The surge in demand for nutraceuticals, covering a broad spectrum of health and dietary supplements, has prompted an amplified requirement for online credit card sales and tailored merchant account services. Nutraceuticals, combining elements of ‘nutrition’ and ‘pharmaceutical,’ encompass products such as dietary supplements and fortified foods, offering health benefits. Yet, unlike pharmaceutical drugs, nutraceuticals lack the same rigorous testing and regulation, resulting in a plethora of products with diverse claims and efficacy levels.
High Risk Merchant Account & Payment Processing Solutions
The nutraceutical industry faces challenges due to the lack of stringent government oversight, resulting in a flood of products with unsubstantiated health claims. This has tarnished the industry’s reputation, making it high-risk for payment processors and banks. Businesses aiming to establish credibility and trust in this sector encounter hurdles in obtaining merchant accounts, as scrutiny is placed on factors like credit scores, financial stability, and chargeback ratios. Nutraceutical companies often operate on subscription models, leading to credit card processing complexities, including high chargebacks and disputes over product claims, necessitating clear communication and effective chargeback management strategies.
VaultPay offers specialized merchant account services for nutraceutical businesses, streamlining the application process by providing clear guidelines and necessary document requirements. With expertise in the industry and strong banking relationships, VaultPay assists businesses of all sizes, including startups and established companies, in navigating the complexities of payment processing. Implementing strategies such as offering refunds and utilizing third-party chargeback management systems can help nutraceutical merchants mitigate chargeback issues and ensure smooth transaction processing.