Merchant Account for Pharmacy, MOTO Pharmacy, Compounding Pharmacies
A brief introduction to the Pharmacy industry
The present inactive lifestyle of human beings is truly favorable to almost all kind of pharmaceutical business companies. Further, many people are willing to pay any amount for medicines that relieve them from pain, reduce stress, correct them from mood swings and other physical disorders. Hence, this particular business is becoming greatly profitable with the highest payouts within the shortest span of time.
Moreover, to be on track with the current needs, it has become a necessity to introduce an online pharmacy website in addition to one’s normally existing brick and mortar medical store. This is so because of the following advantage an online store offers to you.
You can get the medicines conveyed to your doorstep.
The service, as well as medicine, can be taken for such a reduced rate when compared to that given in the physical stores and sometimes, amazing discounts are thrown in for certain generic medicines.
Accessing the required drugs are just a click away and that too from your comfort zone.
And finally, the most important feature they offer is about maintaining ones’ privacy.
The requirement for a merchant account
For extending a business, it must be ensured that they exclusively reach out to a wider customer base and also accept credit card payments that are easy to be carried out. To make this happen, it is crucial to have or set up a merchant account for the business. In fact, this is a type of bank account that helps the retailer to accept payments through Visa or Mastercard. Also, the retailer must hold a specialized virtual device that could approve a customer’s credit card processing. Usually, these are purchased or rented out from the merchant account provider and with the help of these dedicated virtual terminals, the online merchants can easily make transactions and even handle the MOTO or mail-order type of transactions that are vital for MOTO pharmacies.
Know the online merchants
An individual or a company that steps into the gateways of the internet with the main aim of marketing their products or services can be referred to as online merchants. Their responsibilities are more as they need to manage every aspect of the business in addition to selling their things. So, subsequent to setting up an e-commerce website, they require to realize the transactions where the customers enter their key card numbers and verify it without any signature as that occurs in the physical case.
Why the merchant account for this specific business is denied by PayPal, Square or so?
Normally, one needs to present the doctor’s prescription to the pharmacy to get the drugs that are required to treat the health condition. However, this is not the case with online pharmacies where medicines are distributed over-the-counter without knowing any other details from the customer. In fact, this benefit can be exploited and there occurs a great risk of misusing medicines which definitely makes it a high-risk account. Apart from this, the popularity of genuine online pharmacy business has given rise to fraudulent groups that indeed place MOTO pharmacies, compounding pharmacies and all related things at high risk.
As an online merchant, one should be able to accept all credit cards like Discover, Alex or so. On the contrary, due to high-risk nature, all the major credit card processors like Stripe, First Data or so will refuse your request for the merchant account and some others will offer this in a much higher rate than other similar businesses.
Issues like chargebacks are a common problem that creates rolling reserves that might even hurt your business in the beginning stage itself. Thus, your venture would not have any underwriters and once terminated, it becomes more difficult for you to get the merchant account also.
Starting a new enterprise
Whether you are a start-up company or a once terminated one, the key factor the merchant account providers always weigh and categorize is a high risk vs low risk. Also, this is done well before they actually detail about their offers and services to the newcomers in the industry. There are great chances that the rates for start-ups really go high that will delay the initial processes concerned with the business.
Domestic or Offshore- which one to consider?
The first-hand choice for any business is consulting the domestic merchant account providers. This is mainly because of the advantages they offer for merchant account like much-reduced rates and is really secured. However, high-risk businesses are simply ruled out by these options and so, getting the offshore merchant account is much easier.
What benefits do you get by contacting a reputed offshore merchant account provider for your business?
Now that only offshore options exist for high-risk business, a potential one among these should be considered that may aid you in expanding your business and bring in good profits. Mostly, they do have simple as well straightforward application procedures with no setup fees or no application fees. Further, they do always ensure your business interest by providing multiple underwriting banks and hence, one is explicitly there to cover you if other backs out. Assisting banks would surely review your company, account and business profile and goes ahead with the proceeding procedures. Moreover, they understand your financial status especially during the beginning stages of business and support you by never demanding for any rolling reserve requirements.
In addition to these, the expert account providers will certainly have a trustworthy group of banking partners who make it really possible for you to get your recurring billing services done through a reliable gateway setup or terminals that could exactly safeguard your customer’s credit card information. Again, they are capable of providing anything like ACH processing that is useful in highly protecting your high-risk accounts associated with your pharmacy business. Above all, they also do offer the service of secured mobile applications that are compatible with both iPhone and Android users, that has twenty-fours assured customer service and hence interacting with them is truly easy and worth. Thus, by contacting such friendly high-risk merchant service providers, you can undoubtedly redefine your dreams for your start-up business.