Weight Loss and Diet Pill Payment Processing
January 21, 2021 | Merchants | Dustin
If you’re opening a new weight-loss business, or have established yourself as a pioneer in the diet space, you know that payment processing can be difficult.
Customers may return products or file chargebacks on supplements they decide to keep. In the end, your merchant account may drop you if you exceed a certain chargeback threshold.
To contend with processing obstacles, dieting merchant accounts are classified as high risk. You want to find a company experienced with underwriting and onboarding weight loss payment processing.
Weight Loss Merchant Services
It’s no surprise by now that weight loss, diet, and keto products have taken the market by storm. From diet pills to keto diets, and interesting supplements to suppress your appetite, new businesses are introducing ways to improve your health.
With every new product comes a range of regulations. The FDA is the government body that regulates medical claims. They oversee new medicine and supplements to bring standardized studies into the dietary supplements industry.
Weight loss pills range from appetite suppressants to stimulants and more. There are some that alter the way food is processed. For example, Orlistat has the ability to decrease fat absorption after you eat. With such a variety of fasting and chemical techniques, diet pills have gone through changes in the payment processing world.
Diet Pills Payment Processing
Selling diet pills online has its pros and cons. You have the opportunity to attract many people to your site, but this comes with increased competition. In order to compete, diet pill businesses have thought of new ways to lock in clients and make sales.
Promotions in the diet pill industry range from free samples to continuity billing, and more. In continuity billing, a company may offer to send you a trial of their product and charge you after if it’s not sent back. These unique tactics are sometimes frowned upon because customers may consider the charge unapproved. In this case, chargebacks may add up, and your merchant account could be in peril.
Another example of diet pill payment processing is subscription billing. In this model, the same products show up at your door each month. This is perfect if you have a steady regimen or if you’re trying to be more consistent in your dieting goals.
Subscription Billing & Your Diet Merchant Account
Dieting is all about consistency. This is why subscription boxes and billing is an excellent model for the health industry. People often go through yoyo dieting phases because they take a break from a certain diet that worked for them. If you’re a company growing a new diet business consider a subscription model for your customers.
Whether it’s a keto diet, protein bars, or a fitness item to keep customers fit, ongoing use and steady purchasing are useful for both the customer and the merchant. In this case, the customer receives an ongoing influx of new items, while the merchant can measure sales more regularly. Moreover, a business is able to forecast future sales and understand its growth projections more easily.
Growing An Online Diet Company
Online dieting takes the world of ecommerce direct to the consumer. The product is a fitter, healthier, and more energetic individual, and to obtain that outcome a company must stay top-of-mind. With the right marketing and ad placement, you can get your name out to the people who are looking for your product.
As people continue to look for new ways to stay fit and healthier, new innovations and expectations will emerge. In terms of growth, the industry is said to have made $72.7 billion by the end of 2018 and projected to grow 2.4% each year to 2023.
How To Run Your Weight Loss Merchant Account
Most importantly, your weight loss merchant account should have credit card processing capabilities. Customers look for quick fixes and fast checkouts. Make sure your site has a payment gateway to connect the final purchase to your merchant account. The gateway is the integration used to collect credit card information and exchange it with the acquiring bank.
Once the payment is verified, the bank receives the funds, and the transaction is essentially complete. However, maintaining the integrity of your account means keeping customers happy.
Have a chargeback plan on-hand be ready to refund customers if they request it. Beyond that, get with a high risk merchant accounts provider like PayKings who will create a custom payment solution for your weight loss and dieting business.
January 21, 2021 | Merchants | Dustin