Payment Solutions For Every Business
Nutraceuticals, also know as “nutra”, help numerous people around the globe with natural alternative supplements to either lose weight, better his or her skin, enhance sexual activities, or help with their exercise and workouts. Typically nutraceutical sites offer recurring and continuity offers since customers usually need to consume the product on a regular schedule for extended periods in order to see the benefits.
Nutraceutical Payment Processing
Nutraceuticals, which are typically not FDA approved, have made false claims in the past and usually advertise “trial offers”, which are a negative option that enroll the customer into a recurring billing model after the trial period. Another claim is that many campaigns are celebrity endorsed and market limited time offers driving customers a sense of urgency to buy the product quicker. These and other fraudulent practices have plagued this industry, placing this industry in the high-risk category. Due to Maverick’s experience in this field and history in the industry, Maverick understands the nutraceutical space along with all the factors within it, including risk management, chargeback mitigation and fraud prevention. Having numerous partners to work with, Maverick can provide a merchant account structure that is reliable and long-term. Maverick will leverage its network of banks and partners to lead you through the hurdles and find a solution.
Nutraceutical Merchant Account Requirements
Nutraceutical offerings require additional documentation and information when compared to an account for a restaurant. The reason is the increased risk associated with the business type. The billing model will need to be compliant in terms of the FTC’s Restore Online Shoppers Confident Act and Electronic Funds Transfer Act if any sort of trial is being offered. The claims will also need to be legitimate and supported. This can vary based on the product type. For example, a natural weight loss or diet supplement will have different claims requirements when compared to a workout supplement or male enhancement product. Aside from advertising in a compliant and transparent way, there can be a reserve, which is used to mitigate risk associated with chargebacks. It is also very common for nutraceutical merchants to use fulfillment centers. In this case, a copy of the fulfillment agreement is required. Maverick is here to assist in the process that can sometimes be overwhelming to obtain an account.