Credit Card Processing for Herbal Supplements and Nutraceuticals
With annual global sales in the hundreds of billions, it’s obvious that herbal supplements and nutraceuticals are feeding the demand for healthy living. Credit card processing for herbal supplement businesses allows these retailers to run a profitable business, while providing an easy and convenient method of payment to customers worldwide.
Just as herbal supplements and nutraceutical businesses are committed to keeping customers happy and healthy, The Transaction Group (TTG) is committed to keeping our merchants happy and healthy. We provide the best solutions for credit card processing for nutraceutical products.
Are you in the process of starting an herbal supplement business and need a merchant account? Or do you have an established business and are simply looking for better merchant account rates? TTG would be glad to help.
Benefits of a TTG Merchant Account Solution
• Serve a global marketplace
• Increase your sales revenue by up to 20%
• Provide a value-added service to customers
• Experience an easy approval and set up process
• Enjoy the lowest rates available
Getting The Right Solution
The Internet has made the world a little smaller by allowing businesses to reach customers thousands of miles away. Whether your herbal supplement business is a traditional brick and mortar store, or a virtual store located somewhere in cyberspace, the Internet offers the opportunity to serve a global customer base. Having this incredible reach is certainly beneficial for business growth, but having the right payment processing solution in place is vital.
A solution for one retailer may not be best for another. For example, in ecommerce, credit card processing for herbal supplement retailers is performed via a secure online payment gateway. The card is not present, and therefore, each transaction is subject to slightly higher rates. Supplement businesses that sell online as well at a physical store will want to run face-to-face transactions through a swiping terminal to take advantage of lower rates, and key in transactions only when necessary.
Risk And Your Business Model
There are a number of factors that determine the level of risk with accepting debit and credit cards for any business. The primary factor is the business model. The business model includes:
• The specific service or merchandise that is purchased and delivered
• The promotion and presentation of your business enterprise
• Your delivery procedures
• The customer service and support furnished
• The pricing of your products or services
Herbal supplement and nutraceutical businesses have a business model that falls into the “high risk” category as assessed by processing banks. Therefore, a high risk merchant account is required for these retailers to accept credit cards.
The greatest risk to processing banks for high risk businesses is the potential for charge backs by customers. If a processing bank exceeds the allotted charge back ratio, they are hit with expensive penalties by Visa and MasterCard. Banks alleviate this risk by implementing slightly higher rates for these businesses.
The Impact of Processing History
Established herbal supplements and nutraceutical businesses that have a current merchant account and carry favorable processing history will have some leverage in negotiating rates with processing banks. Typically 3 months of processing statements will be suitable to prove your business is operating with the interests of your customers in mind.
If you are just getting set up and do not have a processing history, your situation carries slightly higher risk to processing banks. After several months of processing history revealing a good track record, you’ll have some leverage in renegotiating your rates.
Get Started Right Away
Since 2004, we at TTG have been providing high risk merchant account solutions to all types of businesses. We have established banking partners throughout the world which set up credit card processing for nutraceuticals retailers on a regular basis. It’s important that our merchants are happy. We take the time to find the solution that is best for your business needs and let you know what to expect with your merchant account.
To get started right away, click apply now or call us today! 888-383-8056.
Need immediate assistance? Complete this form or call us today at 888-383-8056.