Answer
Mar 29, 2022 - 09:24 PM
The nutritional supplement industry is a billion-dollar industry, and growing. Widely known as nutraceuticals it describes any type of fortified food product that is used to supplement a diet and is deemed to provide extra benefit to health.
It finds itself in the unique position of ‘hard-to-place’ businesses, and is largely avoided by most major banks and tier one payment processors such as Square, Stripe and Braintree. Most of these do not support anyone selling alternative products that are not standard for the retail market. High rates of chargebacks (>3%) and fraudulent charges are some of the reasons for exclusion.
Businesses in the nutraceutical field, however have several alternatives. High risk merchant accounts are offered by several providers. The downside is that the client pays higher fees and undergoes more scrutiny before approval.
1. Payment Cloud
Offers a merchant account that seeks to enable your business operate a lower risk of losing sales opportunities as customer numbers increase.
2. Soar Payments
Has a wide spectrum of services that will enable your business to sell products online. It integrates with most of the major payment gateways as well as shopping carts. They also integrated tools to help mitigate the risks of chargeback and fraud. Their eCommerce platform is well suited to online business.
3. Vector Payments
They provide EMV terminal, that supports all systems and enables contactless payments that are essential for online businesses
4. National Merchants Association
Prides itself as a leading merchant services provider. Their package also comes with an integrated suite that helps mitigate against fraud and high chargeback rates.
5. T1 Payments
A global payment platform that allows buyers purchase in their native currency while the business owner gets paid in their local currency. It collects in over 150 different currencies and settles in 27.
6. DigiPay
This platform uses multiple banks, which enables it to do large volumes of transactions.
All these second-tier payment processors form the backbone of this growing industry, and are playing a huge part in enabling proprietors to make money using their own websites and a preferred solution for eCommerce.
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