Vitamin & Supplements Merchant Processor

Reduce The High Risk In Your Nutraceutical Life Supplements For Merchant Accounts. Payment gateways have become a household name, almost synonymous to ATM except that you are sitting at a different place from the target or destination and the transaction medium is virtual terminal. From mobile recharges and ticket bookings to E-Commerce and bill payments, merchant accounts have literally taken up financial transactions both online and offline.

How do you pay your bill through a merchant account? The company or business enterprise you are attempting to pay would have entered into an agreement for channeling their financial inputs and outputs. So, whichever website you open to pay the bill, you will be redirected to the gateway page of that particular provider who is giving the account to the concerned company.

Merchant Account for Nutraceutical Industry

The marketed product of a neutraceutical company may be raw materials for finished formulations meant for end stage pharmaceutical or cosmeceutical companies or as specialized range of herbal products marketed and sold by the parent company itself through the website or online stores and multilevel marketing (MLM). The product range can include anything from baby products to cosmeceuticals, vitamin supplements, protein and energy drinks, weight management mixes, stimulants, analgesic edibles, anti-inflammatory remedies and so on.

Nutraceutical companies have a broad range of association and with a broad range of association comes a complex network of financial transactions. The give and take of payments should cover rural farmers, logistic and supply chain authorities, direct market customers and pharmaceutical companies. These associations are spread across huge geographical locations including national and international clients, storage and distribution units and customers in the domestic and international market.

• The sources and the target of financial transactions can be effectively managed in a timely and secured manner only through a reliable and trustworthy payment gateways; which is the fort of account providers.
• The parent nutraceutical company will be operating in a particular currency and payments may be in different currencies based on their source companies. A reliable and quick conversion system is also necessary for the company as its major share of income comes from pharmaceutical companies spread across the globe.
• International orders may be managed through emails and telephone for which direct payment collection or card swiping will be troublesome. The client’s credit card may not be acceptable by the terminals or high commission fees may be chargeable for foreign currencies.
• A nutraceutical company, thus definitely require the service of a suitable financial partner who can work cohesively and privately to establish a foolproof payment gateway serving its entire associations.

Payment Processor Solutions for a Vitamin Company

Here lies the actual issue. Companies selling herbal remedies, beauty products, skin care creams, sexual enhancement, vitamin supplements, weight loss products, sexual stimulants, energy and dietary supplements, colon cleansing and detoxifying products etc., are categorized as ‘High Risk’ by the merchant account providers, mainly for the following reasons: Their product claims are majorly not for clinically tested finished medicines but for commonly regarded natural remedies. These herbal products tend to change their appearance features like color, texture, smell, consistency etc., and even effect over a period of time and not all customers will be happy with their application in the long run.

There is a tendency among such companies having MLM chain to force the customers to buy various products and even new ones every month as a part of the prescription. This is one of their marketing strategies that may not go down well with the customer base. All these acts may bounce back negatively and the company’s reputation may be at stake any time resulting in chargebacks; a horror for business and merchant account providers alike. Unlike main market prescription medicines and Over the Counter (OTC) drugs, a majority of herbal supplements would not be backed by FDA approval. They may not either fall under suitable categories of the FDA Act or their claims might not be supported by a substantial clinical backup. So anytime, their market can backlash.

There is a tendency among such companies having MLM chain to force the customers to buy various products and even new ones every month as a part of the prescription. This is one of their marketing strategies that may not go down well with the customer base. All these acts may bounce back negatively and the company’s reputation may be at stake any time resulting in chargebacks; a horror for business and merchant account providers alike.

Get Your Application Approved

If your nutraceutical firm thrives on honesty, customer satisfaction and transparent functioning, you can win over the trust of providers and come out of the High-Risk vs Low Risk judgments. There are dedicated merchant accounts providing payment gateway specifically to nutraceutical companies.

There is a very good example for the account seekers, where a newly opened branch of a big nationalized bank offered a mammoth loan amount and all financial services including merchant account on transferring the salary accounts of the company’s employees to that branch. The company had a good reputation for timely payments, salary credit and transparent billing and settling. No knocking at doors and no application fee, a clear convergence of healthy entrepreneurship and open-mindedness to opportunities. Therefore, if you plan to venture into the lucrative businesses of herbal formulations and supplements, you will find your gateway opened, provided you know the road to take and the gate to approach.