How Banks Are Blacklisting Nutracuetical Companies And What They Can Do About It.

A few months ago we published an article about how difficult it is for companies in the Nutraceutical Industry to qualify for and keep a merchant account to allow them to sell their goods and take payments for said goods. One would think it was just like any other business. Apply for the account, submit the required paperwork, get approved and start to sell. Nutraceuticals companies only wish it was that easy. Not only are they plagued by circumstances that make them a higher risk for acquiring banks, things such as large monthly volumes and high incidences of chargebacks, but they also often are required to put up large amounts of money in a reserve account and then constantly risk account shut down at any moment.

Well that moment just happened..

Last week about 6000 Nutraceutical Merchant Accounts were completely shut down…

This move by the banks left these businesses with no way to take payments and keep their businesses running.

How could this happen? Well, it all started just before the end of the year few months ago when some of the world’s largest banks decided to add the Nutraceutical industry to their list of prohibited merchant types. Every bank has a list of the types of merchants that they deem prohibited to do business with. These types of businesses often include merchants who are in the adult store industry, online gaming, tobacco, even lawyers are high risk. As well as many other business types that they deem too risky and/or damaging to their brand.

At the time, if you didn’t already have an operating merchant account, it just got a lot harder to get one. But now, those businesses who did have a merchant account just found their accounts completely shut down. This move by the banks has left thousands of nutritional supplement dealers scrambling to keep their businesses up and running. Most of these business operate through eCommerce, or online, so they don’t exactly have the option to stay open and offer cash only sales while they figure out another way to take payments. They are literally stopped in their tracks.

Obviously, when you have been put through this situation, you are a bit more weary when a salesman says he has exactly what you need. But, again, you’re desperate and need to get up and running sooner than later. This is the exact time that unscrupulous salesmen jump to take advantage of businesses who find themselves in a desperate situation.

You might be thinking: “How am I supposed to find a processor with integrity?” You have to do a little research and make sure you are working with a company that has your best interests in mind. There are a lot of processors out there that are going to tell you they have exactly what you need. They are going to promise you the world for the lowest rates possible and once your account is up and running they run for the hills, you’re lucky if you ever talk to your salesman again.

Which leads to our main problem as a credit card processor: “How do we stand out from the crowd?” Let me show you the ways….

Why would you want to get approved for a nutraceutical merchant account with Bankcard Brokers?

First of all, ALL of our staff are ETA Certified Payments Professionals. This means that each and everyone, even our CEO, has undergone hours of training and completed the rigorous examination required by the Electronic Transaction Association (ETA). Each ETA CPP has made a commitment to professionalism and personal integrity as well as abide by the ETA’s Code of Conduct.

This is not “required” in our industry and merchants will find that it is actually very rare that salesmen take the time to complete the training. Our representatives are committed to being the most educated and upstanding players in the industry and because of that are very well equipped to council merchants on the best and most appropriate solution for their business.

Secondly, for our commitment to our clients to support them in their endeavors to become a successful thriving business. We strive hard to become a trusted resource for our clients and we do that through our dedication to providing them the truth about credit card processing. We try hard to listen to our customer’s needs and then constantly strive to look for ways to implement their ideas on the processing end.

And Lastly, we truly do have legitimate, stable solutions…both domestically and internationally. Which also means we offer dynamic currency exchange. This allows businesses to operate, make sales anywhere in the world and convert to multiple different currencies.

We have nurtured relationships with the world’s leading Tier 1, 2 and 3 acquiring banks. Our banks understand that Nutraceutical companies often have high monthly volumes of credit card transactions and because they are used to dealing with high risk businesses they employ security teams that specialize in monitoring these types of accounts.

We also urge our clients to diversify their payments options exactly so this problem does not take them down. We have the ability offer multiple different MID’s at multiple sources in order to allow merchants to load balance their risk. In addition, we also offer multiple payments acceptance options to help our merchants diversify their payments avenues and keep business from coming to a complete halt in the event that a merchant account were to get shut down. With this in mind we continually explore new products and options for our merchant partners to assist them in ensuring complete success.

We take pride in the fact that we demand strict levels of security: only installing 100% PCI-DSS Compliant software, running the most up-to-date TLS 1.2 security protocol and taking every precaution necessary to securely authenticate all parties involved in a transaction in order to protect our merchants sensitive data. Merchants can process payments with confidence.

Happily, we can say that we are currently, and successfully working with clients in the Nutraceutical and natural supplement industry.

We always want to be accessible to our clients for any needs or questions they may have about their account, and to that end all of our clients have access to Direct Representative customer service during Bankcard Brokers’ business hours as well as 24/7 customer service in addition to our personal office hours.

It’s time to apply for the last Nutraceutical merchant account you will ever need.

You don’t just need a merchant account. You need a merchant account you can depend on, one that is set up properly to provide you with reliable service for many years.  If you are unfortunate enough to be one of the thousands of Nutraceutical companies who recently experienced a shut down, we urge you to give us a call at Bankcard Brokers post haste.

Before you run and fill out multiple applications for a high risk merchant account, please don’t. This will actually raise “red flags” with underwriters and ultimately hinder your ability to get approved for a reliable merchant account. Our main goal is to equip you with every opportunity to succeed in finding the merchant account you can rely on for years to come.

For that reason, our staff of ETA CPP’s are not only available to offer educated guidance about your merchant account, but also to suggest fraud prevention tools, help find ways to lower and/or manage chargebacks and propose innovative ways to increase the bottom line.

Give Bankcard Brokers a chance to become your merchant service partner for life, call us today or click the “get started” button below.