Get An Online Pharmacy Merchant Account With Advanced Features.
The traditional approach of accepting payments for medicine sales has changed. Now, pharmacy merchants prefer to accept credit and debit cards. Almost every city in the world has retail and online pharmacy stores. With high-risk pharmacies, merchant processing businesses can grow fast. Apply With QuadraPay to get a trustworthy online pharmacy merchant account.
Online Pharmacy Merchant Processing Is The Need Of The Hour.
People buy medicines from legit online pharmacies because of many reasons. Some of the primary reasons are listed below.
- Ease Of Purchasing At Home: People do not prefer to travel and buy medicines. Buying medicines online from home is a lot easier.
- Cheaper Medicines: The medication may be more affordable. Everyone likes to save money. Online pharmacies eliminate many parties in the supply chain and usually purchase directly from manufacturers. It helps in reducing costs and passing the margin to the customer.
- No Face To Face Interaction Needed: Sometimes, people hesitate to talk to others about their medicinal needs. Online orders are mostly free from face-to-face communication. Thus privacy is maintained.
- Faster Order Processing: The online payment process is straightforward, saving time. The merchant ships the medicines immediately after the order using a reliable shipping company. Customers can track the order shipping status online.
KYC Documents For Pharmacy Payment Gateway.
The document list varies depending on many factors like the type of medicine sold, country of business registration and target nation. Here is a basic list of documents
- Business License
- Vendor Agreement/Supplier Agreement
- Copy of national id of all the owners
- Copy of address proof of owners
- Utility bill of all the directors
- Cancel check or letter of good standing from the corporate bank
- Display the name of your companies superintendent pharmacist on your website(with licence number)
- A Non-expiring user id and password of the merchant’s website back office
- Medicine Sales Licence/Certification/Validations
- Legit Script Certification
- Pharmacist certificate
- BeSafeRx USA
- GPhC registration number (UK)
- The Federation of e-commerce and distance selling (FEVAD) France
- Care Quality Commission UK
- The General Medical Council UK
- Medicine Sales Licence/Certification/Validations
Pharmacy Credit Card Processing FAQ
What Is An Online Pharmacy? How Does It Work?
Online Pharmacy refers to a website where people can buy medicines. Online pharmacies display the entire list of medications that they sell. Customers create a username and password on the site before ordering pharmaceuticals. At times the customer may reach straight to the checkout page without login. Customers make the selection and checkout by filling in the required information. The website allows customers to upload their prescriptions. The Shopping cart sends the order information to the customer in email format. After the transaction, money from the credit card goes to the pharmacy merchant account. The registered pharmacist at the pharma company checks the prescription. After this, the merchant ships the medicines to the buyer.
What Are The Requirements To Start An Online Pharmacy Business?
Online pharmacy websites should list all the medicines that are for sale. The site must be SSL protected. An accurate description of every drug is vital. The online pharmacy must have a registered pharmacist and necessary government and business licenses. The registered pharmacist must look at prescriptions before shipping any orders. The business must have proper legal permits as per the country of the buyer and the seller. They should have appropriate import-export permits if needed. They must have relevant licenses for online medicine sales. The legit script is a popular certification in the online pharmacy industry.
How Can I Integrate The Pharmacy Payment Gateway On My Website?
With the pharma gateway, you get two options that help you collect payments from the customer. The first option is with the API. Your technical team can create a payment form. They can also integrate the gateway onto the Shopping Cart using the API configuration. The second option is the virtual terminal or MOTO. With Moto, you can put the transaction into the VT inside your merchant account panel. To process the order, you will need the following information.
- Customers Full Name
- Registered Email
- Billing address
- Shipping address
- Card Details/ACH Account Details
Why Is A Pharmacy Merchant Account Considered High Risk?
Online pharmacies attract high credit and reputation risks. The most common cause is the product itself. Medicines can have a massive impact on the physical and mental health of the customer. Many governments have created a list of controlled medicines. Authorities have strict policies for pharmacies. Payment solution is only offered to pharmacies that comply with the requirements of the card processing company.
What Can Pharmacy Merchants Do If They Get High Chargebacks?
High chargeback to sales ratio is a drawback. If the customer is unsatisfied with the product, he files a chargeback. It puts the merchant and acquirer at a loss. There have been many instances of friendly fraud in this industry. Shipping genuine products and on-time delivery help reduce chargebacks.
How Can I Maintain My Pharmacy Merchant Account For the Long Term?
You must avoid chargebacks and stay within the prescribed chargeback limits of the processor. Generally, your chargeback ratio should be below 1%. If it exceeds, there are chances of account shutdown. Next, you should always work under government rules. You will be safe if you work under the law and provide quality products with the best service.
Is There Any Rolling Reserve For Pharmacy Merchant Account?
Every High-Risk Business has to face the challenge of accepting a rolling reserve. It stands true to the online pharmacy merchant account. Most online pharmacies accept rolling funds. This rolling reserve helps the payment processing company in paying for future chargebacks. Retail pharmacy POS merchant accounts do not ask for the rolling fund. This solution is only offered to physical stores selling medicines face to face.
How Does The Order Process Work On Pharmacy ACH Account?
Order processing involves many steps. Here are a few of them
Customer visits the online pharmacy website. The customer makes the selection of the medicine. By clicking on the checkout option, the customer proceeds to a form. The customer fills in the shipping information and other details on this form. It includes Name, Email Address, and phone number. The customer fills in the account and routing numbers at the next step.
This information reaches the Pharma ACH payment processor. The payment processor may call the customer to verify the quality of the sale. The purpose of voice verification is to confirm that the customer has placed the order. Voice verification helps the ACH processor in identifying fraudulent transactions.
Merchant gets the information in the merchant control panel for transaction results. After verification, the processor sends the ACH transaction for processing. The merchant can now start the shipping process. The merchant must keep the proof of medicine delivery for 24 months. This proof of delivery can help if the customer has raised any disputes.
Pharmacy Credit Card Processing Conclusion
Quadrapay.com can be one point solution to get pharmacy merchant accounts. The expert team of QuadraPay has evaluated the best-in-class service providers. We have figured out processors with the most competitive pricing. Contact us today, and we will ensure you get a reliable and cost-effective payment solution for your pharmacy business.