try-nutraceutical-merchants-instabill

 

  • Accepting existing & startup merchants

  • Recurring billing solutions

  • Check processing, ACH and direct debit

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Consistent with the trends of high risk credit card processing, some banks opt not to offer nutraceutical merchant accounts due to the risky nature of the business.

Our advice: Partner with a merchant account provider that specializes in high risk industries.

Instabill has provided high risk merchant accounts to businesses since 2001, having built a network of acquiring banks that work with high risk industries such as nutraceuticals.

Why are nutraceutical merchant accounts considered high risk?

The primary reason that the nutraceutical industry is regarded as high risk is because it is an industry that elicits high chargebacks rates, for several reasons:

  • Dissatisfaction: Perhaps a customer orders a specific skin care product that fails to produce the desired results that the product attests after 30-60 days, the customer is dissatisfied and files a chargeback.
  • Free trials: Some nutraceutical products are offered with free 30-day trials with credit card information. As often happens, the consumer isn’t satisfied with the product and forgets s/he offered their credit card details and received the product long after the 30-day trial. Thus, s/he files a chargeback with their issuer, claiming s/he had no intention of continuing with the product.
  • Subscription/Continuity billing: Considering the above scenarios, many banks deem subscription billing and continuity billing as risky – an invitation to chargebacks – and opt not to offer it as a service.

What we require for nutraceutical merchant accounts

To get the merchant account application process started, we’ll ask for 3-6 months of your payment processing history including total sales, refund/chargeback history as well as the last three months of your business banking statements. In lieu of business banking statements, we’ll accept three months of your personal banking statements.

Let’s get your nutraceutical merchant account processing – You’re a phone call away

Before our prospective merchant partners begin sending us the proper KYC documents we require, we ask that we engage in a telephone conversation, so that our merchant account experts can get a feel for your business. A simple conversation goes a long way for us in selecting the best acquiring banking options that offer nutraceutical merchant accounts.

Instabill merchant account managers are on hand Monday through Friday (8 a.m. until 6 p.m., U.S. eastern time) by calling 800-530-2444.

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