What Is a Pharmacy Merchant Account and Why Do You Need One?
A Pharmacy Merchant Account is a specialized type of payment processing account for medicine stores, both online and retail, to handle credit and debit card transactions. This type of merchant account allows pharmacies to accept credit and debit card payments from customers for the sales of medicines and related items.
Are you the owner of an online pharmacy website? Do you wish to accept online payments for medicine sales? If yes, then QuadraPay will assist you in getting a stable pharmacy payment gateway. Our merchant account packages fit your unique payment processing needs well. Benefit from low-cost pharmacy payment processing solutions. Our highly secure solutions allow you to accept local and international transactions.
We know that you have always wanted a transparent, billing-based, scalable merchant account solution for your online pharmacy business, and we are glad your search is about to be finally over with QuadraPay. Our vast network of domestic and international payment institutions is eager to evaluate your applications. If approved, the onboarding takes a week.
Benefits of a Pharmacy Merchant Account
A Pharmacy Merchant Account can offer several benefits that can directly impact your business. It will enable a faster and more convenient checkout experience for your customers, which will reduce the cart abandonment rate. With secure credit card and e-check processing, your online pharmacy can stay protected against fraud and chargebacks.
For businesses that serve international customers, multi-currency support will give you the leverage to expand globally. Along with that, our Pharmacy Merchant Account solutions can integrate in a smooth way with your inventory and accounting software. This will help you reduce the administrative work and also help you boost your operations.
Domestic vs Offshore Pharmacy Merchant Account Solutions
At QuadraPay, we believe in maximizing the application approval ratio for online pharmacy merchants. We have established a significant network relationship with local and offshore payment processors. Although both payment solutions are very similar, there is a vast difference between them. Let’s explore both options and how they can benefit your business.
| Feature | Domestic | Offshore |
|---|---|---|
| Approval Time | 5–10 days | 7–12 days |
| Currencies Supported | 1 | Multiple |
| Fees | Low | Higher |
| Target Market | Local | International |
| eCheck / ACH Support | Full | Limited |
| Supported Pharmacy Types | Retail, Established Online Pharmacies | Retail, Online, Startups, Online Pharmacies |
| Supported Medicine Categories | Nutra, Herbal, Peptides (limited) | Nutra, Herbal, Peptides, Alternative Medicine, Weight Loss Supplements, Biotech, High-risk Categories |
Domestic Pharmacy Merchant Account – Fast Approval and Local Processing
The processors in the merchant’s country of origin offer domestic pharmacy merchant accounts. With these solutions, our merchants can get speedy approval. A domestic pharmacy merchant account requires 5–10 days for approval. Local processors also offer very reasonable pricing in comparison to offshore processors.
These solutions are very budget-friendly. A domestic solution is usually limited to one base processing currency, like USD. A domestic provider is more interested in supporting merchants to accept local payments. Merchants must submit at least a few months of processing history for domestic pharmacy processing. This kind of solution is a good fit for established businesses.
Offshore Pharmacy Merchant Account – Multi-Currency Global Processing
Offshore pharmacy merchant accounts are best suited for merchants accepting payments from a global customer base. These solutions help merchants expand their sales footprint outside their home country. Approval time frames are comparatively more prolonged and may require 7–12 days, as they require additional verification processes. With offshore pharmacy merchant accounts, businesses pay higher processing fees, but they get access to a large international market. Offshore solutions offer multiple processing currencies, which helps support customers from various nations.
These solutions are also open to merchants that are just starting up. Merchants also accept payments with multiple alternative payment methods besides regular credit and debit cards. Since offshore solutions are available to high-risk merchants, they may have better risk reduction tools and measures in place, as they are needed to deal with the international complexities of processing pharmacy transactions.
Our merchants look at factors such as target market, business size, and potential risk to determine if they need a domestic or offshore solution. Looking at these factors carefully helps our merchants make an informed decision.
Real support for high-risk payment challenges
Pharmacy Payment Gateway KYC & Onboarding Documents
The documents required for an online pharmacy payment gateway vary based on the provider and individual policies. In general, KYC documentation has the following categories:
Business Registration Documents: For a credit card processor, documents like a certificate of incorporation, a share distribution certificate, and an article of association help confirm that the merchant has a business with a legal and active structure. These documents help the pharmacy processor ensure that the merchant is legitimate, adequately registered, and complies with the legal requirements of doing business.
Proof of Address for Business: Recent utility bills and lease agreements confirm the physical existence of the online pharmacy company. Credit card processors use business address documents to check the company’s reliability.
Proof of Identity for Business Owners, Partners, and Directors: Merchants need to share a copy of their passports, driver’s licenses, or other national identity proof to verify the identity of key individuals associated with the pharmacy business.
