What Is An Online Pharmacy? How Does It Work?
Online Pharmacy refers to a website where people can buy medicines. Online pharmacies display the entire list of medications which they sell. Customers may create username and password on the site before ordering pharmaceuticals. At times the customer may reach straight to the checkout page without login.
Customers make the selection and checkout by filling the required information. The Shopping cart sends the order information to the customer in email format. After the transaction, money from credit card goes to the pharmacy merchant account. After this, the merchant ships the medicines to the buyer. Most of the online pharmacies sell medication to customers located in many countries.
Do you need a merchant account for an online pharmacy?
Do you need a merchant account for an online pharmacy? Have your high risk merchant account for online pharmacy been declined by other providers? Are you operating outside of the United States? We can help your business get an online pharmacy merchant account services today! We have helped hundreds of online pharmacies get the credit card processing services they need .
We have the lowest rates, instant approvals, and the fastest funding times. You can start accepting credit cards online in 48 hours!
Controlled and Non Controlled.
There are many reasons why online pharmacies attract high credit and reputation risk. The most common cause is the product itself. Medicines can have a massive impact on the physical and mental health of the customer. For this many Governments have created list of control medicines and substances. FDA (Food and Drug Administration) Authority has strict and stringent policies.
Online pharmacies should never sell controlled medication. For a small profit, they should not put someone’s life at risk. Selling controlled medicines and substances can lead to permanent account closure and blacklisting. Regulations applied by government authorities make it difficult for domestic banks on-board pharmacies.
High Chargeback to Sales Ratio with Pharmacy Merchant Accounts.
High chargeback to sales ratio is also a drawback. If the customer is not satisfied with the product, he files a chargeback. It puts the merchant and acquirer in a loss. There have been many instances of Friendly Frauds in this industry.
Credit Card processing companies understand this very well. That is why it is challenging to get a Credit Card merchant accounts for pharmacy. None of our processing partners offer Card Processing merchant accounts to startup pharmacies. Startup pharmacies can use reliable Echeck solutions for online pharmacy sales. Merchants can reduce chargeback ratio by using e-check with voice verification.
A pharmacy business requires a high-risk payment processor with multiple banking relationships with both domestic and offshore banks. To get a payment gateway for your pharmacy website you need to have a good credit history and processing history.
We have dozens of providers and high-risk solutions to help any pharmacy business get a merchant account even without a very good payment processing history.
Why open a pharmacy merchant account?
Pharmacy merchant account offers convenient and secure payment solutions that make the business look more appealing to online customers. Hence, make sure not to lose any chance of running a successful web pharmacy business by getting started with merchant account now.
Looking for an instant approval? Unfortunately, when setting up an online pharmacy merchant account there is a long application process. For standard merchants, we do offer instant approval for merchant accounts, but for our high-risk merchant accounts, it takes about 48 hours to be approved.
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Does The Pharmacy Merchant Account Or Payment Gateway Offer Virtual Terminal Feature?
Yes you get the access to the echeck virtual terminal. This can be very useful in placing orders for your online pharmacy. The Control panel shows you the list of orders. This includes the Approved, Declined, Returned and On-hold transactions.
You can keep a complete track of your sales and maintain the accounts. The virtual terminal can be very helpful for your online pharmacy business.
How To Get A Payment Gateway Or Merchant Account For An Online Pharmacy?
If your site is prepared and you have the above-recorded archives, you can begin the application procedure. iPayTotal team will send your application to the Echeck payment processor. Our team will keep you updated about the advancements. We will share the updates about your pharmacy merchant account application. The underwriting team will send you a merchant account agreement after internal approval. This Online Pharmacy Merchant Agreement will have all the terms and condition. You should consent to the arrangement and send it back to the echeck processor. After this you will get the logins to the echeck payment gateway. The processor will likewise assist you with the API documentation. Your technical team can integrate the pharmacy gateway with your site.
Merchant Account and Payment Gateway options that work for Online Pharmacies?
There are two best alternatives for merchants in this industry. These are echeck or ACH Payment gateways. Merchants must know that they can not sell any controlled medications even with ACH and echeck.
Nowadays merchants can also set up merchant accounts for credit card processing. In any case, that is an extreme case with so many hindrances. Merchants are in charge of every one of their exercises while utilizing the merchant accounts. Merchants must comply with local and international law processors rules.
iPayToTal will be happy to have a phone call with merchants to answer questions. iPayTotal pharmacy merchant account solutions are very powerful for pharmacy merchants. Merchants can save a lot from chargebacks. The chargeback rate is very high with online pharmacy credit card processing. echeck processing for pharmacy enables merchants to lessen the loss as a result of Chargebacks.
LOOKING FOR A PHARMACY MERCHANT ACCOUNT?
Look no further than iPayTotal , the leading experts in getting your Pharmacy Merchant Account ready to accept payments