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.
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:
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.
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.
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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