How To Get A High Risk Merchant Account For Online Pharmacy

Online pharmacies are becoming extremely popular. These days people prefer to purchase medicines online. Online pharmacies certainly help customers save time and money. Many online pharmacies are highly reputed and well known. Unfortunately, the views of financial Institutions are strict about online pharmacies. Most Financial Institutions will consider online pharmacies to be high risk in nature. Businesses from this industry require High Risk Merchant Accounts for online pharmacies. Payment processing companies prefer to work with online pharmacies that are highly recognized and have already created a brand in the market. Sometimes even highly reputed online medicine stores find it tough to get a credit card processing account. In this detailed article, we will let you know about factors that can have a negative impact on the approval of a merchant account. You will also know about the alternative way of accepting payments online for your pharmacy business.
To get an online pharmacy merchant account, you will need to send an application to a payment service provider. The payment service provider will evaluate your application and will for the request you for additional documents. In the payment processing industry, these documents are known as Know Your Customer documents. After carefully evaluating your application, KYC documents and the type of medicines you sell the processing company will share its view on the fate of the application. If your business has an excellent reputation, then you can send your website URL to Quadrapay. When you can submit your site URL to Quadrapay, we will try to get the pre-approval. If we get pre-approval, then we will directly connect you with the processing company. Please keep in mind that none of the processors support the sale of controlled medicines or substances. If you get approval, then that will be only for non-control items. The medications that you sell should not be under restricted categories. You must have a registered pharmacist in your company, and the responsibility of this pharmacist will be to evaluate all prescriptions. You should also confirm with the doctor about the medicines prescribed. It will eliminate the delivery of medication to individuals who do not have the correct order.
Merchant Account Providers For Online Pharmacy
The best merchant account solution providers for online pharmacy are Third Party ACH payment processors. ACH payment processing companies offer excellent rates for Online pharmacy merchants. They also follow similar underwriting and risk analysis process like any credit card processor. To get an ACH payment processing account for pharmacy you will have to send the same documents as mentioned above in the article. Pharmacy ACH processing can be harsh, and that is why these processors implement voice verification. Most of the times these processors will not send the transaction for processing without voice verification or electronic agreement.
Virtual Terminal For Pharmacy
Third party ACH payment processors provide virtual terminals for pharmacy merchants. With virtual terminal, online pharmacies can quickly submit ACH transaction information. Third party ACH payment processor will verify the account number, routing number and availability of funds. All these three elements will help you to minimize your NSF ratio. Pharmacy ACH accounts come with a virtual terminal. With the virtual terminal, you will be able to accept phone orders at your inbound call center.
Integration of Payment Gateway For Pharmacy
The third party ACH payment processor will send you the integration guide which will help you to connect the payment gateway to the pharmacy website. Merchants in this industry prefer to create a payment form by using HTML codes. The data collected on the HTML form is sent to the processor by using a PHP or ASP.NET file. Merchants can also set the failure and success urls with the help of API guidelines. Merchants in this industry can also use subscription option for recurring payments.
Rated And Fees For High Risk Merchant Account For Online Pharmacy
When you apply for a high-risk merchant account for an online pharmacy, then the rates and the fees can vary depending upon multiple factors. Merchants with good processing experience may get better rates then startup merchants. Most of the times the prices will vary between 5% to 8% per transaction. Processing companies may also charge a per item fee that can range between $3.5 to $5 for each sale. To reduce the possibility of credit risk ACH payment processors will also ask the merchant for a 10% of rolling reserve. Merchants are usually paid on a weekly basis with at least one week hold back. Most of the times these merchants are not required to pay any upfront money for using the services of third-party ACH payment processors.
Pharmacy Merchant Account And Chargebacks
If you get approved for a third party ACH payment processing solution, then you must ensure that your account does not cross 1% Return ratio. Chargebacks are a taboo in the payment processing industry. By using value added services like voice verification, digital agreements and internet bank verification you will undoubtedly be able to reduce your NSF and return ratio. To get more details about how you can get started with ACH payment processing for your online pharmacy send us an email. We will also be happy to search for credit card processing solutions if your company has an excellent reputation. To be honest with you most processing companies straight ahead reject applications from startup merchant who look for online Credit Card processing.
