Nutraceutical merchant accounts are the ideal solution for online nutrient, dietary supplement, and herbal product manufacturers and retailers looking to grow their business and put the pains of finding high volume processing capacity behind them.
While traditional banks view companies in this sector as high risk, with a nutraceutical merchant account it is possible to accept payments from US and international customers, seamlessly process transactions, and diversify accounts to mitigate risk.
In an age when more than three quarters of the American population are reported to have used some kind of dietary supplement or another, there is more and more consumer demand for products that make consumers look and feel better in their daily lives. Yet with this growing opportunity comes increased competition for manufactures and retailers.
Over time, there have been instances of nutraceutical businesses making false claims about the benefits their products can bring. Unfortunately, this effects the industry as a whole.
While most companies in the nutra sector are perfectly legitimate and reputable, publicity associated with those who are not effect affects the industry as a whole.
Additionally, from a processing point of view, traditional banks consider the nutraceutical industry as a whole as a risky one due to above average chargeback rates from consumers, the prevalence of recurring and ongoing billing models, and the relative lack of regulation of the industry.
The result is that many traditional banks are unwilling to open accounts for nutraceutical companies – and even when they do, they are limited.
Paynetsecure’s nutraceutical merchant accounts assess each business on its individual merits. Our underwriters review each business’ individual file to ascertain the risk levels on that specific business as opposed to generalizing the industry as a whole.
This is achieved by evaluating the products an individual business sells and carrying out checks on the ingredients to ensure that they are legal in the markets being sold into. The packaging and marketing of the products online is also assessed in order to ensure that no false or embellished claims are being made which, on investigation from federal agencies, could lead to the closure of the company. Payment processing history is also assessed, and chargeback rates evaluated.
Having done so, our accounts provide a number of flexible options for receiving and processing payments from your customers. The main difference with Paynetsecure’s nutraceutical merchant accounts is that we assess each application on its individual merits and considerations.
In addition to competitive rates, fast and personalized approval processes, dedicated account management, and high level security that you would expect from a leading provider, there are a number of other benefits of opening a nutraceutical merchant account with Paynetsecure.
For nutraceutical companies with customers in different countries, the most obvious of these benefits is the ability to process payments via in-country banks around the world. In addition to providing much higher card approval rates than relying on international transactions, this approach also ensures that chargebacks can be minimized through various prevention and mitigation techniques.
Your processing capability will also be supercharged, with the ability to accept unlimited volumes of recurring billing contracts from your customers. This is an ideal solution for recurring billing plans for which customers pay on a monthly basis, and it provides a regular and reliable source of revenue for nutraceutical companies.
Our accounts also provide your business with the processing volume it needs – you can either choose to have a single, high-volume merchant account, or diversify your processing risk by using a portfolio of several merchant accounts.