Supplement Merchant Services. Cards & Echeck Gateway For Nutraceuticals And Herbal Sales.
Quadrapay is proud to announce that its processing partners are willing to evaluate applications from Supplement sales industry at no upfront cost. Yes, that’s true. Our processing partners are looking forward to assisting merchants that have the vision to excel in the online supplement sales industry. With a Supplement merchant account businesses can easily accept payments on the web. Customers can efficiently use there credit and debit cards to make purchases.
The good news is that the rates are low and integration is super easy.
Presently our processing partners are comfortable in evaluating applications from EU, USA, India, and Middle East for this industry type. Some of our processing partners in the USA offer a robust echeck solution for Nutraceuticals and Herbal business. This works pretty much like a credit card processing account; the only difference is that the payment instrument used is ACH. In this detailed article, you will come to know about various factors that may affect the fate of your application.
Why Supplement Merchants Find It Hard To Get Credit Card/Echeck Solution.
There are multiple reasons behind this industry to be considered high risk or some times very high risk. Few of the factors are explained below.
- False Advertising of Nutraceutical, Herbal and Health Supplement Products. Merchants must be care full about the Images, Text, Video claims which they make about the product. Any claims made must have valid proof available. False claim creates confusion and dissatisfaction. This is the reason why we say. “Show What You Sell and Sell What You Show.” Established players in the market never use false commitment on sites. Disclaimers are also essential in this industry. Your website must have required disclaimers. In case if your products are lab tested and you have the certified copies of these lab certificates, then you should place it on your website. This will create a sense of comfort in the mids of the customers as well as underwriters.
- Trial Offers. A Major challenge in the Nutraceuticals and Supplement sales industry. Many companies will reject the application if there is any Trial offer. Some may say yes to select merchants, but the trial period should not be extensive. At the time of pre-approval, our processing partners may update you about the changes needed on the site in some cases. If you make those changes to the terms of the trial offer, then there is a higher possibility of approval. If yours is a pull product, then you should think of avoiding trial since you may have some good organic traffic on the site.
- Reputation Risk In On-boarding Supplements merchants. Some acquiring companies refuse to work with these merchants because of reputation risk. The same challenge is faced by merchants from industries like Adult and Online Dating.
- Regulatory challenges. Underwriting is a critical job. Payment processing firms have to check deeper for merchants from these industries. This is why you must share all the KYC, processing Statement, Certifications, Business plan, and Supplier agreements with the processor to improve the chances of approval. The processing company may also ask for the composition of each product that you sell online. Please note you should not sell products that are prohibited or not supported by card schemes and banks.
- High Charge-backs in the Nutraceuticals and Health Supplements Industry. Traditionally this industry has seen high returns. The primary reason can be trial offers. One more industry that faces a similar challenge is the Herbal tea or Slimming Tea industry. Merchants should use chargeback alert services and should avoid offering trials and subscription.
Application Process For Supplements Credit Card And Echeck Processing Account.
The application process is similar to any regular merchant account.
- The first step is to identify the correct payment processing institution that will be interested in evaluating your application. Here Quadrapay can help you. We already have established relationships with payment processing companies that may be interested in assessing the application. It will help you to save your time.
- After identifying the right credit card payment processor, you need to send them a filled merchant account application form. In this form, you will have to give essential information about your supplement business. You will also have to send KYC documents.
- The next step is risk evaluation. This basically means critical analysis of your risk profile, line of business, products that you sell, potential credit risk, reputation risk, and many other factors. If your application passes the risk overview, then its the time for onboarding.
- The processing company will send you a proposal in the form of a Merchant Account Contract/Merchant Account Agreement. In this proposal, which is a legal binding agreement, they will put all the terms and condition that you are expected to follow throughout the life of the contract. We recommend you to read these terms and conditions and then after understanding all the clauses sign on the line if you are comfortable.
- After agreement its the time for the integration and test transaction. Our payment processing partners offer readymade plugins for popular shopping carts. With these plugins, you can easily integrate your supplement website with payment processing infrastructure. Your payment processing company will give you some test card details as well as Test Echeck details. These will include credit card information and check transaction information which is used only for testing purposes. After performing the test transaction, you will get a response from the payment processor, whether they were able to receive your transaction information or not successfully. If they say yes, they will allow you to accept live transactions.
Quadrapay Will Make It Easy For You. Get A Merchant Account For Your Supplement Business.
The team at Qudrapay is looking forward to assisting you in finding the right payment processing solution for your supplement business. Send us an email or fill the form available on the contact us page. Our team will be happy to introduce you directly to the payment processing company so that it saves your time and give you the power to negotiate the pricing as well.