The healthy lifestyle movement continues to be one of the fastest growing areas among any industry. Sales related to fitness increase exponentially with each passing year. Workout tools such as treadmills, stationary bicycles, and free weights can be found in virtually every home. Fitness center and swimming pool memberships are also on the rise as more consumers take a closer look at their lifestyle.
Smartphone apps, live streaming classes, and other technologies give fitness gurus all the tools they need to workout from home. In addition to changes in diet and exercise, many consumers choose to add supplements to their daily routine. This sustainable trend has resulted in many new business opportunities for entrepreneurs. Merchant accounts specializing in healthy lifestyle products help these enterprising business owners make the most out of their new or growing businesses.
Processing Challenges
Some of the reasons Health and Diet Supplements are hard to place is because their products are governed by the FDA. False claims are a huge common concern for processors. The FDA has very specific guidelines around their approval process and the advertising and promotion of said products. Staying on top of those changes and the consistent inclusion of new and banned products is very time consuming and costly to most processors.
Merchant Processor Options
To maximize profits, business owners and online sellers must accept credit and debit cards, in addition to other payment methods. There are many credit card processing options to choose from, and savvy business owners will conduct research before making a decision.
There are several factors to consider in this partnership between business owner and merchant processor. The answer for a business owner is to partner with merchant service providers who specialize in diet supplements and health related products. There are many areas to navigate and having an experienced company to help guide you is key.
Customer Convenience
Credit card processing should be a seamless process for the buyer and the seller. Multiple options, such as mobile processing, online access, and electronic receipts all contribute to a positive customer experience. In many cases, the transaction may require follow up. Perhaps a customer needs to return, replace, or reorder an item or confirm tracking information for a missing product. Merchants who offer credit card payment services must have knowledge of the rules and regulations regarding rebills.
Support Options
Proprietors must have technical solutions and support options available for their consumers. Merchant banks and credit card processing service providers have varying degrees of support for their customers. Business owners who offer health and diet supplements must remain responsive to their customers. Payments and refunds should be processed quickly, and any problems should be resolved without delay. Fulfillment of orders and tracking is also a huge operational back bone to most online Health & Diet Supplements business.
Increased Revenues
When business owners conduct research prior to making a selection, their merchant accounts can become an area to lower costs and increase profitability. In the case of dietary supplements, for example, sellers can offer unique automatic refill services. If their merchant bank operator offers a refill reminder and stores credit or debit card information for future transactions, revenues will continue to increase.
Offering a choice of payment methods helps business owners increase profits in other ways as well. Customers who find the online ordering process easy to use are likely to return and to record favorable reviews. Word of mouth referrals can increase sales more than many other marketing efforts. The healthy lifestyle movement receives much attention on social media platforms. When consumers see results from a particular product or dietary supplement, they are more likely to try it for themselves. It is helpful for business owners to partner with merchant banks that offer multiple ordering methods. Customers are able to make payments online, by phone, or even through their own personal virtual wallets. Merchant services that allow these types of options will greatly enhance their own volume of activity as well as revenue for the businesses they service.
If you operate a business in the supplements industry, contact Flow Payments today. We offer a variety of payment processing options for the supplement focused companies with low rates and exceptional service.