Setting up a merchant account may not seem like brain surgery, but it can be nearly as challenging if you are an online merchant who specializes in brain care supplements, such as Ginkgo Biloba, St. John’s Wart, and other herbs, supplements, and formulas designed to boost mental acuity or mood. If you’re having difficulty obtaining credit card processing, you’re not alone. You are in a large group of merchants who have been labeled “high risk” by the banks who extend the credit necessary to process credit and debit cards. But as with these other merchants, finding a brain care product merchant account is possible.
Brain care products are most often formulated from harmless herbs and supplements. However, financial institutions have a different set of criteria they use to assess your product’s risk. Brain care products, like most other neutraceuticals, are considered high risk because the industry as a whole has a reputation for an above-average number of credit card chargebacks.
These chargebacks may occur for many reasons. Customers may have unmet expectations (valid or invalid) about what the product will do for their mental health and charge back their credit card instead of processing a return or requesting a refund. They may have signed up for an ongoing monthly program without realizing that they have done so, or they may wish to discontinue the program and want their money back for products they have already received.
Whether the reason is legitimate or illegitimate, the bottom line for risk is this: the higher the risk of chargebacks, the higher the probability that you will be denied a merchant account by the mainstream providers.
Where mainstream credit card service providers see a potential liability, E-Commerce 4 IM and our many financial partners see a potential opportunity. Unlike the banks, we understand the high risk market and are able to assess your business’ true risk based on its own merits instead of lumping you into a broad category. Also unlike the banks, which only offer a single option (their own services), we have many partners and can provide you with an array of options for a high probability of an excellent fit.
In addition, we also offer exemplary customer service designed to help you succeed. Additionally, we can introduce a host of services to help reduce your risk, such as chargeback mitigation and fraud prevention.
If you’ve been denied an account in the past, take heart! Brain care products are not a dead end for merchant services. Call us today to find out more or to start the process of obtaining credit card processing that will help your business succeed: 1-800-570-1347.