Getting Credit Card Processing for Your Nutraceutical Company
The nutraceutical industry is growing and expanding with rapid advances. Global total annual revenue for the nutraceutical industry accounted for $181.4 billion in 2015. By 2017, it’s anticipated to make up $204.6 billion. The industry is growing at an annual rate of nearly 6.3%.
More and more companies appear in the field that introducenew nutraceutical products to consumers worldwide. Today’s top 10 nutraceutical companies offer products like liquid supplements, which are very popular and are resulting in thousands of sales every day.
Payment Processing for Nutraceutical Businesses
Nutraceutical businesses are labeled as high risk, which suggests the payment processing regulations concerning the industry are associated with conflicting rules. There’re a number oflarge merchant account providers that aren’t willing to work with nutraceutical companies and process payments for them. The reason has to do with thequestionablelegal status of certain supplements and higher rates of chargebacks.
It’s too important for nutraceutical merchants to find a reputable payment processor in the field that’s ready to provide high risk merchant accounts with the best possible terms and rates.
With a respectable high risk merchant account provider, you can get a nutra merchant account without major challenges. All you need is to go through a simple application process and just complete a simple free online application. Afterwards, you’ll receive a PDF copy by email, which lists all terms and pricing for your electronic signature. Once approved, you can begin processing credit cards for your nutraceutical company.
The true professionals in the industry are well aware of the unique needs of your high risk nutraceutical business. They’ll handle setting up your chargeback management tools, payment gateway, and make the process easy and hassle-free for you.
Nutraceutical Companies. High Risk Nutraceutical Merchant Accounts.
Businesses in the nutraceutical industry generally fall into one of the following SIC codes:
. 2834: Pharmaceutical Preparations
. 2833: Medicinal Chemicals and Botanical Products
As a rule, nutraceuticals use the following NAICS code:
. 325412: Pharmaceutical Preparation Manufacturing
To get a high risk merchant account for your nutraceutical business, you need to apply to ahigh risk merchant services provider that has a bank sponsor relationship that’s willing to accept nutraceutical businesses.
The majority ofnutraceutical businesses spend their 1stfew months determining fulfillment, their ad bidding strategy, and other issues.Their 1sthigh risk merchant account is typically capped at around$25.000 – $50.000 per month. Usually, after you have successfully been processing for 3 – 6 months, you’ll be able to get your MIDs (Merchant Identification Number) re-reviewed and obtain a higher limit.
Finally, don’t forget about the importance of the underwriter. It’s the underwriter who decides whether to approve you or not. The underwriter is responsible for ensuring your business is a good risk for the credit card processing company. So, make sure your business looks predictable, financially stable, responsive to customers, legitimate, and legal.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No.1 high risk merchant accounts company, serving both traditional and high-risk merchants.