“You are what you eat”, as the old saying goes, and scientific research has proven that there’s a lot of truth in those words; the foods we eat and other products we consume can have a direct and significant impact on our physical and mental health in more ways than one, and this is why it’s so important for people to think carefully about their diets and the things they put into their bodies.
The growing awareness around the importance of diet and health has led to a rising interest in dietary supplements, consequently leading to the growth of the supplement industry, which is now one of the fastest-growing and most exciting industries to watch in the modern world.
Supplement producers and retailers provide people with an ever-evolving and ever-growing array of dietary supplements that claim to assist with all aspects of health, from simple vitamin and mineral supplements to cover the deficiencies in a person’s diet to protein powders for building muscle, mental health supplements for concentration and relaxation, sexual health supplements for libido and sex drive, and so on.
There are lots of different types of supplements out there, and setting up your own supplement business can be a great way to get in on the ground floor of this burgeoning industry and potentially make a lot of money. However, starting and running a successful supplement business can be a real challenge, and one of the first issues you have to navigate is obtaining your own supplement merchant account. This guide will go over all you need to know about supplement merchant accounts.
As explained above, the supplement industry is a fast-growing one, and in recent times, the industry has been expanding in a wide range of different directions. Originally, most supplements were focused on simple vitamin capsules and mineral pills to supplement various dietary needs, like tablets that supplied people with their daily dose of vitamin D or iron.
But in more recent times, the supplement industry has expanded into other areas, with supplements available for almost every kind of health complaint, from a lack of libido to a lack of muscle mass, weak bones, mental health problems, difficulties with concentration, sleep problems, and much more besides.
All sorts of supplements are being made and sold across the world to help people with many different health needs and conditions, and online supplement businesses are making it easier than ever for people to shop for the supplements they need and get them delivered right to their door. But if you want to have an online supplement business, like a supplement e-shop, you need to have your own supplement merchant account.
So what do we mean when we talk about supplement merchant accounts? How do they work? What do they do? And why are they so important for supplement businesses in today’s world? Well, let’s begin with a simple definition of a merchant account so that you know the main purpose of these accounts.
A merchant account is a form of business account that allows a business to receive electronic card payments. So, for example, if someone visits your supplement online store and wants to place an order and pay by credit card remotely, you’ll need to have a merchant account set up in order to make that transaction happen.
The process is actually quite simple: the money from the customer’s account goes into the merchant account for processing and then passes through into your main business account. In a way, the merchant account is a kind of “middleman” in the procedure, holding the money in between customer and business before releasing it.
As stated earlier, the online supplement business is really big right now, and when most people want to buy supplements, they head online and look for an online store that can provide quality supplements and deliver them quickly and conveniently. If you want to keep up with the competition in this industry, you have to have an online presence, and you’ll need a supplement merchant account to make it all happen.
It’s clear to see that getting a supplement merchant account is so important for any online supplement retailer or supplement business with an online store. However, many banks and other financial institutions will actually refuse to provide you with a merchant account for supplement businesses, and it’s all because the supplement industry is regarded as a risky one.
Part of the problem is that the supplement industry is still a relatively young one and widely unregulated, too. The lack of regulation on new supplements for sale makes it easy for scammers to prosper, with many companies selling fake or ineffective products and tricking people into paying over the odds for unproven supplements.
This high level of fraud casts the industry in a bad light, making it seem much riskier for banks to do business with. And the high amount of fraud also leads to a lot of chargebacks for supplement businesses, too. This is when a customer disputes a payment and goes to their bank to demand their money back when they aren’t satisfied with a purchase or believe that fraud has been committed. (Helloindia.us)
There’s also the fact that buyer’s remorse is a common issue in the supplement industry. A customer might buy a certain supplement, expecting it to change their lives due to the outrageous claims on the packaging. But later on, if they don’t get the results they wanted, they might want their money back, leading to even more chargebacks.
Because of the high rate of chargebacks, the likelihood of fraud, and the other issues associated with high-risk payment processing in the supplement industry, many banks will say no if you go to them and request a supplement merchant account. So what can you actually do in order to get one of these merchants’ accounts for your business?
Well, we’re here to help with that. At Shark Processing, we’re experts in high-risk industries and high-risk merchant accounts. We know the challenges that you can face when running a high-risk business in the supplement world, and we aim to make the whole process easier, helping you open your own supplement merchant account with a trusted bank or payment provider.
We have extensive experience in high-risk merchant accounts for businesses like yours, as well as a large network of payment partners and banks who are willing to work with you. Get in touch with our team today to find out more about our supplement merchant account services.