The world of health supplements and nutraceutical products is exploding online.
As people age and want to live a healthier lifestyle this trend will only continue in the future. Which translates into booming online sales and increasing revenue for your business…
Provided, of course, that you can accept credit cards online.
Let’s face it, when you have a new or different business model from traditional retail shops it can be very hard to get an approval for the merchant account you need.
So what can you do?
Getting approved for a nutraceutical account
Green Coffee Bean Extract is one of the new fast moving items in the Nutraceutical industry.
And online sellers of Grean Coffee Bean Extract have been experiencing very a high volume. Sounds great, right? Well, not so fast. What most business owners don’t realize is that without a high volume merchant account it can be next to impossible to get an approval for your account.
What most people (business owners included) don’t realize is that for this type of account you need a trusted high risk processor due to trial offers and the nature of the weight loss industry.
Now, though any business can be classified as high risk, business fall into high risk for the following…
- Business type: e.g. online tech support, long wait times between charging card and fulfillment of orders
- Trial offers: e.g. all types of supplements for into this category
- High chargeback rate (greater than 1%): this could happen with any online merchant
- Low credit score for business owner or corporate officer signing account
- Poor financials to support high credit card sales volume online
As you can see it’s not a “one-size-fits-all” approach when it comes to getting an approval, for the simple reason that any number of factors (or combination of factors) may make it difficult to get an approval for your account.
In fact, the only way you can be sure that you’ll get (and keep) the merchant account you need is by working with a trained expert that deals exclusively in these types of accounts to get your business approved.
There are many companies out there that only have limited experience in dealing with high risk Nutraceuticals in particular and high risk accounts in general.
So be careful.
As always, here’s a short list of “red flags” to watch out for as you talk with merchant account providers:
- reps that promise the world — if it sounds to good to be true it probably is
- if processor does not require any reserve on the account
- companies that will charge you an up-front application fee (chances are they know they can’t get an approval)
- reps who don’t want or need to check out your website
- reps who promise a fast pre-approved process without asking detailed questions about your business
Remember, online accounts are very different than retail ones.
Only work with providers that have the knowledge and the experience to get your Nutraceutical account up and running.
So, if you sell…
- Green Coffee bean extract or
- any Nutraceutical product online
…get your free quote today.
Remember, it’s not only about getting approved that matters — it’s more important to keep your account up and running in good standing for the long haul. And this can only happen is you work with specialists who have many years in dealing with just high risk accounts, whether it be domestic or offshore.
Only they can find the right solution for you.
I hope you found this information helpful. Please feel free to share your comments below.
Are you ready to take the next step?
If you want to discover the blocks holding you back from reaching the next level, OR you’re finally ready for expert online marketing advice and strategies, then click the button below and schedule your 15 minute consultation today.