Sika Health Launches Brand Marketplace Empowering Merchants to Accept Pre-Tax Dollars for HSA-FSA Wellness Products At Checkout
06 Dec 2023
Go-to shopping destination of 18,000+ HSA/FSA-eligible SKUs from leading health and wellness brands such as Therabody, LOLA, Felix Gray, TomboyX & more
NEW YORK, Dec. 6, 2023 /PRNewswire/
-- Sika Health, a leading HSA/FSA payment solution for eCommerce merchants, today announced the launch of Sika Health Marketplace, the go-to shopping destination that makes it easy and hassle-free for consumers to shop eligible products at leading health and wellness brands and retailers with their pre-tax funds.
With the Sika Health Marketplace, consumers can understand where they can spend their HSA/FSA funds and actively spend those dollars on over 18,000 eligible SKUs across more than 30+ leading health wellness brands like Therabody, LOLA, Felix Gray, TomboyX, SLMD Skincare, Audicus, DNA Vibe, Shop Home Med, Evvy, Elitone and more.
The HSA/FSA market is a $150B market, with nearly 80% of Americans qualifying for a HSA or FSA and actively contributing to these funds. However, over 44% of FSA account holders forfeit money every year after expiration due the complex and confusing process related to spending these funds, effectively leaving billions on the table. Sika Health is solving this problem by offering a user-friendly online marketplace that connects consumers with a wide range of health and wellness brands and retailers that can accept HSA/FSA funds through Sika Health's payment gateway. The marketplace offers a wide range of brand categories across health & wellness, including skincare, women's health, mom & baby, eyes & ear, pain relief, personal care, health monitoring wearables and more.
Since launching, Sika's transaction data reflects that brands integrated with Sika Health see customer's spend 2x more and a 75% decrease in return rates, compared to normal credit cards. Brands and retailers have embraced Sika Health as a new sales channel, seeing a 10% lift in overall sales on average after implementing the payment solution. These brands and retailers are providing customers with easy access to the health and wellness products that improve their customers lives, with an easy PayPal like solution for health.
"Today's leading health and wellness brands want to forge deeper relationships with their customers," says Ami Kumordzie, CEO & Founder at Sika Health. "Our marketplace allows brands and retailers to provide a streamlined process for their customers to shop for HSA/FSA approved products as easy as using a gift card at check out. This is particularly important since the end-of-the-year rush to spend pre-tax dollars intensifies. Our merchants see a spike in sales every time deadlines are near and our secure payment process facilitates this."
Additionally, Sika Health's team of regulatory experts partner directly with brands to ensure their products are compliant with IRS guidelines and the SIGIS eligibility standards, expanding accessibility to consumers on products they can purchase with their FSA/HSA funds. This reduces the need for individuals to submit manual claims or reimbursement requests, saving consumers valuable time and effort, while simultaneously unlocking an untapped market of $150B in potential revenue gains for brands by capturing health spending.
"At Therabody, we create wellness technologies to empower every body to live better, longer, and healthier lives," says Monty Sharma, CEO and President at Therabody. "We are thrilled to work alongside Sika to make our award-winning, scientifically proven wellness tech products designed to solve for real human pain points more accessible to consumers by allowing them to use their HSA and FSA funds."
"Fostering period care and sexual wellness product availability is fundamental to our vision at LOLA," said Kelly Murphy, Vice President of Direct to Consumer and Amazon at LOLA. "Partnering with Sika Health to offer our products for purchase through pre-tax HSA/FSA dollars is the next step towards expanding LOLA's mission to provide safe, clean, accessible period and vaginal care for all."
Marketplace brands and retailers interested in partnering with Sika Health account for over 18,000 in eligible SKUs and an estimated $500M in the value of annual gross merchandise volume. You can visit sikahealth.com/merchants to learn more or check out sikahealth.com/shop for HSA/FSA eligible products.
About Sika Health
Sika Health is a SIGIS-member integrated payment platform that enables millions of online shoppers to confidently pay using their HSA/FSA funds as easily as spending with a gift card. There is no need to worry about purchase eligibility or reimbursements - customers simply select the Sika Health payment method at checkout and enter their HSA/FSA card details. Follow LinkedIn and Twitter for additional updates.
SOURCE Sika Health
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