The nutraceutical industry (“Nutra”) is no laughing matter. In fact, the industry is estimated to grow to a staggering $671 billion by 2024 worldwide. We know how difficult it can be to work with standard payment processors, especially when selling various nutraceutical products and supplements online. We help to provide those in the nutritional supplement industry with the nutraceutical merchant account they need to keep their business fully compliant and operational at all times.
Running a successful Nutra business and building a brand is no longer possible if you choose to work solely offline. Building an online presence, launching a website, and selling products, subscriptions, or services with an eCommerce storefront is a must to maximize your opportunities and ability to generate revenue. Merchant accounts provide entrepreneurs and individuals alike the ability to generate revenue using their own website or preferred eCommerce solution. Stay processing and keep track of your transactions with your nutraceutical merchant account.
The most common tier one payment processors on the market include Square, Stripe, and Braintree. However, these processors do not support businesses in the high risk space. That means unfortunately, online supplement businesses cannot acquire accounts on these platforms to be able to accept credit cards. The nutraceutical industry is one of the many hard-to-place business types that doesn’t get much support from traditional banks.
As nutraceuticals are unfortunately considered high risk, obtaining a standard merchant account is likely not possible. However, even if you do succeed in receiving a merchant account from a traditional payment processor, your business is still at risk of disruption. Selling nutraceuticals of any kind is against their service policies and will result in a closed account once they find out your business type. Choosing to obtain a high risk nutraceutical merchant account helps ensure you are able to conduct business without the risk of losing sales opportunities or the ability to obtain new customers.
When you have a high risk merchant account, promote your Nutra products, services, and subscriptions without risking your ability to generate sales or complete transactions. High risk merchant accounts are ideal for those who are interested in selling unique, one-of-a-kind, or alternative products that are not standard for the retail market. With the right payment processor, you will be able to conduct business as usual regardless of the industry that you find yourself in.
Running an online supplement business may not seem high risk, but conducting business online proposes a greater risk than traditional, face-to-face transactions. Some reasons the nutraceutical market is currently considered high risk to standard payment processors include:
In addition to these, many banks hold a weary stance on anything that is sold to be consumed by customers. Consumers hold expectations for the supplements that they take as well. This could lead to more complex issues if a customer reaches out to them for clarification or is upset about the product. Problems like this unfortunately happen to supplement and Nutra businesses more often than any other industry, leading to more hurdles and account concerns.
Before you begin the application process for your nutraceutical merchant account, it is important to gather the following information:
Finding a nutritional supplement credit card processor is not only a way to maintain a fully operational Nutra business, but it is also a way to gain peace of mind each time a customer completes a transaction using their debit or credit card. With a high risk supplements merchant account, focus on attracting new customers, stocking new products, and growing your business rather than worrying over the potential locking or loss of your merchant account altogether.
The majority of nutraceutical merchants that find their way to us have been recently shut down by their previous processor. This commonly happens because the other bank and processor didn’t properly underwrite your business, leaving you exposed to fraud and chargeback issues. Luckily, PaymentCloud isn’t like that. We have the banking relationships and underwriting in place to support nutraceutical supplement credit card processing.
We will provide an assigned account manager to help you stay compliant, get lower rates, and get you set up with a secure gateway. Our in-house risk mitigation and chargeback management tools are also available in case you struggle with these issues. If you have any questions before, during, or after the application process, feel free to reach out to us. We are here to see that your business thrives.
Create an account instantly and start accepting payments. You can also contact us to design a custom package for your business.
From day one, Miles has been an overwhelming help to me in making sure I am making the best choices for building my business. His patience with me as he helped me step by step in submitting my application was so appreciated! …The team has been amazing across the board, and I truly cannot thank them enough!
I've been working with the folks at PaymentCloud for about two weeks now. They have made it super easy and they guide you through everything! Their customer service and support is awesome! I'm so glad that we connected with Michael S. and all the other folks at PaymentCloud. Highly recommend!
The agent who helped me to onboard was attentive and consistent throughout the process... They made sure I knew how to manage my accounts and had them properly set up and in compliance. They turned what could’ve been an intimidating process riddled with errors into a smooth transition for my business.