If you’re in the nutraceutical business, you’ll know that you basically have a high-risk merchant account. It can be very difficult to find a credit card gateway or other type of merchant payment method, which works alongside sutra sales. The problem? If you don’t have this merchant account, you can’t process payments made by debit or credit cards. This poses a huge problem for you and your clients, and could result in them going elsewhere.
You’ll know without being told that products in the nutra niche are on fire at the moment. It’s no surprise that everyone wants to be a part of it, and with a billion dollar industry on the rise, a Shopify payment gateway or some other kind of free merchant account is in high demand.
Nutraceutical products allow people to utilise natural methods to help them feel better in themselves. We’re talking about things like aromatherapy in the sports nutrition niche, the use of acai berries, products to cleanse the colon, and African mango products. These are just a handful of products, which are in high demands within this industry. Of course, this also includes products to help people lose weight, such as raspberry ketones and green coffee bean extract products. The nutraceutical industry encompasses a large umbrella of products, including anti-aging methods and sexual pleasure enhancement products too.
As you can see, by simply listing a few of these products, you can see how huge and successful this industry has become. Despite that, it is still considered an industry that falls under a high-risk umbrella, and most of this is down to payments. The reason? Most regular banking organizations and merchant bankers will not accept payments, which are linked to nutraceutical companies. Chargebacks are common, and these are inconvenient for both the business and the customer.
Most of the time, a chargeback happens because the customer decides they want to send an item back to the company, or when they decide to pay with a credit card, which is over its limit. This is one reason why a merchant account is often denied to a nutraceutical company. The other reason is the commonplace occurrence of bankruptcy within the industry.
Of course, most nutraceutical products aren’t FDA regulated or approved, which many merchant account brokers consider to be high risk.
There are some merchant account brokers and provides who will work with nutra sale business, but the risk result means a higher rate of transaction fee for handling. It’s worth shopping around, as this isn’t always the case. There are also a growing number of opportunities for acceptance of credit card transactions, but again, you need to shop around.
Finding the ideal merchant processing company can be difficult and can be a challenge, and again, you need to do your research before you make a final decision. The option you settle on needs to meet every need your company has, and it also needs to be highly reputable and reliable. Another thing to consider is whether they offer any additional services, such as online payments; this is something else which could increase your client base. Do they offer payments in more than one currency? Again, this could be useful to you.
Everyone wants a solution to their problems, and when it is something to do with health, people will always flock to find that answer. For instance, those who want to lose weight will always try the newest thing on the market, to help them achieve their aim. Products which are high in quality, safe, and have very few side effects will always be popular, and that is the number one reason why the nutraceutical industry is such a success. Of course, it also shows no signs of slowing down, and will continue to grow into the future.
If you plan to take advantage of this growth, you need to find merchant payment services which help you do just that. Yes, it is difficult, but it isn’t impossible to find the ideal answer to your payment issue. Establishing yourself with a high reputation within the industry will also help.
Of course, a reputation isn’t the only thing you need to build up. Always make sure that you pay your company bills when they are due, and keep your books in good shape. Make sure that you always meet your customers’ expectations, and exceed them if at all possible. By doing all of this, and searching for the ideal merchant solution for your business, you can expect success both now and in the future.
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