The peptides industry frequently navigates a regulatory grey area. Although peptides are legal with a prescription in certain regions, many payment processors have imposed restrictions on merchant account services for SARMS and peptides, eliminating supplement credit card processing accounts from their portfolios. A notable challenge for merchants in this industry is the acquisition of a dependable merchant account.
SUPPLEMENT MERCHANT ACCOUNTS TABLE OF CONTENTS
What are Supplements?
Consumers rely on a diverse range of supplements for health, weight loss, or sports-related goals. Common supplement categories include:
- Vitamins and Minerals
- Herbals and Botanicals
- Sports Nutrition
- Weight Management
- Specialty Supplements
Numerous supplement products lack approval from health regulatory agencies, introducing the risk of prohibition by local authorities. Although manufacturers must adhere to federal safety regulations, the sale requires registration rather than certification.
The absence of certification for health claims often leads banks and payment processors to designate these products as higher-risk, complicating the process of securing a merchant account. SARMS and Peptides, renowned for their muscle-building properties, encounter specific challenges in obtaining supplement merchant accounts due to perceived risks.
What are SARMs?
Selective Androgen Receptor Modulators (SARMs) are synthetic drugs with similarities to steroids, aiding muscle growth by modifying DNA and targeting muscles without affecting other body parts, unlike traditional steroids.
What are Peptides?
Peptides are smaller protein versions, composed of amino acids, designed for specific results. They find applications in various health and cosmetic products for their anti-aging, anti-inflammatory properties, and muscle-building benefits.
Merchant Account Options for Supplement Merchants
While SARMS and Peptides are legal for sale and possession in certain regions, the lack of approval for human consumption complicates the search for willing payment processors. Despite these challenges, the demand for peptides remains high, making online sales risky and challenging to process.
With dwindling credit card processing options, merchants turn to alternative high-risk payment methods such as electronic checks. E-check processing, often managed by smaller financial institutions, continues to support transactions in the SARMS and peptides industries while adhering to local regulations.
How Does a Supplements Merchant Account Work?
Payment card transactions, both in-store and online, adhere to a standard process:
- Merchant Acquirer: Acquiring banks manage the relationship between merchants and payment card associations, handling underwriting and account management to ensure compliance with product and service regulations.
- Card Issuer: The card issuer maintains the customer’s account, providing security and managing fraud prevention. They authorize or decline payment requests and ensure transaction completion.
- Payment Card Network: Networks like Visa and MasterCard provide security and functionality, constantly growing as payment card usage increases.
- Terminal: Physical or virtual terminals in storefronts or online applications ensure transaction security.
- Shopping Cart: E-commerce merchants utilize shopping carts for secure payment processing, integrating with larger programs for easier merchant account integration.
Requirements for Merchant Accounts
Applying for a peptides credit card processing service necessitates various documents:
- Completed Application
- Copy of ID
- Voided Check
- Bank Statements
- Previous Processing Statements (if available)
Underwriting teams review these documents to assess the merchant’s background and financial stability.
Benefits of Merchant Accounts for an Online Supplement Business
While credit card processing options for SARMS and Peptides are limited, e-checks emerge as a preferred alternative. E-checks offer lower costs and fewer risks of account closure, providing services comparable to credit card processing.
Set Up Your Supplements Business with Merchant Account Services Today!
For more information on services available for supplement businesses, contact our payment processing professionals. Although SARMS merchant processing can be challenging, our team has connections to assist high-risk businesses in accepting online payments. Reach out to us to support your supplement market business and commence accepting online payments for these products.