Credit Card Processing For Your Nutraceutical Company

eMerchant Authority helps protect, and servce, your business with a multitude of different payment and billing solutions. 

We Work With: Merchant Payment Options

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Why Do You Need A Nutraceutical Merchant Account?

It can be extremely difficult to find a merchant account including credit card processing if you’re in the nutraceuticals industry. The possibility of high chargeback costs combined with the uncertainty of subscription-based payment models makes financial institutions reluctant to take on the risk, despite the hundreds of billions of dollars in revenue nutraceuticals generate each year.  

How Do I Open A Merchant Nutraceutical Account?

You would think it’s as easy as filling out some paperwork, but risk-averse banks aren’t going to gamble on you, so you need to find a different solution. But who should you choose?

You’ll want to locate a high-risk merchant account provider to partner with. Look for those that specialize in high-risk areas like nutraceuticals, and who have partnerships with financial institutions willing to do the underwriting. Prioritize experience and reliability–two things that aren’t always easy to find.

Use our fast application to get a custom tailored merchant account that fits your needs.

Why Are Nutraceutical Merchant Accounts Considered High Risk?

Nutraceutical companies are often considered high-risk thanks to the relatively large number of chargebacks they incur compared to other fields. 

 Physical retailers have customers that already trust them to make things right if they encounter a problem, so will call the business for a resolution before asking their bank to initiate a chargeback. As an online retailer, you don’t get to enjoy this privilege, so you’ll likely see more chargebacks than brick-and-mortar shops do. As discussed previously, doing everything you can to resolve these issues without involving their bank is your best option.

 Startups, especially nutraceutical startups, think by providing things like great products, clear terms, fair policies, and excellent customer service, they’ll avoid the pitfalls so many others have encountered in the past. Then, when the chargebacks start rolling in despite their best efforts, they feel lost and defeated. Work to make your policies and billing as clear as possible.

 There are a number of tools that can help nutraceutical businesses avoid suffering from excessive chargebacks. Sadly, most of these options are unknown to online retailers just getting started, so they don’t take advantage of them until much later. In the meantime, the number of chargebacks grows, as does the perceived risk processors attribute to that business. Do some research and find ways to minimize the threats posed to your business by chargebacks.

 If your nutraceutical business uses memberships, subscriptions, or any other kind of recurring billing model, then some of your customers are confused by it. When they see a charge on their statement from you they don’t understand, they’ll initiate a chargeback. Sadly, this will happen even if you made it clear from the outset that this repeated billing would happen. Customer satisfaction emails are a great way to stop this from happening.

 Last, not all nutraceutical businesses are legitimate companies with useful product offerings. Some falsely insist their offerings provide results bordering on the magical. When these products fail to meet your customers’ expectations, they may not trust you to make things right and instead have their bank initiate a chargeback. Focus on quality products and customer service to avoid this as much as possible.

How Can eMerchant Authority Help With Your Nutraceuticals Merchant Account?

When it comes to e-commerce, one secret to avoiding chargeback fees and fraudulent sales is the ability to quickly and accurately identify suspicious transactions, such as those processed with stolen credit cards.

But perhaps even more importantly, you want to make it simple and easy for dissatisfied customers to contact you directly to resolve billing issues, rather than contacting their banking institution and initiating a chargeback. 

If an unhappy client contacts you, do everything you can to resolve their issue in a prompt and friendly way, possibly even issuing a full refund rather than suffering a chargeback. Remember, it’s not just the fee that hurts you when a customer initiates a chargeback, it also impacts how underwriters and banks evaluate how risky working with you might be.

eMerchant Authority, in addition to offering high-quality payment processing options, also provides you with the tools and knowledge you’ll need to keep your merchant account from suffering excessive chargebacks.

Here’s a couple of tips to avoid that very thing:

Electronic Check Processing

Email Order Confirmation Messages

At a minimum, your customers should receive an order confirmation email after checking out. Many content management systems (Shopify, WordPress, etc) provide this functionality already. If not, your payment gateway provider may offer this service as well. If you’re a nutraceuticals merchant account holder, you’ll want to ensure your confirmation emails include or are quickly followed by a tracking number and delivery notification.

Lending & Debt Merchant Account

Process Large Numbers of Monthly Sales

Your chargeback ratio, which is sales divided by chargebacks for a period of time, needs to stay as low as possible. If you get one chargeback, but only had one sale, your 100% chargeback rate doesn’t look very trustworthy to the banks. But if you get one chargeback in 1000 sales, your resulting chargeback ratio, and the perceived risk you pose to financiers, is substantially lower.

Health and Beauty

Email Customer Satisfaction Messages

There is an obvious reason to do this–how do you know if customers are satisfied if you don’t ask? Cross your fingers and hope they leave a positive review somewhere online? No, take the guesswork out of the equation and simply ask for their feedback so you can improve future transactions.

There’s an equally important, yet less obvious, reason for asking your customers for feedback as well. About the time they get your customer satisfaction email, they’ll likely be looking at the charge on their statement. If they have problems or questions, they are more likely to contact you directly, rather than going to their bank for help, if you’ve just reached out to them about their satisfaction. Use this opportunity to resolve their issue and avoid a chargeback.

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WHY USE eMERCHANT AUTHORITY?

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