A nutraceutical merchant account is a custom-made bank account for businesses in the nutra space. If you sell supplements, diet pills, or any vitamins online, you’ll want a payment processor that keeps your account running. Obtaining nutraceutical credit card processing is a challenge sellers face. Nonetheless, experienced payment companies can walk you through the onboarding process and get you approved quickly.
Nutra is categorized as “high risk” by most merchant providers. This is because most items sold are ingestibles and may not be FDA approved. With a large range of dieting products in the market, payment processors take on risk when boarding new accounts.
As an industry practice, nutraceutical companies often use continuity billing to sell new products. With this model, they ask for credit card information upfront and provide a free trial for a limited time. After the time expires or if a product isn’t returned, they charge the customer.
As a result, continuity billing often results in higher chargeback rates than standard ecommerce purchases. Nutra payment processing accounts all have set limits on how many chargebacks you’re allowed. Most are set around 1.5% – 2.0% for standard accounts. If you exceed this, you’ll need to work with your payment processor to increase your chargeback limits.
Nutraceuticals or “nutra” for short, is used as an all-encompassing term for supplemental vitamins, tinctures, or concentrates that focus on improving a goal. From weight loss to erectile dysfunction, there are many types of products under the umbrella of nutra including:
Get nutraceutical payment processing for high risk businesses selling online or in retail stores. If you’re in the market for a new merchant account for your nutra store you’ll want to pick the best in the industry. Here are some key features to keep in mind when finding an account provider for your supplement shop.
Although high risk merchant accounts come with a premium, it’s essential to shop around for ones that provide low rates. Keep your profits high and expenses low. As your sales volume increases, don’t forget to negotiate for decreased fees on each transaction.
Every day you wait for your account to open, you lose another customer. Find a team that guides you through the process fast with dedicated agents who expedite your approval. Some providers even have an instant or automatic approval process that you can apply for.
Know the exact terms associated with your credit card processing solution. Which cards you can accept, your chargeback rates, your merchant account limits, and other information is key to understanding your processor.
There’s more to a merchant account than a banking solution. You’ll want to equip your store with fraud protection tools, chargeback mediation technology, and other important features that help you make the most of your payment processing resources.
On the backend of your website is the gateway that exchanges information at each purchase. A gateway also provides a user-friendly interface with numerous benefits. Find a nutra gateway that tracks customer purchases, generates reports, and has a modern interface.