Merchant Account for Herbal Supplements/Nutraceuticals
Introduction
Why would you want to get a merchant account? Well, the answer is simple: merchant accounts let businesses and companies receive debit card or credit card payments from the customers directly. It's a complete set of services, hardware, and software that will fully automate the process of receiving debit or credit information, verifying it, and transferring the funds directly to your business account.
Whether you're just thinking of getting a merchant account or you've already tried and failed, you already know what a merchant account is, which means you would also know that getting a merchant account for your company is no easy task. If you didn't already know that, now you do.
Denied by Other Credit Card Processors?
You may have already faced rejection by a credit card processor or been told that your business is deemed high risk, but that doesn't mean you can't get a merchant account. The truth is that there are several specialized services that deal with the same high-risk services such as yours. These merchant account providers, such as this service, will not only work with you but also give you lower rates and all the services you need to grow your herbal supplements business.
Why does this happen? How can one service deem you high risk and reject you, while another takes you in and offers you a merchant account despite the high risk involved? Simply because different services have different underwriting guidelines. Strict guidelines mean you won't be approved, while more lenient ones will approve you for a merchant account.
Risk Analysis of the Herbal Supplement Industry
This task to get a merchant account is further made difficult by the fact that your industry is listed as a high-risk industry. The chances are that you already know this, but if you don't, here's the truth bomb. The herbal supplements or nutraceuticals industry is deemed a high-risk industry.
It's true that the list of industries considered risky is getting longer, especially in today's world as scammers and identity thieves plague us. This is also the reason the herbal supplement industry is deemed high risk. This is not a new trend and in fact, scams in herbal supplements have been going on for centuries now.
So the question is, will you be able to get a merchant account for your herbal supplements business? The answer is yes, you will because you have arrived at the right place.
Online Merchants
The herbal supplements industry is huge and the internet has made it even easier for online merchants to set up shop as long as they can find a service that provides them with a merchant account. If you have tried opening an online or offline health store before, you'll know how most merchant account providers turn you away.
This happens at the application process and the high application fees you paid goes to waste. Fortunately, there's a solution for you if you own a startup business in herbal supplements. Here's how this service will help you.
Type of Merchant Account Required
You'll find that there are several providers that will offer merchant accounts to high-risk businesses, but to ensure that you get the services and features you need, here's a list of things to consider before you make a decision.
If you're conducting business online, which you should be, you'll want to have a virtual terminal that gives you the ability to easily conduct all ecommerce transactions without requiring a signature or card.
Whichever merchant account provider you choose, you'll want to make sure that it accepts as many different credit cards as possible including Visa, MasterCard, Amex, Discover and many more. The more credit cards you accept, the more customers you get.
Dealing with chargebacks is part of the deal of working in the herbal supplements industry. A good merchant account service will understand this and work with you without raising the price or fees.
If you're looking for a merchant account, you should also look for a friendly customer service. You would have to communicate with the service provider when you have to deal with problems, and talking with them is the only way you can get these problems solved.
Working with a single underwriting bank is dangerous because if it stops processing your payments for any reason, it can shut down your business instantly. Always look for a merchant account that is capable of using multiple underwriting banks.
While that's not everything that you should look for in a merchant account for herbal supplements, that's still a good place to start. Make sure you compare several services and their rates before making a decision.
Domestic and Offshore Options
It's true that finding a quality credit card processor for high-risk businesses is not easy. Most of the big names in the merchant account provider business will refuse to offer processing services for high-risk businesses, which can limit your options.
What happens is that these merchants find themselves in vulnerable positions and end up signing for the very first provider that will have them. In doing so, they could be opting for an offshore option instead of a domestic one. This can lead to the merchant agreeing to high rates and poor terms.
That is why all customers are motivated to read their contracts properly and only go for a reputable and experienced merchant account provider such as this one and look for a domestic option.
Conclusion
If you are starting a business in the herbal supplements industry, this service can be of help. Having worked with many herbal supplement and nutraceutical companies, the experience is certainly on our side and our service can turn your company into a successful business.
Rest assured that you'll be helped along the way, whether you need to set up a merchant account or make sure that the fees and rates you're getting are affordable and competitively priced.