Nutraceutical eCheck Processing Accounts
eCheck Processing For Nutra Merchants
A nutraceutical merchant is in need of the capacity to process high volumes. Though, the reality is that not many banks welcome nutra accounts. As certain supplements can lead to chargebacks and the legality around some is not that clear, merchants selling these are regarded as high risk merchants. There are several acquiring banks that just will not process the payments for nutraceutical businesses.
Needless to say, if you want your company to expand, you will need an eCheck processing account!
About the Nutraceutical Field
This field is growing so quickly! In fact, there are a couple of experts who predict that by 2020 the whole field will be worth close to $40 billion.
In short, a nutraceutical company provides herbal products, vitamins and nutrients as well as supplements that can assist people to combat aging, boost their ability to concentrate as well as boost their blood circulation. As several of these products are entirely natural and consumers are starting to understand the perks of natural products to enjoy a better quality of life, consumers are more likely to put these products to the test.
Now those nutra products which are made from natural ingredients have become quite sought after. People from the United States and all over the globe are keen to purchase these products.
Though, payments and regulation are currently hindering the growth of this field. As there are not many merchant account services available, merchants who sell these products cannot offer many payment options to customers who would like to buy them. If an electronic payment processing account is not available, only traditional options such as check or cash are left for customers. The drawback is that these traditional payment methods are not as safe and trouble-free to use.
Payment Processing Options for Merchants Selling Nutraceuticals
If you are a merchant selling nutraceuticals, there are certain things that you can do to get the payment processing that you require to grow your company and boost your sales.
For starters, you can accept payments via different channels and provide alternative payment options. For instance, Internet merchants can take orders telephonically or via mail or fax with the help of eCheck virtual terminals. It might come as a surprise, but several customers would like to chat to a sales rep prior to making a purchase. In short, if you can provide your customers with more payment methods, you can boost your sales.
Electronic checks are the most popular alternative payment option in the United States for nutraceuticals, while a local bank transfer is often more popular than a card payment for an online payment in other countries. The benefit of an alternative payment method is that it could have fewer chargebacks than card payments. You can minimize the chargebacks of your card processing account by getting your customers to opt for an alternative payment method other than a card. Managing your chargebacks is key to keeping your payment processing account protected as excessive chargebacks is the main factor that leads to merchants losing their merchant accounts. Luckily many of these chargebacks can be prevented with the help of the right tools to prevent fraud and manage chargebacks.
For merchants who have international customers, multi-currency payments can work well. By displaying your prices in their local currency, you can help the customer to concentrate on making that purchase instead of having to work out the price of the product in their local currency. This will also make you appear more trustworthy.
It can also be a good idea to get offshore as well as domestic merchant accounts. What makes an international acquiring bank so attractive is that they frequently do not cap your monthly processing volume. On top of that, they could allow processing for a nutraceutical that a local acquirer might not allow. Also, by having more than one account with different acquiring banks, your processing is less at risk in the event that a bank stops processing for nutraceutical merchants.
With the help of a high risk eCheck gateway, managing your accounts and reconciliation can be easier. It allows you to manage all your different accounts via one login to the gateway.
One last option is to enable recurring billing. If you have a recurring billing model, you can create unlimited payment plans that will secure your cash flow and offer your customers another easy way to support your business.
To wrap up, the biggest challenge that a nutra merchant will have to face is access to payment processing. If you do not have the required processing volumes, your business will not be able to grow from strength to strength. To make it even more challenging, a nutraceutical merchant only has a couple of acquiring banks and payment processors that can assist them. By knowing which trustworthy businesses can help you with an account, you can enjoy unlimited processing and grow your business.
Contact Global Pay LTD today, by clicking the “apply now” button below. A representative will contact you back within 24 hours. Normally eCheck accounts are able to be setup within 1-3 days.