Why Is Square Terminating Health And Wellness Merchant Accounts?

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Last Updated on July 9, 2024 by Corepay

Over the last several months, medispa, health and wellness clinics, and those offering weight loss services such as tirzepatide and semaglutide have gotten notices from Square that they were no longer going to be able to accept payments.

If you’re facing account termination for yoiur health and wellness clinic, you’ve come to the right place.

At Corepay, we have helped many businesses get back on track and start accepting payments after being terminated by Square.

So, why is this happening? The simple answer is that Square focuses on low-risk merchants and does not work with high-risk merchants.

Key Takeaways

  • With the recent VIRP update in April of 2024, medical weight loss merchants have found it harder and harder to find reliable payment processing.
  • Square does not service high-risk merchants and deems weight loss injections to be high-risk.
  • Corepay is currently the most reliable alternative to Square for accepting health and wellness businesses.

Why Is Square Terminating Health And Wellness Accounts?

Square has begun terminating health and wellness accounts due to the nature of the business and risk levels.

If your business currently offers injections such as semaglutide or tirzepatide, you will need to find a high-risk alternative immediately.

What Makes Weight Loss Injections High-Risk?

Using weight loss injections can be considered high-risk due to potential side effects and improper administration. These injections often contain powerful medications that can lead to adverse reactions such as allergic responses, digestive issues, or even cardiovascular complications.

Banks and payment processors typically are weary of the industry as many weight loss treatments are still being studied, and health implications aren’t fully investigated.

What To Do If Square Terminates Your Account?

Once you receive the notice, you should immediately start searching for a high-risk payment processor. We recommend talking with several processors to ensure they have experience in the weight loss vertical. This will prevent surprise terminations in the future.

At Corepay, we have been working with health and wellness clinics for many years and understand the ins and outs of the industry.

Why Choose Corepay For Your Weight Loss Payment Processing?

With Square terminating health and wellness accounts, partnering with a reliable payment processor like Corepay is crucial. We specialize in handling weight loss transactions and offer secure and efficient payment solutions tailored to your business needs.

By Choosing our team at Corepay, you opting for the following:

Competitive rates: We prioritize providing the lowest processing fees to ensure your business thrives with optimal profitability.

Quick approvals: Our clients benefit from fast approval times, typically ranging from 24 to 72 hours.

High volume processing: Utilize our dedicated payment gateway, Solidgate, tailored for high-risk businesses handling large transactions.

Multi-currency support: Easily accept payments in various currencies to accommodate international transactions.

Security: Our PCI-Level 1 secure payment gateway undergoes rigorous monitoring and regular security testing to safeguard transactions.

24/7 customer service: Access reliable customer support around the clock.

Chargeback solutions: Benefit from effective chargeback management solutions, supported by our partner product, CB-Alert.

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