Industries worldwide have been classified as low risk, mid risk and high risk industries. Domestic banks and acquirers are quite comfortable in giving merchant accounts to low risk and high merchants, but they step back from providing services to high risk merchants. Nutraceutical merchant accounts, being high risk are mostly avoided by domestic banks and processors. As we have discussed the need for high risk merchant account for nutraceuticals in our previous segment, merchants must look for the best processors to help their online businesses.
The underwriting guidelines for high risk nutraceutical merchant account are strict, obstructive and rigid in domestic banks and acquirers. There are little chances of getting a high risk merchant account for nutraceutical business, unless you have a very good credit history, strong financial base, genuine documentation and adroitly planned business model. If the underwriter goes with an optimistic approach, you may get a nutraceutical merchant account.
The easier option for merchants in nutraceutical industry is to work with offshore high risk merchant account providers. There are many offshore service providers ready to onboard high risk nutraceutical merchants. This is crucial for a merchant to find the most suitable offshore nutraceutical merchant account provider for his unique business model. At the time of application submission and initial onboarding procedure, terms and conditions are agreed upon. This also includes the fees and charges for the services provided. Generally, the application process takes 5-7 days, and the merchant can negotiate with the processor for competitive rates and charges.
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