Now Sell Online Easily With Supplement Merchant Account!
Just like any other businesses, a supplement business also requires to have a credit card processing solution. Having a merchant account for supplements allows a business to retrieve payments through the website or online web application. But because of strict guidelines and laws, it becomes somewhat difficult for a supplement business owner to get a supplement merchant account. But now with Quadrapay, you do not have to worry, because we are working with top-rated payment industry experts that support most of the supplement businesses. For supplement businesses that are registered under European Union, we have several different processing solutions to be offered. For business merchants that are registered under the US junctions and running an online supplement selling business, we have an Echeck/ACH solution.
What Makes It Difficult For A Nutraceutical or A Health Supplement Business To Get Payment Processing Solution?
For a nutraceutical and health supplements selling a business, there are several reasons behind which makes it to be categorized under the high-risk business segment. Some of the significant reasons behind this cause are as follows:
- One of the primary reason behind a business owner to face difficulty to obtain a supplement merchant account is the false advertisement of products. There are a lot of websites where irrelevant products images; the description is shown on the domain. These activities also lead to an increase in the number of chargebacks as people may claim for faulty product and services. If things become more sensitive, then this might become a reason for the suspension of processing payment account. That is why it is majorly advised to supplement business merchants to show and mention the correct information about the product and services you offer. Disclaimers are also essential in this industry. Additionally, if all your products are under lab certified, then adding the certificate copies and actual test parameters of all the tests will act as a bonus factor in making a tremendous and successful supplement selling business with a supplement merchant account.
- Also another reason that makes it difficult for a supplement business to get approval for a merchant account is the trial offer being offered. Most of the processors reject the application for a merchant account as soon as they see a trial offer is provided on the website for products and services. There might be some merchant account providers that may approve for a smaller period trial offer, but that should not be that much extensive. For quick approval supplement merchant account and better processing solutions, a business should avoid offering trial offers as this approach will benefit them with lower chargebacks.
- Business Reputational Risk: Because of reputational risks involved in terms of buying and selling nutraceutical and supplement products, most of the reputed banks and financial institutes rejects for providing supplement merchant account. This is the primary reason for an adult business and online dating sites as well.
- Complete Documentation: Every payment processor looks for a merchant application form and verifies all the set of KYC documents under in-depth verification. That is why it is majorly recommended to be prepared with all required KYC documents at the time of applying for a supplement merchant account. This provides a faster approval and integration experience. Some of the must-have KYC documents are like identity cards, bank statements, processing records, utility bills, business plans, registrations certificates and supplier agreements. For supplement products, there might also be required for lab reports of the products being mentioned on the website.
- The number of chargebacks: The nutraceuticals and supplement industry is known for its better returns, but at the same time, it is highly prone to chargebacks. The primary reason behind such chargeback may be because of a trial offer being offered.
For more information on Supplement Merchant Account, you can mail us at [email protected].