What Is A Telemedicine Merchant Account

Merchant Services Q&AWhat Is A Telemedicine Merchant Account
Bankim Chandra Staff asked 7 months ago
1 Answers
Tim Paff Staff answered 2 weeks ago

Tele-medicine merchant account allows businesses to accept payments for services like doctor consultation over the phone or internet. Traditionally Hospital and doctors have followed the principle of close evaluation that means they were only offering consultation services when the patient was physically present at the location. Because of the covid-19 pandemic the world has started to  identify a brand new need of remote medical consultation. This has given birth to many technology companies that have created exceptional SaaS modules and mobile apps which are capable of providing near to life medical consultation experience.
Telemedicine is a virtual businesses that must have a platform that will utilise this payment solution. One must keep in mind that this industry may be considered as a mid risk industry by many acquiring institution. Having said that if the mobile application or the website is ready and is fully functional then it may certainly help in getting approved for telemedicine merchant account. You will need to be ready with all the KYC documents that may be needed at the time of underwriting. Along with that if your telemedicine application or website works on the concept of a Marketplace then you will also have to provide a system where in your vendors or the medical professionals may submit KYC document.
For merchants that offer telemedicine through Marketplace vendors it is extremely important to evaluate features  like split settlement and diversified reporting. With this payment facility merchant and the website owner get paid by the processing company separately. With diversified reporting system merchants as well as marketplace owners get separate merchant control panel where they can monitor all the transactions.