EthosPay Nutraceutical and Supplement Merchant Accounts
The nutraceutical and supplement industry is growing at an astonishing rate. It is estimated that every day almost two-thirds of American adults take dietary supplements or health-related supplements. The vast consumption of goods from the nutraceuticals industry equates to huge revenue and your business needs to keep up by offering clients the opportunity to pay by credit card in a convenient way.
As a high risk business due to the nature of the industry with many customers requiring recurring billing and a high chargeback rate, nutraceutical companies must look to credit card processors who will not reject their applications based on the nutraceutical industry.
Nutraceutical merchant services from EthosPay include a wide range of benefits which are specifically designed to help your business grow and enjoy larger profit margins. We can provide a virtual terminal which is used to process credit card transactions simply, securely, and effectively, helping new and recurring clients increase their trust in your brand.
A nutra merchant account can also help business owners identify details such as abandoned shopping carts at the payment gateway, help to convert free trial members into full members, reduce chargeback ratios, and much more. These benefits from a nutraceutical merchant account will help your company provide better customer service and grow at a rapid rate.
Merchant Accounts for a Range of Businesses within the Nutraceutical Industry
The nutraceutical industry is vast and includes a wide range of businesses, all of which are blanketed under the same umbrella when it comes to bank relationships and being categorized as high risk. The industry includes business which works in the development and manufacturing of herbal remedies, dietary supplements, vitamins, and a range of other natural products to do with health.
Other companies which qualify for nutraceutical merchant services operate on the sales side of the industry. These include businesses which sell these products or operate in a niche, helping their clients to access remedies for particular ailments. Regardless of which side of the industry your company operates, it will be treated as a high risk business by traditional banks.
Some of the products developed and sold by companies in the nutraceutical industry include:
- Dietary supplements
- Botanical or plant-based medicines
- Male enhancement remedies
- Weight loss supplements
- Sports performance enhancers
- Vitamins for particular deficiencies
Regardless of what area of the nutraceutical industry your company operates, EthosPay can help with a tailored and personalized merchant account solution. We have vast experience working with startups, small, medium, and large businesses, assisting them in obtaining credit card processing capabilities. Businesses with no credit, bad credit, or excessive chargebacks can complete an application and get pre-approved within 24 hours.
Why Nutraceutical Merchants Face So Many Chargebacks
The nutraceutical industry is susceptible to a high level of chargebacks due to the loose regulation in regards to dietary supplements and vitamins. Usually, the claims made on such products are not verified or substantiated by a regulatory body and this can cause huge headaches when customers wish to return products.
For example, buyers may try to initiate a chargeback due to buying a supplement and not making any lifestyle changes, therefore claiming the supplement doesn’t work. Their lack of activity or failure to change their diet can render the effects of the supplement useless and they will blame the merchant for such incidents. The result of this is a chargeback.
Similarly, the nature of the business can lead to a high number of chargebacks. Many nutraceutical companies will offer clients a free trial and follow that up with regular credit card payments once the trail has been completed. However, people may not understand how the recurring billing system works and that can lead to a chargeback.
Another reason for chargebacks in the industry is the regulation on some of the products sold. Some supplements may make unsubstantiated claims or even contain illegal ingredients. If that is the case, the unhappy buyer of the product may dispute the credit card transaction, leading to a chargeback.
EthosPay uses the latest technology to combat chargebacks. Our chargeback alert system will warn you when a chargeback has been filed and provide you with 48 hours to fix the issue with the client. This will prevent the chargeback from appearing in your merchant account, reduce chargeback ratios, and could potentially save your business thousands of dollars every year.
Get Approved for a Nutraceutical Merchant Account with EthosPay
The application process for nutraceutical merchant services at EthosPay is straightforward and quick. We understand the industry and know how important it is to get your businesses merchant services up and running in a timely and professional manner. We pre-approve applications within 24 hours and can have your virtual terminal ready for processing payments in just 72 hours.
If your business has already been rejected by a traditional bank, has bad credit, suffered from high chargebacks, or is struggling to find a merchant account, contact us today.
- Complete the brief online application for accounts for CBD
- Digitally sign the merchant agreement
- Get Pre-Approved within 24 hours
- Upload any supporting documentation requested
- More than 99% of applications are approved
- Start CBD payment processing within 72 hours
Our specialist knowledge ensures you will get the best merchant service provider for your needs. As experts in dealing with high risk merchant accounts, EthosPay understands that every business has its own unique needs. We meet the requirements of nutraceutical merchants with merchant services that can reduce chargeback risks and deal effortlessly and securely with continuity billing. With an approval rate of 99%, you can get your online merchant account with EthosPay today.