Health and beauty merchants often have trouble finding online debit and credit card processing solutions, which seems ridiculous considering that the health and beauty industry globally as a whole brings in yearly sales totaling $445 billion as of 2017, and averages growth of 5% year over year.
Still, those in need of health and beauty merchant accounts find it very difficult to find payment processing solutions with the potential of high rates in chargebacks. Most banks consider health and beauty merchant accounts to be too much of a risk to provide them with a high-risk merchant account for their health and beauty business.
This doesn’t mean you’re out of luck when it comes to eCommerce and payment processing online (also known as card-not-present transactions), it just means that you need to choose the right company to handle all your needs in payment processing.
Have You Lost Credit Card Processing for your Health and Beauty Merchant Account?
You build out a nice, new website for your health and beauty merchant account, you have an amazing following on social media, perhaps even your own YouTube channel, and are making some big-time sales through your website via PayPal, Square, or Stripe.
But then, just a few months later, your merchant account is completely shut down and all sales come to a halt because many of the payment processing companies (like those listed above) consider health and beauty merchant accounts to be in a high-risk industry, due to the rates of returns and credit card chargebacks.
You have a lapse in payments coming in and your bank isn’t getting the appropriate funds. Now you owe your bank money while you have no money coming in from sales. Your health and beauty merchant account has been completely frozen, you have no access to the funds, and your customers start going elsewhere.
That right there is not so “fetch” as the Mean Girls would say. What is though, is signing up with the right payment processing company from day one – when you come to iPayGreat for your high-risk health and beauty merchant account, you avoid any funds being frozen and your stream of income can just keep rolling in.
The primary reason health and beauty companies are considered to be high risk is because of the number of chargebacks that incur in this industry. Why do health and beauty merchant accounts get a lot of chargebacks?
Good question. Health and beauty businesses typically get more chargebacks compared to an ordinary online business and certainly get more than retail spaces and card-present business. Mostly, it’s the chargebacks that require the company to use a high-risk health and beauty merchant account rather than being able to qualify for a low-risk account.
Here are a few reasons why…
iPayGreat steps in as the reputable and knowledgeable payment processing company for your health and beauty merchant account. iPayGreat understands the unique needs of different health and beauty-related businesses and has established 24+ acquiring banking relationships to become the experts we are in getting health and beauty merchant accounts accepting online payments.