Those days are gone now where you have to physically show your presence to process your credit card because now the technology and the internet in their hikes. You made more and more payment online. In fact, there is not a single business that does not accept credit card whether it is a grocery store or CBD Products. As you Know to process an online transaction of your business you need a merchant account that will enable your business to carry out online transactions in a quick and safe manner. A merchant account is a type of bank account where the money, which your customer pays to you from the product or service given to you by your merchant, is temporarily stored and after some days, the money than directly credited into your account.
What is Pharmaceutical Wholesaler or Distributor?
So many patients there need custom-made formulation due to so many reasons. That is why when it comes to medicines; one size does not fit all. There are commercially available drugs that contain substances that are not tolerated by some patients or maybe not available due to high demand in the market. In such cases, the pharmacist as per a licensed medical practitioner’s can prepare and pack the drugs. This process is called as pharmaceutical wholesaler or distribution of products.
As there are so many online pharmacies Now customers can get their medicines at doorsteps. Every pharmaceutical merchants need safe and secure merchant account solution to process credit card payment of their customers. Payment processing for the pharmacy industry is considered high risk. By establishing a pharmacy merchant account with iPayTotal Payments and one of it’s direct acquiring banks or third-party solution providers, your customers can do payments from Visa and other card types in multiple currencies such as USD, EUR & GBP.
Why your business is high-risk?
In pharmaceutical business the rate of chargebacks are very common, a chargeback is when the customer returns any product and service and claims for refund. Any online business with chargeback more than 1% is considered as high risk business. High chargebacks are fully responsible for your high risk business. If you have high rates of chargebacks then it is more possible that your bank will terminate your account and another reason is the fraud also by which the bank will close your account. Once your account will be terminated you are not able to accept any credit card payment that means you are not able to get next merchant account because the terminated merchant does not get merchant account easily. Here is one more term that we want to introduce is TMF (Terminated merchant file) once your account gets terminated then your name will be put in a terminated list which will be shown to every merchant account provider. If your business will not be able to accept credit card or any other online payment then it also influences your business, as it will definitely lower your sales volume.
Are you a start-up business?
If you are a startup and want to start your business then your business may also be considered as high risk by most of the merchant account providers. So it will be quite difficult for you to get your merchant account easily.
Here are some of the reasons why your start-up business might be rejected when you apply for a merchant account.
- Unpredictable – New businesses are very uncertain, there is a risk of not becoming successful
- Payment Processing history – As a Startup, you will not have a payment processing history which is utilized as the principle instrument to guarantee a business
- Lack of funds – Most of the times startups do not have decent bank balances or enough Funds.
There are so many pharmacy businesses that indulge themselves in purchasing and selling of medications, they have their pharmacies in abroad by which they can earn maximum profit. There are so many such types of drugs like CBD products, marijuana which is not legal in every country and because of these products so many merchant account providers are not agreed to do business with them and due to trading overseas, they also fall in fraud cases, where they are bound to fall. Some of these reasons are responsible for their difficulties.
iPayTotal can offer a 100% USA domestic CBD credit card processing solution for your business. This incorporates a US acquiring bank and a US processor for a CBD Merchant Account. This is important as your card acknowledgment rates will be near 100%, thereby directly increasing your sales. Please note you will have your own merchant identification number (MID), including your own descriptor, and fully detailed monthly merchant processing statements.
Many processors claim to have processing solutions for the CBD industry, but only have international solutions, or offer aggregate accounts.iPayTotal has by a far the largest network of acquiring banks and processors in the world that will board your CBD Merchant Account fast!
Domestic and offshore merchant accounts(Online Pharmacy Merchant Account)
Domestic merchant accounts, because they are available in low rates and the security offered by domestic accounts, are good but offshore merchant accounts have so many advantages like
- They help to overcome high chargebacks
- They can accept any business which domestic accounts are not willing to underwrite
- High volume transactions
- Help individuals to overcome their bad personal credits.
If you are a new business or small business and trying to find an online merchant account for your business and you may also face so many rejections just because you are a high-risk business but no need to be panic because we at Ipaytotal have partnership with so many acquiring banks which provides you high risk merchant account for your business whether you are CBD merchant account, Marijuana merchant account or pharmacy merchant account. We have the solution for all type of businesses. We offer you the following services:
- Fast and easy payments online through an internet payment gateway
- We provide high-risk merchant accounts to high-risk businesses
- ACH (automated clearing house) processing to accept online payments as well as e-cheques