QuadraPay offers a Tier 1 Quality Herbal Products Merchant Account.
Herbal products merchant account is a specialized credit card processing account that allows herbal companies to accept card payments for selling herbal products and supplements.
Mostly, these accounts are used by merchants that sell ginseng, echinacea, turmeric, multivitamins, probiotics, omega-3 fatty acids, green tea, chamomile, peppermint, immune supplements, arnica cream, calendula skincare cream, lavender oil, tea tree oil, spirulina, maca root, ashwagandha powder, horny goat weed, aloe vera juice, kombucha, nutraceuticals, shampoos, soaps, and lotions.
According to Fortune Business Insights,(Source) the global herbal medicine market size will reach $437 billion by 2032, with an expected CAGR of 8.1%. It is clear that consumers from all nations are trusting herbal products more than they ever did. The demand for herbal supplements has increased significantly. The market potential is enormous and is the key motivation for many herbal ecommerce site owners.
Unfortunately, the herbal industry faces massive challenges when it comes to getting support from credit card processing companies. They have their own reasons like compliance issues, product safety concerns, credit risk, fake commitments by merchants, and biased industry reputation. All these factors make selling herbal products online a tough affair.
Fortunately, there are some amazing payment processors that support herbal companies.These processors offer high-risk herbal merchant accounts. QuadraPay is a partner of many of these acquiring institutions and keeps an open heart towards herbal merchants. Our rates are super competitive, and we assure you that we do not compromise on the quality of service. Our herbal products merchant accounts include a built-in AI-driven fraud identification system. The tool helps merchants avoid orders from fraudulent buyers. Less fraud means more significant savings.
Dynamic currency conversion helps ecommerce companies sell herbal supplements to customers in various nations. The DCC feature converts the price of the product into the customer’s local currency. It utilizes real-time exchange rate conversion to ensure accounting hygiene.
Ask us today about our zero-obligation free quote for herbal merchants. If you are already accepting card payments, then we will send you a possible savings report that will help you to compare our solution with the one that you are already using.
Application Process for Herbal supplement merchant account.
We have kept the application process easy for herbal merchants. We need a few essential documents; however, if need be, the underwriting team can ask for additional documents. Below is a list of essential documents that are common to most herbal merchants.
Business Registration Document: CIO, MOA, AOA verify the legal existence of the herbal company. These documents assure the payment processor that the merchant operates a government-approved business.
National ID: This can be a passport, driver’s license, or any other similar document. These documents confirm the identity of owners of the herbal company. Confirming the identity of business owners reduces the risk of fraud and also rules out identity theft.
Utility Bill: These can be gas, water, electricity, or telephone bills. These bills confirm the address of the company address and directors’ home addresses. A recent utility bill validates addresses shared by the applicant.
Void Check: It is mandatory for credit card processors to send funds only to the business bank account of the merchant. For this, the provider must ensure the bank details of the merchant are validated. For this, the merchant can share a letter from the bank confirming the bank details or even a voided check will work.
Lab Reports: For some products, the merchant acquirer may ask for copies of lab reports. These provide scientific evidence of product quality.
Various other documents may be asked by the merchant acquirer. These documents help the processors keep bad actors away and help identify genuine merchants.
Types of Herbal Products Merchant Accounts:
Herbal Merchant Services for Retail Sales:
As we are an omnichannel solution provider, we also cater to the requirements of herbal retail stores. We can offer brand-new payment terminals for your herbal retail store. Herbal retail credit card processing solutions start at 2.9%.
Herbal Supplement Merchant Account for Online Sales:
Herbal supplements are much safer than pharmaceutical ones when it comes to safety. Herbal supplements may not offer a very fast response; however, they also do not pose serious damage to health. These herbal supplements are becoming extremely popular among people going to fitness clubs and gyms. QuadraPay offers a herbal supplement merchant account.
Alternative Payment Processing for Herbal Companies:
In many countries, APMs are more popular than credit cards. Our APM pricing starts at 0.49%.
Herbal Products Merchant Account FAQ:
Can I use e-check payment processing for herbal products businesses?
Yes, you can use eCheck as an alternative to card processing. Most herbal retailers in the USA use eCheck. This solution does not require the approval of credit card companies. Our rates for herbal check processing start at 1.99%.
Does QuadraPay support startup herbal merchants?
QuadraPay does not discriminate between experienced and startup herbal companies. Startup merchants should share a good and promising business plan. This helps the underwriters evaluate the merchant’s possible business in the coming quarters.
What Countries Are Supported for Herbal Sales Credit Card Processing?
We can support merchants in the US, Canada, the European Union, and the European Economic Area, to name a few. Please remember that our merchants can accept payments from over 100 countries.
Why are herbal companies high-risk from a bank’s perspective?
Anything non-branded or without lab certification can pose a risk to humans. This is one of the reasons why banks do not prefer to work with herbal merchants. The second factor is credit risk, as many herbal merchants offer a free trial. These accounts would eventually attract heavy chargebacks. The third factor is reputation risk. Thus, you should only work with a provider that knows how to manage high-risk merchant accounts.
Which cities in the USA have high usage of herbal supplements?
The cities with larger health-conscious populations tend to have higher consumption of herbal products. These include Los Angeles, San Francisco, Portland, Boulder, Austin, and New York City, to name a few.
