Nutraceutical is a huge industry. As per the reports, the Nutra Industry is estimated to growing to a staggering $671 billion by 2024 worldwide. In the United Kingdom, the business is growing at an exponential rate. Merchants dealing in the Nutraceutical industry include all those companies who sell dietary supplements, nutrients, and herbal products that are used for enhancing beauty, improving health, stimulating sexual desire, boosting energy, promoting healthy skin & enhancing biological functions.
More than 70% of the UK Citizens have purchased Nutra products in the last decade. With an unhealthy lifestyle, everyone is searching for ways to feel better and look better, to live a vibrant life. However, though there are many well-established nutraceutical businesses, banks still classify the industry as high risk. It is so because of various reasons such as the lack of regulatory standards on nutraceutical products, or increased risk of chargebacks, & continuity billing models which are based on recurring payments.
That is why if f you are the one dealing in the same industry and wish to enhance your business across the world, you need a Nutraceutical Payment Gateway. Having a secure payment gateway will enable the merchants to accept payments online by selling nutraceuticals easily and hassle-free.
Why you need a Payment Gateway for your Nutraceutical Industry?
Unfortunately, the nutraceuticals are unfortunately fallen under the high-risk category, and that is the reason for not getting access to a merchant account easily. Obtaining a high-risk nutraceutical merchant account is an easy way to ensure that the merchants are able to conduct business without the risk of losing sales opportunities or the ability to obtain new customers.
With a high-risk merchant account, merchants can promote their Nutra products, services, and subscriptions without risking your ability to generate sales or complete transactions.
High-risk merchant accounts are ideal for those who are interested in selling unique, one-of-a-kind, or alternative products that are not standard for the retail market.
Process for obtaining Nutraceutical Payment Gateway
EskayPay is one of the leading experts in providing Nutra payment processing solutions and ensures that we maintain a long-lasting, healthy relations with our merchants.
Here’s how you will get started:
- Complete the online merchant processing application
- Validation of certain documents such as:
- Settlement bank account (voided check or bank letter)
- Articles of incorporation, fictitious name filings, etc
- Identity Proof such as driver’s license/passport, beneficial ownership information, etc
- Financial Documents such as personal and/or corporate tax returns, bank statements, processing statements
- A thorough review of the merchant’s website that includes vetting of the product, ingredients, marketing, and compliance
- Once the application is submitted, our underwriting process will begin:
Our expert team at EskayPay will contact you in order to discuss your business’s needs and requirements. They will ensure that all your requirements are met and will allow you to transact across the borders and will help you to expand your business overseas.
Read our another blog post : Online Credit Card Processing