Nutra entrepreneurs look for faster approvals, better services at competitive pricing when it comes to signing up for payment processing services. Besides falling into the category of high risk businesses, the nutraceutical industry has its unique requirements for card processing. Before you jump into any agreement with some payment processor know what is good for your business. If you look at it theoretically it seems quite simple with a basic answer to apply with merchant account provider. The process for a nutraceutical business is unfortunately more complex. These businesses have to find out high risk merchant account provider that has bank sponsor relationship able to accept nutraceutical businesses. Even when you find such merchant account providers your quest does not end here. You need to have specific approval for your company. Look for different credit card processors to apply through.
HOW TO IMPRESS THE UNDERWRITER?
You might know that finding credit card processor is easy when you are running a low-risk business but it is not so with nutraceutical credit card processing at all. A lot depends on the underwriter who is the ultimate decision maker and will see to it that your application is approved and if yes for how much. Underwriter makes sure that your business is a good risk for the credit card processor. The risks primarily include the numbers of chargebacks and the regulatory risk because the business might be engaged in fraud. It is important to impress an underwriter going through your application by making sure that your business looks predictable and financially stable. But for this you should not hide the fact that you are a nutraceutical business. You should be responsive to your customers over phone and running a legitimate business. Showing your responsible, stable and organized size may help you win the trust of the underwriter.
After 3 to 6 months of successful and smooth processing you may get your application reviewed and obtain higher processing limits.