What You Should Know:
- 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.
Enabling Hassle-Free Shopping Experiences for Consumers
The HSA/FSA market, valued at $150 billion, involves nearly 80% of Americans who qualify for and contribute to these funds. However, 44% of FSA account holders lose money annually due to the complicated spending process, leaving billions unutilized. Sika Health addresses this by providing a user-friendly online marketplace connecting consumers to health and wellness brands accepting HSA/FSA funds through Sika Health’s payment gateway. The platform spans various categories, such as skincare, women’s health, mom & baby, eyes & ear, pain relief, personal care, and health monitoring wearables.
Sika’s transaction data indicates that integrated brands witness a 2x increase in customer spending and a 75% reduction in return rates compared to normal credit cards. Brands adopting Sika Health as a sales channel experience an average 10% boost in overall sales. Sika Health’s regulatory experts collaborate with brands to ensure IRS compliance and SIGIS eligibility, streamlining access to FSA/HSA funds for consumers. This not only saves consumers time but also taps into a potential $150 billion revenue gain for brands in the health spending market.
“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.”