Merchant accounts for diet and supplement products

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

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?

Chargebacks

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.

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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;

Merchant Advice Service works closely with industry experts to ensure the process from enquiry to application runs smoothly.

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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