Health and Beauty Merchant Account Solutions
Health and Beauty Merchant Account Solutions
Health and beauty is a very aggressive field yet highly profitable industry. If you are a merchant pursuing online sales or storefront sales, a health and beauty merchant account is the most necessary thing for your business.
There are various sub-niches themselves in the health and beauty industry, and with these can come many ways of business models and payment processing modules.
Health and beauty merchant accounts and payment processing are generally considered high-risk by acquiring banks and payment processors. This states that you should be a merchant in this segment, you have to neglect traditional, low-risk solutions, so you don’t risk achieving your merchant account discarded in the coming future.
While high-risk merchant accounts will approximately charge you more, they also assist in establishing your business up for success in the long term and permit you to receive payments, fight against chargebacks, and process transactions world widely.
At Binary Gateways, we quickly go through your business, get you authorized, and establish you with a merchant account so that you can exercise transactions. Once you request a merchant account, we can control the best solutions for your business and make sure that you are luckily in the health and beauty industry. The health and beauty field is on speed to yield over $500 million in the upcoming years. Over 22% of all health and beauty financial exchanges come from online sales. This clearly defines that the storefronts can take advantage and take their business to another level with an online store.
The most common MCC code for health and beauty products is 7298. Please note the below-stated examples of health and beauty merchants
- Hair care
- Sexual health products
- Bath essentials
- Wellness products
- Nail care
Payment Processing Solutions for Cosmetics by Binary Gateways
Binary Gateways is glad to offer the below stated for high-risk beauty credit card processing:
- Fast account approvals within 24-72 hours
- No setup fees
- No annual fees
- Approved application fees
- Risk reduction
- Payment gateway integration support
- Low-risk rates.
- Expand approval ratios based on your target customer base
- Exceedingly aggressive high-risk rates as low
Binary Gateways offers all the solutions for cosmetics and beauty merchant’s world widely and endeavor to make sure that the pricing is always 100% transparent.
Why This Business is considered High-Risk?
The term “high-risk” is generally categorized negatively. High-risk merchant accounts have their pros at the expense of generally paying high fees. The main factor why the health and beauty call is considered high-risk is the huge number of chargebacks.
Apart from chargebacks, the cosmetics industry is also declared as high-risk due to acquiring banks and payment processors as they may have inborn goodwill risk relying on the products being vend.
If a payment processing provider permits transactions to take place for unproven products, it could come to a place with injuring their reputation, which banks neglect at all costs. Below stated shows the solid reasons why health and beauty businesses are often considered “high-risk.”
- Chargebacks (customer disputes)
- Lack of FDA Approval
- Reputational Risks
Applying For the Best Health and Beauty/Cosmetics Merchant Account
If you’re selling health/beauty products online, you will need a well-founded solution to processing transactions. Are you looking for payment processing solutions for cosmetics/health and beauty can generally be difficult as this industry is considered as high-risk?
At Binary Gateway, we have over two decades of high-risk credit card processing cases, and we have a full grip on the health and beauty industry.
When it comes to requests for your health and beauty account, we make sure that everything is as easy as it possibly can be. Once you are done with the submission of your application, our team will go through your business and get the best payment processing solutions for health and beauty products.
We are so proud to serve you all pricing structures for businesses, and we pride ourselves on 100% transparency with all of our clients.
You should use Binary Gateway, you will be interiorly pre-approved for your high-risk merchant account, and you will then talk with your account manager, who will be there 100% all the time to guide you through the application process.
You will need the subsequent when filling out an application:
- A fully manageable website
- A canceled check or proof of bank accounts
- A Driver’s license or an authorized government I.D.
- Social security number
- Six months of bank statements if possible
- Articles of incorporation
- A fulfillment agreement
After submitting your application, you will be sent an email shortly after this. This whole process will take between 24-72 hours on average, relying on the information given to us.
How to Get the Best Payment Processing For Cosmetics/Health & Beauty
You must be looking for payment solutions for cosmetics specifically, we firmly suggest you at least relate the rates and consent applications with high-risk credit card processing companies. Fees and events will in the end vary from processor to processor, and you know that certain companies can serve you services that others are not capable of.
Customer service is one of the most crucial things when deciding on a cosmetics merchant account solution. Should you be undergoing continuous delays all around your application process, this could be an instant red flag.
Email us anytime!
Email customer service 24/7 at email@example.com
Call us anytime!
Reach customer care 24/7 at (801) 317-1089
When looking at your statements, you urge to have clear transparency with your supplier and know that, you have to talk with them, you can do this anytime you want to.
At Binary Gateways, we know how important customer service is, and we are available to you with all sorts of answers to your questions and get will direct you to the right path.
Fees Associated With Health and Beauty Merchant Account
Should your business be judged as high-risk, the fees will differ? You will mostly pay more than expected in a typical brick-and-mortar beauty store would if you are working primarily online due to card-not-present (CNP) transactions and the chargebacks that ofteaccompanyes with them.
With this being declared, that your business will be able to process global transactions without any tension of having your account dismissed overnight and your funds held.
Binary Gateways also approves all application, annual, and setup fees to continue transparency. Our main preference is to give top-grade payment processing at economic and genuine rates.
Overview of the Health and Beauty Industry
The cosmetics industry has been gathering a near about 5.5 percent boost in revenue per year since 2018. If we talk about the ruler in this segment skincare rules the health and beauty industry, accounting for nearly 39% of total sales all across the globe.
Organic beauty products are awaited to increase to about $54.5 billion in the United States by 2027.Universally, the health and beauty industry has unexpectedly many products and business models that can be immensely profitable.
The United States at present conduct the charge when we talk about beauty product utilization. In 2018, The U.S. utilizes over 89.1 Billion dollars of beauty products.
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Fraud in Health and Beauty Industry
Like we see in all ecommerce businesses, fraud is much uncontrolled in this industry as well. Merchants can deduct fraud by selecting a well-recognized payment service provider that knows how to diminish fraud from your business.
At Binary Gateway, we offer Accepting payments in multiple ways for this business type as it has become a necessity, no matter what is the type and size of the organization. We help merchants so that their risk should be cut down dramatically to reduce the risk of fraud.
To make sure about their security in health and beauty merchant accounts, we suggest the following to our clients:
- Always choose and deal with payment services providers who completely know your business model.
- Select a supplier that has a secure payment gateway –Binary Gateways offers this as well as our gateway, which is specifically made to help high-volume and high-risk merchants.
- The one which has an understanding of the backend of your website. It is the most important thing that your website is secure and capable to withstand spam attacks.
Why Choose Binary Gateways for Your Beauty and Health Payment Processing
At the binary gateway, processing payments in the high-risk industry are done for so long. We gratify ourselves for being up to date when we talk about security, and new trends, and we aspire to provide perfect services in the health and beauty world. After choosing us for your health and beauty credit card processing, you will be glad to know that you selected transparency, dedicated experience, and the extreme level of payment processing understanding in this risky industry.