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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.
Pharmacy Merchant Services
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Pharmacy Merchant Services
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).
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Challenges In The Industry
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.
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We Tranxact Can Help
Pharmacy Merchant Services
Pharmacy Merchant Services for Physical Pharmacy Stores
A pharmacy store with a physical location is less risky, this is because transaction requires the physical presence of the buyer and seller before a product is released. In fact, a physical pharmacy store is not categorized to be high risk. Acquiring a card payment option is less challenging when compared to the online store. However, it is still more complicated than a conventional store.
Our job is easier when providing card machines for pharmacies.
Securing an Online Pharmacy Merchant Account
Needless to say, to provide pharmaceutical services online, you have to establish an active merchant account for your business. As mentioned, the category of online pharmacy store is high-risk.
With businesses like yours, we can help you get started for your merchant account and online payment processing so that you can begin accepting online payments. Currently we can only accept applications from licensed and regulated online pharmacies. So, if you’re registered with the MHRA, then please contact us.
Pick We Tranxact Why Use Us For Your
Why Use Us For Your
Online Pharmacy Merchant Account?
01.
Less Stress
Having an online pharmaceutical store payment getaway requires less stress for you to set up. We take the responsibility on ourselves.
02.
High Approvals
We have a very exceptionally high approval rate and offer a competitive advantage for all applicants.
03.
Accept All Cards
You can accept all major debit and credit cards and can process various transactions without a glitch.
04.
Fast Turnaround
The processing terms and fees are probably the best in the industry for new and existing setups.
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