What is the definition of nutraceuticals? Nutraceuticals, broadly defined, are dietary supplements and fortified food designed to provide health benefits. The category may include dietary supplements, nutricosmetics and functional foods and beverages such as powder drink mixes, bars and snacks. Empower yourself and learn how you can achieve a High Volume High-Risk Nutraceuticals Merchant Account with a short read.
How DigiPay Is Helping Nutraceutical With Successful Merchant Accounts
To help nutraceutical businesses, DigiPay Solutions has created a “nutraceutical primer” with critical data about setting up a high risk nutraceuticals merchant account, controlling chargebacks, managing fraud, tracking affiliates, and keeping merchant accounts on favorable terms.
The processor of choice for the world’s leading nutraceutical companies is DigiPay Solutions. With a worldwide network of banking relationships and payment solutions you can process transactions anywhere, anytime, and in any currency. Our suite of custom proprietary tools assures nutraceutical merchant accounts are in good standing and processing at the lowest rates.
Whether you are a new company or well established DigiPay safely processes millions of transactions for a wide variety of nutraceutical offerings. DigiPay gives nutraceutical businesses that promote trial offer & straight sales the advice and the performance tools they need to keep their merchant account active. We are the best of the best when it comes to setting up a high-risk nutraceuticals merchant account.
Acquire a Nutraceutical Merchant Account with DigiPay
DigiPay has exclusive banking relationships for setting up nutraceutical merchant accounts with high processing volume limits. With a network of 30 plus partner banks and in-house underwriting DigiPay can handle every aspect of your payment processing needs. It is no surprise that high-risk merchants just like you have a deep appreciation for the curated knowledge and solutions our payment team creates to meet your needs. Our tag line “thinking ahead so you aren’t left behind” isn’t just a slogan, it is the ethos of our culture.
Establishing a High Risk Nutraceuticals Merchant Account
Setting up a merchant account to process payments is the first step in enabling nutraceutical commerce. Nutraceutical businesses are classified as high-risk, which makes them ineligible for merchant accounts at numerous sponsoring banks. DigiPay’s expanded network of banking relationships accepts the nutraceutical business category and provides competitive rates, terms and conditions. At DigiPay, nutra is in our DNA. We “get” nutra’s unique framework and diversity of categories, business models, SIC and NAIC codes and VISA MCC; and we underwrite our merchants before sending the applications to our sponsor banks so you are presented in the best possible light.
How to Get a High Volume High-Risk Nutraceuticals Merchant Account
Getting a high limit high-risk nutraceuticals merchant account isn’t easy. Presenting your business in the best possible light from point of first contact is important because merchant accounts are essentially a line of credit from a processor. Once a high-risk nutra merchant account is approved, payment processors set monthly processing limits. These limits are typically between $25,000 and $100,000 per month. DigiPay knows how to navigate the high-risk nutraceutical payment processing space and has developed exclusive partnerships that allow for our qualified nutraceutical merchants to process high dollar volumes. Our risk management team works closely with merchants and sponsoring banks to shorten trial periods and raise processing limits. Most nutraceutical companies that maintain a stable, consistent performance throughout their initial trial periods can increase their processing limits.
In order to qualify for a high volume nutra merchant account you must meet the following criteria:
- • Qualified Business Model
- • 6 Months of Past Processing Statements
- • Maintaining a Chargeback Ratio of less than 3%
- • Properly Issuing Refunds
Due to nature of the business category, higher risk is associated with nutraceutical products. Therefore, more due diligence is required during the new merchant on-boarding process. This means underwriters need to review a range of documents to assure the business is compliant, financially sound, and a good credit risk. The degree of risk is further assessed by merchant category code (MCC), credit history, ticket size, and processing volume. Proper classification is vitally important to prevent funds from being held in reserve for misrepresentation. Nutraceutical industry codes must fall under the Primary NAICS Code: 325411 for Medicinal and Botanical Manufacturing or under Primary SIC Code: 2833 for Medicinal Chemicals and Botanical Products. To date, Functional Foods, Nutritional Beverages, do not have a designated SIC Code or NAICS Code.
Work with the Best High Limit High-Risk Nutraceuticals Merchant Processor
A trusted name and brand doesn’t simply happen. It takes numerous times of reliably doing the right things. What separates DigiPay is our long-standing relationships with the most influential executives in banking.
Whether you are a global nutraceutical enterprise or a nutra entrepreneur setting up shop, the nutraceutical and function foods industry is growing exponentially and DigiPay is excited to be part of it. Our extended family of nutra merchants, with vastly different models and product sets, are equally committed to health, happiness and profitability. Some offer free trials; others have straight sale business models. All want affordable and easy high-risk payment card processing, which is our specialty. Get a Free Consultation about a High Volume High-Risk Nutraceuticals Merchant Account, Apply Today!
About The Author: Sandy Travers
Payment technology executive Sandra Travers is Co-Founder & Co-CEO of DigiPay Solutions, Inc.. Her years of experience in early-stage technology ventures brings a unique perspective to payments. Sandra manages operations and risk in addition to new product development.
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