This is true mostly for nutraceutical companies, sad but true which must also navigate balancing customer needs with operating in full compliance with industry laws and regulations. In order to achieve this, nutraceutical merchants rely on credit card payments from customers to be able to make money and support growth.
Nutraceutical is a combination of the words “pharmaceutical” and “nutrition,” and a category of the umbrella term “supplement.” Supplements are isolated, condensed vitamins, minerals and other food derivatives that help fill gaps in an individual’s diet (e.g. vitamin C, magnesium, potassium, etc.), while nutraceuticals aim to go beyond basic nutrition supplementation by enhancing some aspect(s) of an individual’s health. Some examples are garlic capsules, spirulina powder, probiotics and echinacea.
We live in an age where good nutrition practices are widely available. The variety of dietary supplements can be overwhelming, with dozens ofminerals, vitamins and extracts. Nowadays people are more and more dependant towards these products and you get recurring business to one or the other supplement. Your company may be dealing into either one or more or all of the following products like Acai Berry, African Mango, Green Coffee beans etc. People have started to look out for more natural solutions to all health problems from skin care , hair care to fighting depression; the market of nutraceutical products is expanding. Example for nutraceuticals, large population of American population take them for anti-aging effects, maintaining blood sugar, strengthening immunity, dietary supplements, work out supplements, skin care, stress management, and weight loss followed by others. With an range of products and uses this market promises great stream of revenue. There are a large number of customers you can gain with right merchant services.
Companies in the nutraceutical industry develop and manufacture vitamins, herbal remedies, dietary supplements and other natural health products that promise better health and wellness and people blindly believe in them. Both large and small companies can thrive in the sector. Small companies shalleffectively compete by specializing in niche nutritional products while large companies usually benefit by focusing on research, manufacturing and marketing of products. Below are a list of few products:
Medicines made from botanical ingredients
Natural male enhancements
Nootropics, such as cognitive enhancers
Weight Loss supplements
Workout and sports performance supplements
Herbal and Supplements Merchant Account:
The business model for nutraceutical companies makes it really difficult to find approval for credit card processing from financial institutions. Since high risk business the nature of the industry with many customers requiring recurring billing and a greater chargeback rate, nutraceutical companies must look to credit card processors.
Merchants processing high volumes of Herbal Supplements and Vitamins transactions lower risk and increase business growth by establishing multiple herbal supplements and vitamins merchant accounts. It makes good business sense for merchants in a “high risk” category to protect their business by diversifying merchant accounts.
If you are a new or start-up company, it is integral for you to set up a merchant account. It is because such a measure is bound to boost your sales. Accepting credit cards and, thereby, providing a secure mode of payment to your customers is known to increase customer satisfaction.
Are you looking for a merchant account for your brand newly established company? iPayTotal offers both high and low-risk merchant accounts to a variety of businesses, both domestic and international. iPayTotal provide you with the virtual terminal you require. We are well known for conducting hundreds of debit card transactions daily. We have an huge network of retailers and online nutraceuticals and herbal businesses.