Merchant Account for Health and Beauty Products

Table of Content

• Payment Processing for Cosmetics Using Paympire Solutions
• Why is this business regarded as high-risk?
• Making an application for the Best Health and Beauty/Cosmetics Merchant Account
• How to Get the Best Cosmetics/Health & Beauty Payment Processing
• Health and Beauty Merchant Account Fees
• Overview of the Health and Beauty Industry
• Fraud in the Health and Beauty Industry
• Why should you use binary payment gateways for your beauty and health payment processing?
• The lucrative industry of health and beauty is very competitive. For a merchant who is interested in selling online or through a storefront, a health- and beauty merchant account will be essential for your business.

There are many sub-niches in the beauty and health industry. These can lead to different business models and payment processing options.

Payment processing and merchant accounts for health and beauty are typically considered high-risk by payment processors and acquiring banks. This means that merchants in this sector should not be considered high-risk. You must also avoid low-risk options in order to ensure your merchant account is maintained.

High-risk merchant accounts may be more expensive, but they can help you set up your business for long-term success. They allow you to receive payments, fight chargebacks and process international transactions.

Binary Gateways will quickly review your business and get you authorized. We also establish a merchant account for you to exercise transactions. We can help you find the right solutions for your business, and we will make sure you are in the top 5% of the beauty and health industry. In the next few years, health and beauty will generate over $500 million. Online sales account for more than 22% of all financial exchanges in health and beauty. This shows that online stores can be a great way for storefronts to expand their reach and increase sales.

7298 is the most popular MCC code for beauty and health products. These are just a few examples of beauty and health merchants.

Hair care | Fragrances | Skincare | Makeup | Supplements | Sexual health products

Lotions | Perfumes | Bath essentials | Wellness products | Nail care

Payment Processing for Cosmetics Using Paympire Solutions

Paympire Solutions offers the following for high-risk credit card processing of beauty cards:

Account approvals in 24-72 hours

There are no setup fees.

No annual fees.

Approved application fee.

Risk reduction.

Payment gateway integration support.

Low-risk rates.

Based on your target customers, increase approval ratios

Excessively aggressive, high-risk rates as low.

Paympire Solutions provides all solutions for cosmetics and beauty retailers worldwide and strives to ensure that pricing is transparent at all times.

Why is this business regarded as high-risk?

The term “high risk” is usually referred to as something that is not good for you. Although high-risk merchant accounts offer many benefits, they can also be costly. High-risk calls in the beauty and health industry are characterized by high rates of chargebacks.The cosmetics industry is high-risk because of the acquiring banks and processors who may have an inborn goodwill risk by relying upon the products being sold.

Payment processing providers that allow transactions for unproven products could be damaging to their reputation. Banks are not likely to do this. The solid reasons that beauty and health businesses are considered high-risk are listed below.

*Chargebacks (customer disputes)

*Failure to Approve by FDA

*Reputational risks

Making an application for the Best Health and Beauty/Cosmetics Merchant Account

You will need to have a solid solution for processing payments if you sell health/beauty products online. You are looking for payment processing solutions to pay for cosmetics/health and beauty products? This industry is high-risk.

Paympire Solutions has over 20 years of experience in high-risk credit card processing and a complete grasp on the beauty and health industries.

We make it as simple as possible when it comes to requesting your health and beauty account. After you submit your application, our team will review your business to determine the best payment processing options for beauty and health products.We are proud to offer all pricing options for businesses and provide 100% transparency to all our clients

Paympire Solutions is the best choice. You will be pre-approved internally for your high-risk merchant bank account. Then, you will speak with your account manager who will be there 100% of the time to help you navigate the application process.

When filling out a job application, you will need the following:

• A fully managed website
• A canceled check, or proof of bank accounts
• A driver’s license or an I.D. from the government.
• Social security number
• If possible, six months bank statements
• Articles for incorporation
• A fulfillment agreement

You will receive an email shortly after submitting your application. The entire process can take anywhere from 24-72 hours, depending on what information we have.

How to Get the Best Cosmetics/Health & Beauty Payment Processing

We strongly recommend that you look for payment solutions for cosmetics. In particular, we suggest that you compare the consent applications and rates with high-risk credit card processing companies. You will find that fees and events can vary between processors. Also, you may be able to get services from certain companies that others cannot.

When choosing a merchant account solution for cosmetics, customer service is a key factor. This could indicate that you are experiencing delays in your application process.

You should be clear with your supplier about your statements.

Paympire Solutions understands the importance of customer service and is available to answer any questions you may have and direct you in the right direction.

Health and Beauty Merchant Account Fees

If your business is deemed high-risk, fees may differ. Due to the high-risk nature of your business, you will pay more for online services than you would in a brick-and-mortar store.

This declaration will allow your business to transact globally without the need for you to worry about your account being closed overnight or your funds being held.

Paympire Solutions approves all applications, and annual and setup fees in order to maintain transparency. Our primary goal is to provide top-grade payment processing at genuine and economical rates.

Overview of the Health and Beauty Industry

Since 2018, the cosmetics industry has seen a 5.5 percent increase in its revenue. The beauty and health industry is the leader in this sector, accounting for almost 39% of all global sales.

The demand for organic beauty products is expected to rise to $54.5 billion by 2027 in the United States.

When it comes to beauty product usage, the United States is currently leading the charge. The U.S. used more than 89.1 billion dollars worth of beauty products in 2018.

Fraud in the Health and Beauty Industry

Fraud is a problem in eCommerce, as we can see. By selecting a trusted payment service provider who is well-respected and knows how to reduce fraud, merchants can deduct fraudulent charges.

Paympire Solutions offers multiple payment options for any business type. Our goal is to help merchants reduce their risk and lower the chance of fraud.

We recommend the following to clients in order to ensure their security with health and beauty merchant accounts:

Speak only with payment service providers who are familiar with your business model.

Select a supplier with a secure payment portal -Binary Gateways also offers this service. This gateway is designed to assist high-risk and high-volume merchants.

• The one who has a good understanding of your website’s backend. It is essential that your website can withstand spam attacks.

Why should you use Paympire Solutions for your beauty and health payment processing?

The Paympire Solutions has been processing high-risk payments for over a decade. We are proud to be up-to-date when it comes to security and new trends. Our goal is to offer perfect services in the beauty and health worlds. You will be happy to know that you chose transparency, dedication, and the highest level of payment processing understanding for this highly risky industry.