Online Pharmacy Merchant Account For Startup – The Echeck And ACH Way
Are you a startup merchant that sells medicines/Pharmaceutical Products online? If Yes then you must get an online merchant account. However, in reality, is it easy to get a Credit Card processing account for an online pharmacy website. We will be straight forward and let you know the truth. It is tough to get a Credit Card processing account for an online pharmacy website. In that case, what can merchants like you do who don’t have any previous processing statement? There is indeed an option, and this option is of the electronic check for pharmacy websites. Many merchants in the online pharmacy industry are already utilising electronic checks or echeck for their payment processing requirements. Startup merchants from the online Medicine/Pharmacy/Nutraceuticals/Herbal/Peptides/Weight Loss product sales industry can quickly get access to this payment processing solution. A much better option would be of ACH with a third party ACH processor.
Please keep in mind that even electronics check and ACH processing companies considered these industries to be high risk. Most would say no. Still, some third party ACH processors may say yes depending upon their internal underwriting and risk analysis.
Application Process For Startup Online Pharmacy Echeck and ACH.
You will need to apply with a third party ACH processor that is fine with on-boarding online pharmacy merchants. The process starts with sending an application to the pharmacy ACH processor. The form includes the details related to your business. The processing company will look at the details listed on the application and will request you for additional documents. These documents are known as KYC documents in the payment processing industry. Some of the KYC documents include
- Business licence of the online pharmacy company Utility bill of the company and directors address.
- Cancel cheque of the business bank account
- Any processing statement if available.
- Suppliers agreement
- Medicine Sales Licence
- import export licence
Depending upon the country of registration and the type of products sold on the merchant’s website the processor may ask for additional documents.
How Quadrapay Can Help Startup Online Pharmacies
As we work with various high-risk ACH and Echeck processors as independent sales contractor and referral agents we can connect you to these processing partners. Please keep in mind that we do not ask you to make any payment as you will be signing the agreement directly with the processor and not with Quadrapay. Fill the application form available on the contact us page to start the process. Our team will be happy to assist you.