Better Telemedicine Merchant Accounts.
In 1962, American astronaut John Glenn, who was part of the Mercury-Atlas 6 mission and was orbiting the Earth, spoke about his health via radio communication with a physician at the Earth station. This can be considered one of the most significant and pioneering events in the history of telemedicine. In today’s world, telemedicine plays a crucial role for millions of people across the globe. Recent technological innovations have increased the need for telemedicine merchant services.
Telemedicine merchant accounts are specialized credit card processing accounts for companies and individuals that offer telemedical services. A telemedicine merchant account enables patients to pay for telehealth services using credit cards, debit cards, ACH, and various other payment methods. Many banks and acquiring institutions also accept Health Savings Account (HSA) cards. Telehealth professionals and companies can accept payments through various modes, including web-based payments, phone payments, and face-to-face payments.
Various medical service providers and doctors can use telemedicine merchant accounts to offer a convenient way for patients to make payments for telehealth services. In a typical telemedicine scenario, a patient and the doctor communicate with each other using video conference tools. Practitioners and patients can use interactive tools included in modern telehealth software. In general, telemedicine is not recommended for patients with medium- and high-risk conditions. Patients who are stable and seek a doctor’s consultation typically use telemedicine. If the patient’s condition is not stable, they must immediately visit the nearest hospital or doctor for a detailed evaluation.
Telemedicine merchant accounts are high-risk.
Many low risk credit card processing companies dislike telemedicine industry. Traditional acquiring banks consider telemedicine merchants to be high-risk, and there are various reasons for the same.
The telemedicine industry is subject to various government regulations and guidelines, which differ based on where the practitioners, patients, and acquirers are located. Many card processing companies find it to be a complex affair and avoid evaluating applications from this industry.
The industry is also susceptible to potential fraud because fraudsters may try to steal the confidential information of patients. Telemedicine transactions can be large, which can create additional pressure on the acquiring institution. Patients may dispute transactions or raise chargebacks if they are dissatisfied with the remote medical evaluation. This increases the credit risk.
High-risk telemedicine merchant accounts are the best payment solutions for telehealth companies. These accounts are powered by processing companies that are experienced in supporting merchants from various related high-risk industries, such as doctors’ offices, veterinary practices, pharmacies, nutraceuticals, peptides, herbal products, physical therapists, and telemedicine companies.
Choose QuadraPay for a telemedicine merchant account.
QuadraPay offers robust and highly stable credit card processing accounts for telemedicine activities. Our solutions are highly competitive when it comes to pricing. With over 7 years of experience as a merchant services reseller company, we are confident in our abilities to meet your unique requirements. Our card processing accounts come with built-in fraud detection tools, a user-friendly interface, and comprehensive support. Advanced chargeback management tools help extend the life of the merchant account.
QuadraPay has established a massive network relationship with credit card processing companies that specialize in working with merchants from the healthcare and telemedicine industries. Our processing partners offer a very high success ratio for account approvals from these industries. With ready-to-use plugins and detailed API guidelines, our merchants can easily integrate these telemedicine credit card processing solutions.
Features of Our Telemedicine Merchant Accounts
Let us examine some of the key features that make our product extremely attractive for telemedicine companies.
Our application process is highly convenient and inexpensive, meaning you do not have to pay setup charges to apply for a domestic telemedicine merchant account. We believe in establishing a long-term relationship, which is why we want you to start for free.
With connections to various credit card processing and acquiring institutions, we can offer you fast approvals so that you gain a competitive advantage without wasting time.
Our commitment is to offer you highly competitive pricing for card processing. We accomplish this by examining the rates your current provider is charging and then collaborating with you to secure more favorable rates.
Telemedicine is no longer only a domestic business. These days, telemedicine companies also offer consultations to patients from other parts of the world. For this, we offer multi-currency credit card processing.
Our acquiring partners offer dedicated support to merchants. You will have access to a highly trained representative who will help resolve your queries related to technical, billing, or any other issues.
Telemedicine is a highly regulated industry, and it is important for credit card processing companies in this industry to fully comply with the required standards like HIPAA and PCI. Rest assured, we will only connect you with processing partners who fully adhere to these standards.
We offer competitive rates for telemedicine merchant accounts.
As mentioned earlier, we offer highly competitive pricing for telemedicine; however, the exact pricing can only be provided after a complete evaluation of the merchant’s risk profile. The industry standard is between 1% and 1.99% as the merchant discount rate, though these rates may vary.
Merchants in the telemedicine industry may be required to register as high-risk merchants. To do this, the merchant may have to pay a fee for each card brand they wish to accept. However, it is worth noting that, depending on the business activity, this fee may not be required. The underwriting team will provide you with accurate updates.
Approval Timeline
In the United States, the approval process for a telemedicine merchant account typically takes between 2 and 4 business days, but it can extend for various reasons. One of the most common reasons for the delayed approval of accounts is the unavailability of the required KYC documents. We strive to expedite the approval of your account, so we urge you to reach out to us immediately and provide the necessary KYC documents, enabling our underwriting team to promptly begin processing your application.
The application process and KYC procedures are crucial for the successful processing of your Telemedicine Merchant Account.
The first step of the application process is the initial communication. We encourage you to fill out the form on the website and send us basic information about your telemedicine business. This includes your name, email address, website, and your message. Once we receive this information, we will assign a telemedicine merchant processing expert to you, and that expert will guide you through the next steps.
We will request a set of KYC documents from you, including the business license, director identity proof, bank account confirmation document, and additional documents specific to your industry.
Upon receipt of these documents, our underwriting team will initiate a comprehensive evaluation and promptly inform you if any additional documents are required. If all goes smoothly, our acquiring partners will approve your telemedicine account within 3 to 4 working days and send you an offer. The offer will have all the details about the pricing. If you are okay with the pricing and other terms, you will receive the merchant account agreement. After signing the agreement, you will get the login details for the gateway and additional information about the integration.
Integration of a Telemedicine Payment Gateway
Integrating the payment gateway on your telemedicine website or platform is extremely easy. Our integration modules support various content management systems, such as OpenCart, WordPress, and Magento, to name a few. Along with this, you can also integrate the payment gateway into your CRM and telehealth platform.
For a more detailed integration, we encourage you to use our API documentation, which will give you a proper understanding of how to customize the integration module to adapt to the requirements of various online platforms. If the underwriting team approves you for a virtual terminal, then you will be able to accept orders for telemedicine consultations over the phone by collecting the card details from patients and submitting them on the virtual terminal.
FAQ
What Certifications Are Required for Approving a Telemedicine Merchant Account for Selling Medicine Online?
Merchants in the United States that are looking forward to selling medicines while using a telemedicine merchant account must have the LegitScript Health Care Merchant certification. The National Association of Boards of Pharmacy (Healthcare Merchant Accreditation and VIPPS) must also register the merchant. Along with these, the merchant must have a proper business license as well as a business bank account.
What Is The MCC Code For Telemedicine Merchant Accounts?
Generally, MCC 8099 categorizes telemedicine merchants offering remote medical consultations. Medical services and health practitioners not specifically classified elsewhere also fall under the same MCC.
Is high-risk registration required for telemedicine businesses?
Telemedicine is considered high risk. Telemedicine businesses that offer prescription services may be subject to high-risk registration from card networks. This registration costs around $500 for each brand each year. However, it’s important to note that the level of risk can vary depending on the specific services offered and other factors. Our processing partner will let you know if your business needs HRR or not.
