
Getting A Supplement Merchant Account
When you operate in a high-risk industry, such as vitamins, supplements, nutraceuticals, etc., traditional financial institutions and banks don’t want to take a gamble on you and approve a merchant account. The problem is that without a merchant account, you cannot accept and process credit and debit card payments. That is something most businesses particularly those that rely heavily on online and mobile transactions, simply can’t go without.
Are Supplement Merchant Accounts Considered a High-Risk?
The primary reason for supplements industry to be considered as high-risk is the relatively high chargeback ratio. In addition to this, there are also several other reasons. When government authorities pass a vitamin or supplement for human consumption, it must clear the entire prescribed ingredient guidelines and laboratory tests. Involvement of prohibited or regulated ingredients or exceeding the permitted limit can put the supplement product under a ban.
How to Get a High Risk Supplement Merchant Account?
The underwriting guidelines for high risk supplement merchant account are rigid, obstructive, and strict in banks and financial institutions. So, the chances of getting a high-risk merchant account for supplement business are very low, unless you have an adroitly planned business model, genuine documentation, strong financial base, and a very good credit history. Even then it is only possible if the underwriter proceeds with an optimistic approach.
The easier and recommended option for merchants in the supplement industry is to work with a high-risk merchant account provider. There are many such providers available on the market that are willing to onboard high-risk supplement merchants. It is important that you find the most suitable high-risk payment processor for your unique business model. Make sure that terms and conditions are agreed upon at the time of application submission and initial on-boarding process. This includes charges and fees for the services offered as well. Generally, the application process takes about 5-7 days, and you can negotiate with the payment processor for competitive charges and rates.
What Factors Affect the Selection of Merchant Account Provider for Supplements Business?
Following are a number of key factors that you should consider when choosing a high-risk merchant account provider for your supplements business:
– When it comes to high-risk supplement merchant account providers, the age of the company matters a lot. An experienced, well-established payment processor can offer the best in class services and efficiently manage the merchant account.
– Monthly and annual subscriptions contribute to a larger part of sales in the supplements industry. As a merchant, it is recommended that you check if the payment processor offers trial, recurring, subscription, and continuity payment options.
– Pre-Authorization helps merchants introduce fraud and chargeback instances. So, you should consider getting a merchant account with this service.
– The number of payment options offered by a merchant account provider is also a key consideration. With multiple payment options like ACH, internet banking, wire transfer, debit/credit card processing, etc., you can easily split the volumes of transactions and hence maximize your profits.
Whether you are a new startup or an established merchant in supplement industry, you must have a payment gateway and merchant account to carry on your online business and grow further. Supplements industry is considered high risk and hence avoided by banks and traditional payment processors. So, it is crucial that you look for a reliable high-risk merchant account provider that is willing to help you with your business.
Merchant Services For Supplement Websites
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About The Author

Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high-risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.