Bank statements and previous processing statements: Recent bank and processing statements show the company’s financial health. Credit card processors check the statement to see if the merchant is financially strong enough to cover any unforeseen risk per its sales projections. The joint analysis of bank statements and processing history helps card processors establish the validity of the merchant’s previous processing history.
Business Operating License: The pharmacy license is one of the fundamental documents that a credit card processor will ask for to ensure the legality of the online pharmacy company. The license varies depending on the country of the merchant’s business registration. Additional certificates, like legitscript, are also mandatory for pharmacy merchants.
The above documents present a strong profile of the applicant company. These assure the merchant account provider that the pharmacy business is stable.
Frequently Asked Questions About Pharmacy Merchant Accounts
How to Keep Your Pharmacy Merchant Account Stable and Long-Term
To maintain your pharmacy merchant account for the long term, you must avoid chargebacks and stay within the prescribed chargeback limits of the processor. The chargeback ratio should be below 1%.
What Type of Pharmacy Merchant Gets Approved Easily?
A merchant operating an online pharmacy should be serious and have a solid marketing plan to achieve profits. The merchants must be legitimate and have all the mandatory licenses and certifications required for online or retail pharmacy merchants. The seriousness and commitment to compliance lay the foundation for the strong growth of the pharmacy business.
What is the difference between a retail pharmacy and an online pharmacy for payment processing?
A retail pharmacy typically processes credit card payments in-store, whereas an online pharmacy relies totally on digital payment gateways to handle orders. Online pharmacies often require international merchant accounts or offshore merchant accounts that support multi-currency processing.
Online pharmacy merchant accounts are also useful for businesses that sell alternative medicines, herbal products, nutraceuticals, peptides, and weight loss supplements. Quadrapay does provide online pharmacy merchant accounts for both domestic and offshore requirements.
Can QuadraPay provide a high-risk pharmacy merchant account?
Yes. QuadraPay specializes in assisting merchants that need online pharmacy merchant accounts and those are considered high risk by most of the acquiring partners. Such merchants are generally online pharmacies or startup pharmacies.
These businesses generally deal in alternative medicines, peptides, diet plans, nutraceuticals, and weight loss supplements. Our high-risk payment gateway solution can help reduce decline, manage chargebacks, and ensure global compliance.
How do international pharmacy merchant accounts work?
With an international pharmacy merchant account, businesses can accept payments from multiple countries in different currencies. Such offshore accounts are generally suitable for startups and high-risk merchants that wish to accept international payments on their website using the Pharmacy Payment Gateway. QuadraPay partners with trusted international merchant account providers to maximize the chances of account approval.
Can QuadraPay help with credit card processing for online pharmacies in specific regions?
Yes, Quadrapay works with various payment solution providers. It uses its acquiring partner network to support merchants in different nations. We offer pharmacy payment gateway solutions in different countries, including Canada, Australia, the UK, and the United States. Local solutions in the USA include ACH and eCheck for online payment processing.
What is a guaranteed medicine merchant account, and can I get one?
A guaranteed medicine merchant account simply means that it has got a higher likelihood of approval for online pharmacies, including merchants from other high-risk categories. QuadraPay evaluates your business and does guide you through the best solution, like a domestic pharmacy merchant account, an offshore pharmacy merchant account and an alternative pharmacy payment solution. We will try to do our best for you.
What is a rolling reserve, and how does risk management work in pharmacy credit card processing?
Every high-risk business, including online pharmacies, must accept a rolling reserve to help payment processing companies pay for future chargebacks. Remember that, depending on the mode of transaction, the rolling reserve may not be applicable. For example, online pharmacies pay for rolling orders, but physical retail medical stores don’t.
What alternative payment solutions, like eCheck and ACH, are available for online pharmacy payment processing?
Many online pharmacies that find it hard to get a credit card processing account choose alternative payment methods. One such method is eCheck. The order processing on a pharmacy eCheck account involves several steps, including the customer filling out an order form and the merchant performing verification.
Tips for Maintaining a Stable Pharmacy Merchant Account
To maintain a long-term and stable pharmacy merchant account, business owners must stay vigilant against various risk factors. The most important thing that you must look at is maintaining your chargeback ratio. We recommend you keep your chargeback percentage below 1%. You can do this by maintaining accurate transaction records, ensuring better customer service, and ensuring that all licenses and certifications are valid.
You must also implement fraud detection and risk management tools that will help you significantly in preventing disputes and protect both your business and your customers. By following the best practices, you will ensure smooth payment processing and also strengthen your relationship with your pharmacy payment processor.
Get Approved for a Reliable Online Pharmacy Merchant Account Today
We at QuadraPay are your dedicated partners, and we look forward to helping you get approvals for a reliable and cost-effective pharmacy merchant account. Our vast network of domestic and offshore payment processor providers allows us to provide you with high-quality assistance. We offer our total commitment to your success.