Nutraceutical Merchant Account
Nutraceutical Merchant account are for merchants that are supplying nutraceuticals, health products and dietary supplements to retailers and health food stores. Nutraceutical merchants provide a complete line of nutritional supplements and related products. They can also process international shipments for individuals and families who reside outside the United States. This type of business is ideal for those who wish to start an online business but do not have a website or other online presence. Nutraceutical merchants accept payments from global customers and residents quickly and conveniently via their nutraceutical merchant account. Access to a wide assortment of national and international banks to meet your international processing needs. These businesses can be located on the Internet and serve customers throughout the world by providing a variety of nutraceutical products and related services. Keep in mind these type of businesses are considered high risk, so application process may be longer than normal merchant accounts.
There are two types of payment options when sending payments to a business. Payment Methods include CC processing and Merchant Account. Payment amount is held in an account until it is received by an authorized recipient. The recipient can be a customer or an individual or organization that is purchasing goods and services from your company. If you choose to set up an account for your company with a third party processor, it is important to keep in mind that accepting credit cards is risk. The majority of nutraceutical merchant account processors use underwriters to process transactions for their clients. Underwriters usually sell or market the nutraceutical company’s products to individual buyers. Some nutraceutical companies have third party processors also submit claims for their products. When a claim is submitted by a third party processor, underwriters will typically deny the submission for processing based upon the quality and volume of the claims submitted.
Nutraceutical Merchant Accounts Benefits
As a result of the quality issues, many nutraceutical businesses choose to go to third party processors to process sales and claims. There are advantages and disadvantages to accepting this type of payment. Typically, the processing fees are lower than the fees that would be charged by an underwriter. Third party processors are also not subjected to the same type of rigorous underwriting guidelines as are underwriters. These are some of the reasons that many nutraceutical businesses choose to pay processors to process their sales and claims. To protect themselves against fraud and address quality issues, nutraceutical merchant account companies also perform a credit verification process to ensure that the claims made by the customers are accurate. This verification will take longer than a standard credit application. For this reason, underwriters do not routinely approve claims within five business days. To facilitate the approval of claims, nutraceutical merchant account companies may require applicants to fax information such as their tax identification number and social security number. This may take up to five days.