The vitamin and herbal nutraceutical supplement industry is huge. The internet makes it easy for anyone to start up their own shop - as long as they can find a merchant account that will accept them. Products like Kava, Kratom, CBD Oil, Botanicals are increasingly under FDA scrutiny and they pose problems for those seeing a merchant account. If you've tried to open a health store in the past - offline or online - you know that a lot of merchant accounts will turn you away at the application process, usually after you pay super high application fees. Fortunately, there is a solution that is friendly towards products like Products like Kava, Garcinia, Kratom, CBD Oil, Botanicals if you have a startup business in the health and fitness industry. Keep reading to learn more about what you should do.
When it comes to merchant accounts for dietary supplement companies - online or offline - here is a short list of the major things you want to consider before you make a decision on which company to work with for accepting payments.
Ecommerce Capabilities - If you're doing business online (which you should be these days), you're going to want a virtual terminal that will give you the ability to conduct ecommerce transactions without a signature and card not present.
Chargebacks - Dealing with chargebacks is part of the process of doing business in the health supplement industry. A good merchant account understands this and will work with you without raising your rates and fees really high.
Setup / Application Fees - When you're just starting out in business, you need to make sure every penny counts. This is why you should look for a merchant account with no setup or application fees.
Friendly Customer Service - Another thing that a lot of people don't think about when looking at nutraceutical merchant accounts is the customer service angle. You want to make sure that when you have a problem you have a friendly professional you can talk with to get it solved.
Credit Cards Accepted - Whatever merchant account you choose, you want to make sure you'll be able to accept as many different types of credit cards as possible. This means Visa, Mastercard, Discover and Amex (American Express) primarily.
Multiple Underwriting Banks - If a bank stops processing your payments for one reason or another, it can literally shut your business down instantly. This is why finding a merchant account that uses multiple underwriting banks is such a good idea.
The list above doesn't contain everything that you need to think about, but it's a good place to start.
If you have a startup business in the health supplement industry and are selling either wholesale or retail botanical products like Products like Kava, Kratom, Garcinia, CBD Oil, Herbal Botanicals, IBI Merchant Services can help. We have worked with many nutraceutical vitamin and herbal supplement companies in the past, and we know what it takes to help them run a successful business. Whether it's setting up the merchant account or making sure rates and fees are competitively priced and affordable, we will help you every step of the way. Give us a call today to learn more about how we can assist you with your business.