In today’s market, wellness and other similar health companies are interested in reaching a broad consumer base. Ensuring your products reach interested customers can be a significant accomplishment, but your payment processing platform shouldn’t get in the way of this milestone. When it comes to reliable and secure credit card processing for your nutraceutical company, you want to make sure you are working with the right processing solutions. Why does a nutraceutical company need alternate credit card processing compared to other markets? What are the benefits of working with a company that can offer you unique solutions for your health-oriented business? Read on to find out.
Why Does Your Nutraceutical Company Need Alternate Payment Processing?
Nutraceuticals are a broad term for defining products that fall under the wellness and preventative health categories. This product is derived from food sources with additional nutrient benefits. Hence, the name ‘nutraceuticals’ combines the terms ‘nutrient’ and ‘pharmaceutical’. Nutraceuticals have steadily grown as an industry, with 2020 seeing a 44% increase in sales during the first half of the year. The demand for nutraceuticals continues today, with many people looking for alternate solutions to obtaining necessary nutrients.
What About PayPal, Stripe, or Square?
While trying to meet the demand for nutraceuticals, there is something crucial to keep in mind. Popular payment platforms like PayPal, Stripe, and Square have worked for several merchants, but those in the wellness and supplement industries will want to avoid them. This is because PayPal, Stripe, and Square do not allow certain supplements to be sold, such as NMN. Attempting to sell these supplements will result in companies having their accounts shut down and funds from sales and other subscriptions locked.
How Can Credit Card Processing Become Easier?
Online supplement and wellness businesses are often regarded as high-risk merchants. As high-risk merchants, typical payment processing platforms are weary of working with these companies, resulting in difficulties with credit card processing and a stable payment gateway for customers. To be confident with payment processing and ensuring customers can securely provide payment, you will want to work with dedicated companies that have the experience and solutions for many health-focused companies. By working with a company that offers your business the right payment solutions, you can focus on ensuring customers are satisfied with the quality of your products and the ordering/payment process overall!
Some payment processing solutions you should be looking for include chargeback management and fraud management. These two issues can instantly hinder business operations. The health and wellness industry is laden with chargeback issues, so having a solution for chargeback management can provide a great deal of help in the long run. Additionally, fraudulent payments are a risk that many companies encounter in various industries. Health and wellness businesses in particular should always be keeping efficient fraud management solutions in mind as they navigate through everyday transactions.
Benefits of Efficient Credit Card Processing for Nutraceuticals
How can your nutraceutical business continue to further excel with reliable credit card processing solutions? Benefits of efficient credit card processing for your business include:
- Less hassle when it comes to payment gateways for customers
- Establishing trust with clients
- Reassurance that your company’s funds are in secure hands and won’t be suddenly locked and unaccessible
- Further fraud checks to ensure all transactions are being completed with legitimate payment sources
As your nutraceutical business grows, you want its payment processes to be hassle-free. This can benefit both your company and your clients. Not to mention, you will not have to worry about the risk of having your company’s funds suddenly locked up and your account shut down, as some high-risk merchants who have worked with PayPal and other payment platforms have had happen to them.
Don’t put your company at risk. Work with expert companies who have the proper solutions specifically tailored to fit your needs.
Relevant Health is the Solution!
In today’s modern age, there are several solutions to ensure companies process payments for products, subscriptions, and more through safe and reliable methods. Nutraceutical companies offer customers many nutrient-rich and nourishing products, so why wouldn’t you want your own nutraceutical company to have the most innovative payment solutions? Working with a company that helps high-risk merchants with reliable credit card processing and more is key.
Relevant Health is dedicated to helping health and wellness companies make their operations secure and efficient. Keep your nutraceutical company up to date with secure credit card processing and other revolutionary solutions. Book your consultation with us today.
