customer reviews of your company online. Too many negative reviews of your products or services indicate that your company may be vulnerable to an especially high rate of chargebacks, or that your financial success may be only fleeting. After all, consumers trust other consumers more than they trust advertisements or sales techniques.
Best Way to Deal with Negative Reviews?
Your company should observe popular reviews on sites, like, Google Reviews, Amazon, and many more to go through general objections and any nature among disappointed customers. You should also take out time for the customer complaints directly when you can. You should be able to respond to the reviews which are left on the website, and if there are complaints related to a process that you could suitably change.
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Set up company history
High-risk merchant account providers are likely to refuse start-ups a merchant account. You have to demonstrate your dependability and possibility as a company. Account providers don’t want the financial responsibility left behind by a failed business, and most new companies are hopeless from the initial stage. After your company has given practical, concluding there are no other warnings clubbed to your operations, you will have gunfire at getting sanctioned or approved for your merchant account. To expand shortly, you have to process card and ACH payments—you can’t always operate on PayPal forever.
Shrink your rate of chargebacks
The number one defamer for a business applying for a merchant account is the rate of chargebacks provided against it. The fact is, a probability of chargebacks is what’s restricting your business from ever being sanctioned for a standard-risk merchant account. Chargebacks are generally provoked by credit card companies in the name of their customers in return for a purchase that is not been authorized. Consumers aren’t presumed to ask for chargebacks for sorrow with products, but there isn’t much ceasing them from doing so.
This is another segment in which quality customer service is demonstrated usefully. If you can convince a customer’s protest, and do so before they feel they need to resort to calling their credit card company, you should it immediately! Also, feed your records, employ fraud-fighting techniques and be clear and honest about the products so that the customer receives the genuine product.
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Cautiously contemplate the business model
Some business models just double the risk to businesses when you are applying for a merchant account, specifically those who are already operating in this sector known as “high-risk.” These are some of the more usual billing techniques that might need you to be extra alert for the chargebacks and customer’s gratification:
- 1. Delayed billing: The longer time between billing a customer and giving the service, the more exposed you are to chargebacks.
- 2. MOTO: MOTO defines “mail-order, telephone-order,” but the term just encloses all card-not-present transactions.
- 3. Continuity billing: This falls you at risk of chargebacks from customers who may not imagine they are going to be billed continuously or who overlooked that they signed up for regular service. Nutraceutical companies that are the regular user of this business model in joining with free-trial offers must be specifically clear about the terms customers are admitting to it.
Shrinking the risk of fraudulent transactions
Observing the robbery is one of the top reasons, and a security estimate should be taken to guarantee that all card transactions are legal and valid. The right merchant account supplier should also be able to give you with more fraud-fighting and chargeback prevention tact’s and tools to safeguard the dependency of your finances even in the coming future. This action should comprise:
- 1. Need for CVV code from customers
The three-four digit number which is at the back of the credit card assists you to confirm that the customer genuinely has the physical card with him or her and have the ownership of the card as well. CVV verification is free of cost, and the number cannot be saved anywhere at any point in the transaction, so it is trickier for identity thefts to get.
- 2. Manually reviewing doubtful orders
Don’t confirm any big orders that dint has passed the manually reviewed process. You can always investigate with the customer to authenticate the order they’ve appealed, or ask if they might have another credit card number they can use. It is up to your observation to decide when this might be needful —as you might bother a genuine customer.
- 3. Be Clear and Open
Present clear and perfect terms to your customers. If you are recognized as operating dishonestly, it will be a very tough job to get sanctioned for a merchant account with a quality contributor.
Your appeal for a merchant account needs to demonstrate responsibility and success in reducing the risks of cooperating with your industry. Once you finally get a merchant account, your business will have an outbreak of more tools and resources to wrestle fraud and secure chargebacks, and you’ll be able to give your customers many payment options.
Just keep in mind, if an account supplier announces impractically less transaction fees or rates, or assures approval of maximally all the applicants, they nearly aren’t trustable. A standard high-risk merchant account provider has to trust your business just as much as you also need to reciprocate them.