Nutraceutical merchant accounts consist of health and wellness supplements, vitamins, and products.
Nutra Merchant Accounts are very valuable if you can keep them open and they are sensitive to account closure for a variety of reasons. Depending on the Bank Processor some product(s) sold is not acceptable while other Bank Processors may deem the same product(s) acceptable. You must make us aware of all products sold or added at any future date onto the website. Chargebacks must be managed to fewer than 2% at all times. Descriptors must be communicated to all customers. Delivery of the product must be done on a very timely basis.
Products Sold and Affiliate Websites
You must let your sales office (i.e Moneck.com) know of all the websites that you will use to sell your products. Affiliate marketers must direct the sales to your website for purchase. Affiliate marketers can’t market products not approved for sale on your website. Your merchant account is only for you to sell your products and not any other affiliates products. You are not allowed to process for other people. You can only process for your own company and company products approved in advance by the Bank Processor. You are not allowed to allow anyone else to use or have access to use your merchant account.
If you sell a prohibited product or process a payment for a product that is prohibited and not approved by the Bank processor your account will be terminated, money will be held, and you risk being listed on the TMF list.
You must make your sales office (i.e. Moneck.com) aware of all products being sold by sending us an excel spreadsheet. This must be completed prior to going into underwriting. Do not rely on underwriting to review all your products on your website. In our experience providing a list of all products and ingredients prior to the completion of underwriting and post approval is key to success and avoiding TMF, account closure, and funds held.
Upon approval, and before adding a new product(s) onto your website you must run it by us first so that we can clear it with the bank to avoid any problems or account closure or TMF. Depending on the Bank Processor some product(s) sold is not acceptable while other Bank Processors may deem the same product(s) acceptable. Be smart and run it by us first.
You are solely responsible for your merchant account and the actions performed by your staff and affiliate marketers and suppliers and distributors. Failing to abide by the rules or adhere to our recommendations can lead to account closure, money being held and being listed on the TMF list.
Your website should be hosted on its own web server and not on a shared web server that sells prohibited products. Bank processors will perform a quality assurance audit and if they find your Nutra website is shared with another Nutra website that is similar in name and that sells prohibited products your merchant account will be shut down.
Chargebacks, Product Delivery Timeliness, and Descriptors
You must always keep your chargeback percentage under 2% and in some instances under 1% otherwise you risk account closure and TMF. You must deliver your products as advertised. Honestly, you should send your products out same-day to avoid and minimize chargebacks and customer complaints. If you don’t refund your customer your customer can still contact their bank to file for a chargeback. Customer service and satisfaction is key to keeping your merchant account open and ultimately your responsibility.
We strongly recommend using chargeback prevention tools and services. Contact us for more information on some of the cutting-edge tools and services we have available to help you succeed in keeping your chargebacks to a minimum.
You must communicate your descriptor to your customer at all times. We recommend putting your descriptor on your website, shopping cart, checkout page, and receipt.
Our recommendations are based on our experience working with Nutraceutical merchants. Our recommendations are based on what the successful Nutra merchants do and on how they keep their merchant account open. If you follow our recommendations you will achieve the greatest level of success in keeping your Nutra Merchant Account open so that you can remain in business generating revenue.
Contact us for a merchant account or chargeback prevention services if you are selling any Nutra products and supplements