Things to Know for Prospective Online Store Owners
If you are just about to set up your online pharmacy, then you should know the things required to be put in place and the process it entails before a transaction is completed.
Online pharmacies are considered a high-risk industry. It is ironic that despite the rapid growth of businesses providing online pharmaceutical services, it is difficult to get merchant accounts for these businesses.
In the UK, in six years, from 2010, there was a massive increase in the number of registered online pharmacy businesses from 46,000 to 61,000 (statista.com).
The risk lies in the fact that there are many illegal online pharmacies selling controlled drugs, without the relevant licenses in place. The industry has taken a massive knock due to these illegal setups selling products that are not approved to be sold, therefore consumers are potentially consuming products that are illegal and also potentially harmful.
From experience, the chargeback ratio has been considered high. In addition, the extent of risk is due to the fact that when a patient places an order from an online pharmaceutical store, there is an authorised payment which is not actually charged until a proven medical doctor reviews the information and the ordered drugs.
Hence, setting up an e-pharmacy requires many processes of verification and certifications just to prove that their business is ethical.
Customers choose the type of medication and the quantity
A certified doctor would review the submitted questionnaire. The sales would be approved if all the information tallies. If not, the customer would be reached for further assessment.
They are required to submit a questionnaire to provide the symptoms and their medical history.
Upon approval by a medical doctor, the transaction is approved and payment is processed.
Customers would then complete payment and provide delivery information (Payment is only authorized but not charged).
Requested items are dispatched for delivery.
The processing terms and fees are probably the best in the industry for new and existing setups.
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