Comment · Fri, November 25, 2022 · ND Owner
Travel Back In Time To Recover Our New Product: Cognance - Bacopa Reimagined
What they were answering
salamanta · 6 points
Oh shit really? Very cool, looking forward to the new Kava(s).
What does it mean when you say „our bank has finally agreed“?
Sorry - i am from europe and not familiar with that kind of bank that has impact on a supplement company
u/MisterYouAreSoDumb · ND Owner
Our bank has to approve all our products before we sell them now. It's an agreement we made with them years ago to ensure we always have steady card processing. In the US, banks are allowed to drop your business anytime they want for whatever reason they want. Each bank also has their own rules, and they don't really tell you what those rules are ahead of time. The risk management divisions of those banks get to decide what they think is too risky, and if you fall into that category, they drop you without notice. We had to learn that the hard way years ago. After almost going out of business because of it, we finally built a relationship with a bank run by lawyers. They agreed to work with us as long as they could pre-approve all products we sold. In return, they wouldn't just randomly drop us, and they would be forthright with us if their risk teams decided they didn't want something sold. So we send them data on every new product we want to sell, along with sample labels. Most of the time they just approve them. However, some times their risk team comes back with rules. One of the rules with kava was that we could only sell it in tablet form, which limited us in what type of extracts we could sell. Now we have been able to talk their risk team into finally allowing us to sell kava in powder form, which opens us up to a lot more possibilities for kava extracts. It's definitely a weird relationship for people that have not been in this industry, but at least I don't have to worry that I am going to wake up and have us dropped by our bank again.