Supplement & Nutraceutical Merchant Account
Opening your own business takes a tremendous amount of focus and planning in order to achieve success. This is especially true for nutraceutical companies, which must also navigate balancing customer needs with operating in full compliance with industry laws and regulations. In order to do this, nutraceutical merchants rely on credit card payments from customers to be able to make money and support growth. This also applies to websites, as nutraceutical companies need a partner for online credit card processing that will ensure they are paid quickly and customers are able to get what they need without delay. Nutraceutical merchant accounts from Leap Payments are available for companies in the following industries:
- Natural Male Enhancement
- Herbal Products
- Vitamins & Minerals
- Dietary Supplements
- Weight Loss Supplements
- Amino Acids
… and many others
Advantages of A Nutraceutical Merchant Account
Having a reliable nutraceutical merchant account confers to your customers a great deal of legitimacy and trust. In order to build a truly consistent sales funnel, you need to have the same efficiency in your payment structure as you do in the rest of your business model. When it comes to getting approved for a merchant account, you are automatically at a disadvantage if your company is in the nutraceutical industry.
The frequent consumers in the nutraceutical niche are is a highly qualified and hold certain expectations. If you are not meeting these needs, your competitors might be. Specialization in every aspect of your business structure will help your company. It is always good to do business with a payment processing provider that actually understands the way that you do business.
Whether you plan to sell online, via phone orders or in a retail setting, a specialized supplement merchant services company should be behind you, ensuring the veracity of your transactions. The same is true if you want to process remotely at trade shows or PR events that you hold. You may also need to process B2B orders, which usually requires an entirely new level of complexity and required connectivity. The major advantage of doing business with a specialty supplement credit card processing company is that they already know what you’re selling, they understand your industry and will not close your account unexpectedly.
The Cost of Not Accepting Credit Cards
Nutraceutical credit card processing may seem like a daunting challenge if you do not currently have a supplement merchant account. However, the cost of not accepting credit card payments is much greater. Let’s look at the business that you may miss if you do not take advantage of your opportunity now.
The world of supplements is moving more towards digital transactions every day. More and more buyers, especially wholesale buyers, are wanting to make their orders strictly through non-cash means. You need to be able to follow your customer’s trends, and right now they are making purchases with debit and credit cards.
Being able to take more forms of payment automatically expands your business’ bottom line. Even if you are already profitable, you can help your business maintain its profitability and growth over time with the right merchant service partner.
You also gain the ability to complete the sales funnel with your customers in real time when you accept credit card payments. You can never be sure when your customer will have the urge to make a purchase. In the age of indirect marketing, people are freer than ever to make purchases on their own time and with many potential competitors.
This is true in the B2B space as well. You basically limit yourself to selling to only consumers if you do not have a nutraceutical merchant account to take digital transactions in a convenient way. Many companies will not do business with a supplier without a digital trail. Cash is simply too hard to follow. There are also many advantages to conducting business through a digital landscape. Companies can invoke more flexible payment structures, create advantageous credit and move on longer timelines.
Leap Payments Helps Overcome the Obstacles
By its nature, operating a nutraceutical company presents many challenges for business owners. In addition to labeling and advertising regulations put on various products and supplements, there are also rules for providers of merchant accounts to consider before working with these companies. Some items may have an unclear legal status, which can potentially open up the company and its credit card processor to higher rates of chargebacks than is desired. As a result, these challenges can make it difficult for companies to find a processor that is willing to offer a nutraceutical merchant account.
Nutraceutical companies are often labeled as “high risk” by banks and lenders for a variety of reasons. These financial institutions may not understand how the industry works and therefore may not want to take the chance with their money. Additionally, there is a higher risk of chargeback filings due to how products are bought and paid for. For example, a customer may initiate a chargeback when their credit card is charged after a free trial expires.
If you are having trouble finding online credit card processing and or have been told your business is too high risk, Leap Payments is here to help. We understand the nature of nutraceutical businesses and will work with you to develop a customized solution that meets your unique needs.
Reasons Why Nutra Merchants Choose Leap Payments
Nutraceutical merchants need a card processing partner that works in their best interest. Leap Payments makes it easy to set up a merchant account so that you can get back to focusing on what is most important – your business. Our pricing plans are designed to give you the flexibility you need to run your company while ensuring that you pay the lowest possible rates and get funding when you need it.
Online processing is easy to integrate into your existing system and works with a number of website shopping carts so your customers can continue to place orders conveniently. All of this is completed safely and securely, adding a layer of protection to your transactions that will lower the risk of fraudulent transactions that can wind up costing you more. Contact Leap Payments today for more information.