Nutraceuticals, unlike pharmaceuticals, are examined and controlled under a distinct set of rules than “traditional” foods and medication items, according to the US Food and Drug Administration. The disparity in regulations does not stop NMA, which provides solutions to a broad spectrum of nutraceutical e-commerce firms, from startups to established businesses of all sizes. NMA processes payments for companies who sell the following items:
- Supplements for the diet
- Medicines using botanical ingredients
- Natural male improvements
- Supplements for weight loss
- Enhancements to athletic performance
- Functional foods
- Herbal remedies
- Nootropics/cognitive enhancers
- Topicals for the skin and various ailments
- Accessories for hair and lash development
- Other dietary supplements
Fast approvals are contingent on complete packages submitted to NMA’s underwriting staff. The documentation we demand aid in validating critical aspects of the business and assessing risk based on facts and business history, rather than just the industry type.
- To get started, you’ll need the following:
- Application for merchant processing has been signed and completed (MPA)
- Verification of the settle ment bank account (voided check or bank letter)
- Validation of a commercial entity (articles of incorporation, fictitious name filings, etc.)
- Ownership verification (driver’s license/passport, beneficial ownership details, etc.)
- Financial documents to back up your claim (personal and company tax returns, bank statements, processing statements)
- Agreements with third-party vendors must be confirmed (CRM providers, advertising networks, fulfillment, and customer service)
- A thorough examination of the merchant’s website, including product, ingredient, marketing, and compliance vetting.
The NMA underwriting procedure begins after the application is submitted:
For Nutra firms that are new to processing, NMA will consider additional variables such as financial strength, third-party vendors used by the merchant, etc.
Implement solutions that will assist the nutraceutical industry the most.
Requests for more documentation are possible.
Following approval, NMA will set up the merchant account, including the payment gateway, chargeback mitigation software, and other fraud-fighting tools. NMA professionals regularly monitor the Nutra account from the moment it goes online to prevent risk and maintain its health.
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Questions about eligibility, payment solutions, or regulations?
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