The nutraceutical industry is booming in the US and will continue to grow for the foreseeable future. In fact, it’s estimated that the nutraceutical industry will grow to an astounding $600+ billion industry by 2024. This nearly unprecedented growth is a huge opportunity for merchants to grow a great business. However, they’re still dealing with a lot of the same payment processing difficulties that have been around for several years.
We know how difficult finding reliable nutraceutical merchant account processing can be since most payment processors classify nutraceuticals as high-risk businesses. As such, we’ve built our business to specialize in providing nutraceutical merchant processing to businesses when other processors like banks, Stripe, Square, and PayPal may not accept your business transactions. Finding a merchant services provider that can help process nutraceutical payment transactions is crucial to your business’ success. WizoPay is here to help steer that success in the right direction.
Why is a Nutraceutical Business Considered a High-Risk Merchant Account?
There are several significant considerations to make when trying to find a partner to provide you nutraceutical merchant processing:
A partner with extensive experience and positive relations with companies in the nutraceutical industry.
Mobile processing and small card readers for smartphones are incredibly important for working with nutraceuticals as many purchases are made online, at trade shows, and at events.
Advanced fraud detection tools will allow you to set custom filters and thresholds on your payment gateway. For example, you can set a limit on the number of transactions you accept in one hour, curbing fast, high-volume fraud attempts common in the eCommerce space.
Nutraceuticals do not need FDA approval before they hit the market, but their sellers are legally responsible for following labeling, advertising, and ingredient requirements specified by the FDA. They’re considered high-risk because the laws and regulations under the FDA change regularly in their industry.
Your merchant provider needs to have a team seasoned in addressing the challenges and concerns of the industry as policies and regulations change often.
WizoPay has offered nutraceutical merchant services to businesses for over 25 years. We value the services provided by all types of companies within the industry, including:
Subscription month-to-month supplement services
Subscription month-to-month vitamin companies
One-off supplement companies
One-off supplement vitamin companies
Other products that are considered a part of the nutraceutical industry
Negative Option Billing - we’re one of the few companies that offer negative option billing as part of our nutraceutical merchant accounts