High-Risk Pharmacy Merchant Account Services

Online pharmacies are one of the fastest-growing markets today. The industry overall has very well adapted to hi-tech innovations for providing unmatched conveniences to the customers. But to keep up with the day-to-day operations and thrive in this trillion-dollar online trade, merchants demand high-risk accounts, which most financial institutions in their home countries do not always welcome.

The solution? Setting up your high-risk pharmacy merchant account with an offshore service provider.

UNDERSTANDING OFFSHORE PHARMACEUTICAL MERCHANT ACCOUNT

Since a pharmacy business is subject to numerous limitations, it may fall under high-risk merchant services. Therefore, partnering with an offshore merchant account benefits you in multiple ways. Every transaction that takes place under your business name is set up very conveniently.

Your customers expect their orders to arrive in time, as a result of which high-risk credit card processing is on the rise apart from processing multi-currency transactions as well as the ability to manage and track your sales.

With an offshore account, you have the facility to view, decline, hold, process, or return transactions. You can accept different currencies at reasonable conversion charges than banks that have steep rates. Besides, allowing payments through major cards is another plus for your business since it increases your sales chances.

CHALLENGES FACED

The product you are dealing with attracts a lot of reputation risk for your business. For this reason, FDA enlists specific rules and regulations concerning some medicines, such as not selling controlled drugs. Companies have been found trading unapproved or adulterated medications or operating without having a licensed pharmacist on board. Obtaining a valid license for worldwide shipping is another challenge. If you are found indulging in malpractices or not following the laws, the service provider may shut your account permanently, plus your future operations may be affected.

Besides, a higher chargeback is another major problem most merchants face. For these and many more reasons, banks refrain from working with online pharmacy businesses. Therefore, you must strictly adhere to the necessary guidelines, sell genuine products without jeopardizing people’s health, and stay safe.

OPENING YOUR ONLINE PHARMACY ACCOUNT

Online pharmacies are experiencing intense competition throughout the globe. Thus, it is advisable to open your no-nonsense merchant account with a reliable partner to receive payments hassle-free. Having a legal and practical payment gateway ensures you do not get lost in the crowd.

A trusted and knowledgeable merchant account service provider might be able to help you better with setting up your account. Choose one carefully, and they will be able to navigate you through the application procedure. The concerned provider would enquire some details about your business such as the size of your business, different processes, preferred integration options, etc. They might request KYC documents, various licenses, your business plan, utility bills, vendor agreements, address proof, valid IDs, and more to help you move forward.

But make sure they offer a secure payment gateway, chargeback protection, industry-competitive costs, recurring billing, batch payments, a transaction flow distribution, and a range of other advantageous services to conduct your business smoothly.

TO CONCLUDE

Business legitimacy, uncertainty about prescription drugs, and chargeback risks make your pharmacy business fall under the high-risk category. So, you must partner with a reputable provider who can accommodate personalized services according to the needs that best fit your online pharmacy business model.