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A Payment Remedy for Nutraceutical and Supplement Companies

Supplements and nutraceuticals are all the rage when it comes to enhancing health regimens these days. In fact, 77% of Americans take at least one supplement a day. Popularity aside, they also have a positive impact on the U.S. economy.

The Council for Responsible Nutrition recently reported that the dietary supplement and functional food industry saw $158.6 billion in revenue in 2023, and it’s expected to reach $261.55 billion by 2033. On top of that, the industry supports nearly 300,000 jobs in the U.S.

Supplement and nutraceutical payment processing challenges

Of course, all that revenue can’t happen without a means to process payments. And it’s getting started with payments that can be one of the biggest hurdles for businesses in this industry.

Why? Because it’s considered high risk.

If you run a nutraceutical or supplement business, you’re likely already familiar with the difficulties of securing a merchant account.

You’re also probably familiar with steep processing and integration costs eating away at your bottom line.

Last but not least, you’re likely acquainted with disputes, payment fraud, and the difficulties of navigating compliance.

Here at Finix, we feel your pain.

And we also want to solve it.

But first, let’s take a look at the why behind the high-risk labeling.

Why are nutraceutical and supplement companies considered high risk?

The truth is, if you sell nutraceuticals and supplements online, you have a higher risk of fraud and chargebacks than other types of businesses. 

Here are the main reasons:

  • The industry is unregulated and product claims aren’t FDA-verified 

  • Unrealistic customer expectations can lead to higher chargeback rates

  • Many nutraceutical and supplement companies offer free trials and subscriptions, which increase the chances of disputes

The higher the risk of fraud and chargebacks, the higher the financial risk for payment processors and your business. This not only makes it difficult to get a merchant account but also makes it harder to find a provider willing to work with you at all. It’s also what leads to more expensive rates and long, complicated approval processes. 

How long does it take to get a supplement or nutraceutical merchant account?

The approval process for high-risk merchants is always going to be more intensive than it is for lower-risk businesses. The actual timeframe varies based on your unique supplement or nutraceutical business, your integration requirements, previous processing history (if any), and the payment processor you’re working with.

Solutions that help enhance your business’s financial wellness

The good news is you can obtain a merchant account by partnering with a trusted payment processor that specializes in handling transactions for the health and wellness industry. 

Processors like Finix that work with high-risk merchants are better equipped to help supplement and nutraceutical businesses as they understand the nuances of the complicated regulations and compliance issues in this industry. They can also offer more tailored solutions to fit these needs. 

Reliable and secure payment gateway for supplements and nutraceuticals

The first step in selling your nutraceuticals or supplements online is finding a payment provider that has a secure and reliable payment gateway. Having a secure payment gateway safeguards your customers’ financial data and your business’s reputation and is a must-have for any business that wants to accept card payments. 

Transparent, customized pricing for a healthier bottom line

There’s no getting around higher fees if you’re in a high-risk industry. But that doesn’t mean you have to accept just any rate. Many payment providers that cater to supplement and nutraceutical companies can offer more customized pricing that lets you better optimize your revenue.

Contact us for a no-obligation custom payment processing quote.

Simple payment integration for selling health supplements online and in person 

Integration costs are another major challenge, especially if your business accepts online and in-person payments. One thing that can help drastically reduce these costs is working with a provider that only requires one API integration for both. This alone can cut your development costs by as much as 50%. Not only that, but it also increases efficiency and cuts down on payment reconciliation time.

How fast can I start accepting payments once I’m approved?

With Finix, once you’ve been approved, it’s possible to get up and running in minutes, but timing varies depending on your integration requirements. 

Easy no-code and low-code solutions

Another way to maximize revenue and operational efficiencies is with prebuilt tools and low-code integration options. For instance, with Finix, you have access to our Virtual Terminal and the ability to create payment links right in your dashboard. These tools require no development resources and are designed to ensure you never miss a sale. You can also use our prebuilt checkout pages, which are optimized for conversions and e-commerce shopping cart plugs that require minimal code.

Regardless of who you choose for your payments partner, these tools are essential to nutraceutical and supplement companies.

Reporting and analytics 

Partnering with a provider that offers transparent payment data is also crucial for growth. Finix includes deep insights into your transactions, so you’re able to identify customer payment trends, spot problem areas, suspicious behavior, and more.

Dispute management

Due to the high-risk nature of the supplement and nutraceutical industry, having a robust dispute management system will help you keep track of disputes more effectively and win more chargebacks. At Finix, you’ll always know your win/loss rates and chargeback ratios and can upload evidence directly into the dashboard. Plus, you’ll have a team of experts that have your back.

Security and compliance

Remaining compliant with industry laws and regulations is difficult enough. Adding PCI compliance to the equation makes things even more complex. The right payment processor can help make compliance easier. For example, Finix includes embedded compliance and ensures your transactions are always secure.

Payments that are good for your business’s health

While the nutraceutical and dietary supplement industry is considered high risk, you don’t have to accept subpar payment processing. With the right provider, you can optimize revenue, grow your business, and create better checkout experiences for your customers.

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