Card providers for diet and supplement products
According to Health Survey for England, 27% of adults in England are obese and a further 36% are overweight, making a total of 63% who are either overweight or obese. As obesity within in the UK grows so too does the weight loss and supplement market. Trends such as juicing, diet clubs and detox products are becoming more popular with customers looking for a quick fix, to kick start weight loss and a ‘cleaner’ lifestyle.
The global value of the diet and supplement market is expected to reach a massive £220billion by the end of the year. Over the last decade, there has been an increased popularity in herbal and natural products with a large media focus on eating clean. Exercise aids, such as workout supplements and shakes and food supplements such as prepared meals or meal replacements – this has largely been fuelled by social media, and clients in search of a ‘quick fix.’
The weight loss and wellbeing industry can prove incredibly lucrative, if businesses get it right! Whether you are looking for a merchant account within the diet and health industry or a payment gateway to accept monthly subscriptions, we’ve put together a guide to highlight all there is to know.
When dealing in diet programmes, weight loss supplements or herbal alternatives you may experience some difficulties in finding a merchant account or payment gateway, especially if you are a start up company. The reason for this is that many high street providers view the industry as high risk. To find out how this may affect your account take a look here.
Why are supplement and diet products seen as high risk?
Firstly the amount of chargebacks within the industry tend to be higher than average. The internet especially is flooded with tablets, teas and shakes which provide the customer with a ‘quick fix’ when it comes to losing weight or gaining muscle. As a result, unsatisfied purchasers often issue chargebacks if products don’t provide the expected results.
Risk and Uncertainty
Quite often, especially with e-commerce businesses, merchant account providers feel a huge amount of uncertainty and lack of trace-ability directed to the products themselves, the position in the market place and the long-term sustainability of businesses within the industry.
High drop-off rates
Subscription diet plans or gym memberships get cancelled regularly, either because clients aren’t able to stick at them longer-term and they forget they even have them.
Merchant Accounts for Nutricosmetics
Nutricosmetics are digestible beauty products, examples of this are pills that help with hair and nail growth. The nutricosmetics industry is on target to reach a staggering worth of £5.5 billion by 2020. Obtaining a merchant account for nutricosmetics products can be tricky and deemed high risk, for all of the factors listed previously. Often these products are sold on a subscription basis or with a money back guarantee, making the merchant account application even more difficult. We work with specialist brokers who can assist with nutricosmetics card processing applications and payment gateways.CALL US TODAY
Speak to an expert
We deal with account providers that specialise in high risk areas, and specifically the diet and supplement industry, if you are looking for the following we can help;
- Supplement merchant account
- Nutraceutical merchant account and payment processing
- Herbal stores
- CBD related health product accounts
- Pharmaceuticals merchant accounts
- Vitamins, minerals and anti-oxidants
- Online pharmacies
Merchant Advice Service works closely with industry experts to ensure the process from enquiry to application runs smoothly.SPEAK TO OUR EXPERTS TODAY