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Tips for Vitamins and Herbal Supplements Merchants 

The supplement industry is a growing market that is just beginning to develop its full potential. There are many new vitamin and herbal businesses opening every day; but not every one of these organizations is run by a merchant who understands how to run such a business. Most of the business advice for vitamins and herbal supplements merchants are suggestions that apply to businesses in any industry, including both traditional and high risk merchants:

 

·         Advertise liberally in mediums that are likely to reach your target customers

·         Offer quality customer service that will encourage both loyalty in your current customers and customer referrals

·         Distribute high quality products at affordable prices

·         Stay current with industry news and the latest research in order to remain on top of emerging trends

·         Develop a relationship with a transaction processor in order to open up a low or high risk merchant account and begin accepting credit card payments

 

It sounds as if high risk merchants in the vitamin and herbal supplement industry should simply apply basic good business practices to their everyday activities in order to be successful, which is mostly true. However, there are some business ideas that are somewhat particular to the herbal industry. Merchants in this sector should consider instituting the following into their business model:

 

1.       Have a clear payment procedure posted in all media—including online sales and information sites. The payment policy should include fraud prosecution warnings, as well as information about possible random phone calls to verify credit card transactions and home addresses. Herbal suppliers often deal with a higher rate of credit card fraud and identity theft than other types of businesses; which means that these merchants must take extra precautions to discourage such activity from occurring against their high risk merchant account. A clearly posted warning against fraud and the possibility of an actual phone call is enough to ward off a large percentage of credit card fraud.

2.       Establish offshore merchant accounts when possible. Most supplement merchants have a thriving online sales program, which means that they are likely to have customers from all over the world. While domestic banks can offer accounts that allow for international sales, many high risk merchants discover that offshore merchant accounts are more experienced handling worldwide sales, and may even offer more attractive tax rates. Most transaction and third party processors will offer their client the opportunity to research reputable offshore accounts.

3.       Create a firm policy of shipping practices and design packaging that clearly identifies the sender. In order to cut down on fraudulent sales, make sure that you have a clear shipping policy that includes using their high risk merchant account’s Address Verification System (AVS) and limits shipping to street addresses only. High risk merchants have discovered that these two policies are able to significantly reduce their chargeback rates. Further, herbal and vitamin supplement merchants should always use packaging that clearly delineates their business in order to allow the recipient to accept delivery efficiently, without the need to open the package.

High Risk Credit Card Processor specializes in High Risk Merchant Accounts, High Volume Merchant Accounts and Offshore Merchant Accounts. High Risk Merchant Accounts might include industries such as mail order, telephone orders, adult entertainment businesses, MLM industry, dating services, escort services, outcall services, travel industry, telecom, timeshares companies, herbal and diet supplements, subscription services, membership services and clubs, ticket sales, MLM merchant accounts, multi-level marketing, bail bonds and pawn shops, water filtration systems, collection agencies, auto rental agencies, rare coin and other collectibles shops, computers, custom design items, software sales and service, detective services, door to door businesses, massage parlors, gun shops, hair restoration services and cosmetic surgery, high-end ticket sales, high volume merchants, home based, telecommuting organizations, fortune tellers, infomercial merchant accounts, insurance and investment products, custom jewelry sales, multi level marketing, phone sales, internet businesses, educational institutions and seminars, sports collectibles, used auto stores, water purifier sales, weight loss centers, vitamin and herbal supplement suppliers, international merchants, companies facing high chargeback rates, etc.  

For additional information about this article or about obtaining High Risk Merchant Accounts, please call 702-898-5568 or email info@highriskcreditcardprocessor.com.