Merchant Services and Credit Card Processing for Online Pharmacy
Planning to establish an online pharmacy? If that is so, applying for a merchant account in order to accept cashless transactions is probably one of the items in your to-do list. But here’s the thing that you should know: the chances that your merchant account application will be declined are quite high. That is because online pharmacy is considered a high-risk account.
Here are some of the reasons why a business can be considered high-risk:
Based abroad. Because of higher profit margins, many online pharmacies are based off-shore, which is considered by many banks as too risky
Licensing issues. As opposed to other types of business, online pharmacy sites have to hurdle stricter permits and licensing rules.
Possibility of merchant fraud. Many service providers must naturally be more wary of merchant fraud; they are concerned that your account may engage in (or be exposed to) undesirable behaviour
Excessive chargebacks. It is believed that online pharmacy businesses are vulnerable to excessive chargebacks.
Your business appears on the MATCH list. MATCH stands for Member Alert to Control High Risk list, which records offenders who commit fraud and other unscrupulous activities. If your business appears on the list, it can be more difficult for you to get a merchant account.
Finding a reliable company that provides merchant services and credit card processing for online pharmacy
To get top-notch merchant services and credit card processing for your online pharmacy business, make sure that you find a reliable merchant account provider / payment gateway.
Here are some considerations to take into account when picking a service provider:
See to it that it caters to high-risk accounts
Caters to offshore businesses
Find out whether or not the merchant account provider has more positive reviews than the negative ones; consider feedback from current customers
Make sure that it offers a complete merchant account solution (provides all you need for your online pharmacy payment processing needs)
Determine whether or not your prospect can give 24/7 professional customer support; this is to ensure that business downtime is minimal
Check out if your prospect offers one of the most (if not the most) competitive rates
For more information about merchant services and credit card processing for online pharmacy, contact us here at Swipebox at (720) 277-0648