Merchant Processing for Nutraceuticals & Supplements
Partner with Moneybox for secure nutraceutical credit card processing and gain access to essential tools, robust security, and dedicated support.
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Nutraceuticals Payment Solutions
The nutraceutical sector, often abbreviated as “Nutra,” is poised for significant growth. Navigating the complexities of payment processing in this industry can be challenging, particularly when selling nutraceutical products and supplements online. Our services are tailored to assist those in the nutritional supplement field by providing specialized merchant accounts that ensure compliance and operational efficiency.
Launching an Online Supplement Store
In today’s digital age, solely relying on offline sales is insufficient for a thriving nutraceutical business. Establishing an online presence through a website and utilizing an eCommerce platform is essential for expanding market reach and optimizing revenue generation. A merchant account empowers business owners to process payments directly through their websites or chosen eCommerce platforms, keeping transactions smooth and under control with a dedicated nutraceutical merchant account.
Challenges with Conventional Payment Processors
Major payment gateways like Square, Stripe, and Braintree are typically categorized as tier one processors. Unfortunately, they tend to shy away from high-risk industries like nutraceuticals. This leaves many supplement businesses unable to secure merchant accounts through these popular platforms, making it difficult to accept credit card payments. The nutraceutical industry, known for its high-risk classification, often finds traditional banking support lacking.
Why Nutra Businesses are Classified as High Risk
While running an online supplement business might not initially appear risky, the digital nature of transactions introduces significant risks compared to traditional retail:
- Consumer Expectations and Product Issues: Banks often approach consumable products with caution. Supplements come with consumer expectations for efficacy and safety. If these expectations aren’t met, or if there are issues with the product, it can lead to frequent customer service interactions and disputes. This scenario is more prevalent in the supplement industry, resulting in additional scrutiny and challenges in maintaining merchant accounts.
- Chargebacks: The nutraceutical sector experiences elevated chargeback rates, where customers dispute charges. An industry with a chargeback rate exceeding 3% is typically branded as ‘high risk.’
- Fraudulent Transactions: When fraud rates climb, industries get tagged as ‘high risk’ by banks. The vast scope of the supplement and nutraceutical market unfortunately correlates with a higher incidence of fraud compared to other sectors.
Securing a Reliable Merchant Account for Supplements
Many nutraceutical merchants come to us after being unexpectedly terminated by their previous payment processors due to inadequate underwriting, which leaves them vulnerable to fraud and chargebacks. At Moneybox, we differentiate ourselves with robust banking ties and thorough underwriting processes tailored to support the unique needs of the supplement industry.
Frequently Asked Questions
Start A Complimentary Rate Analysis
Discover hidden savings in your merchant account
What you’ll get:
No Cost
Confidential
Upload a recent merchant statement
We will identify where the WASTED SPEND hides within your EXISTING merchant account.
We will present an overview of account and fee health and discuss whether significant savings can be achieved.
You are not obligated to purchase anything.
You do not pay us ANYTHING unless you elect to have Verisave implement cost reductions on your behalf.