Merchant Account for Mail Order Pharmacy
Ecommerce has made transactions lightning fast and super reliable. Not only that, but transactions have also become very safe. People do not have to carry large sums of money to a deal and run the risk of being mugged. All these factors have led to the immense rise in popularity of ecommerce and payment cards. Nowadays, all businesses are expected to be ecommerce friendly or run the risk of being put out of business.
A byproduct of the meteoric rise in the popularity of ecommerce has seen an increase in the demand for merchant accounts. Simply put, a merchant account is an agreement between an acceptor and a merchant. In other words, a merchant account allows your business to accept payments made by customers via debit and credit cards. Many businesses have been forced to create a merchant account simply because it has become a popular payment method for their clientele.
Nowadays, it is expected of all mail order pharmacies to have merchant accounts. Whether you're a wholesaler pharmacy that prides itself on being a premier pharmaceutical distributor of unique pharmacy solutions or you're a B2B (business to business) mail order pharmacy that has made the complex yet rewarding world of B2B ecommerce easier, you may eventually end up seeing potential clients go to your rivals simply because they are more ecommerce friendly. This is where we step in. Our services ensure that no newly formed organizations lose their customers just because they don't accept Visa, American Express, or MasterCard. A comprehensive list of our services for mail order pharmacies is discussed below.
Setting up a merchant account can be quite difficult for most startups. Not only is the application process for getting one quite rigorous, but credit card processors like PayPal also reserve the right to deny startup mail order pharmacies a merchant account without any reason. This can be quite problematic for businesses trying to firmly plant their feet in the industry. This where we step in. We make sure that our clients don't miss out on potential customers just because they were denied a merchant account.
Another reason why our services are valuable for new businesses is that we are well versed in the tools of the trade. Most of our rivals won't tell you the advantages of using recurring billing on your website and how it can make things easier for your pharmacy. For example, if you have clients who have the same monthly drug requirements, you can eliminate the hassle of charging them again and again by using subscription-based billing. This method allows you to charge your clients automatically from your website at a predetermined interval of time, which makes it ideal for monthly membership fees and identical drug billings.
One thing for all new startups to consider is an apt way of setting up a payment gateway for their merchant accounts. Your gateway enables you to receive online payments from your clients. On a side note, payment gateways should not be confused with virtual credit card terminals. Your online payment gateway basically makes it possible for your customer's payment to reach the merchant bank's processor and, in turn, your bank account. Consequently, a virtual credit card terminal is basically another method of accepting credit card transactions. Virtual terminals permit the merchant (in this case, you) to access their accounts online. Once there, they must manually enter the credit card sales.
Now that you understand the differences between a payment gateway and a virtual credit card terminal, you must apply your knowledge to your industry. There are many great payment gateways options for your pharmacy to explore. We recommend us, High Risk Charge for pharmacies because it not only understands the complications that can arise when selling drugs online, but it also makes the whole process of processing card payments as fast as possible. We specialize in payment gateways for pharmacy merchants with high-risk processing and has innovative methods to make online transactions safer.
Mail order pharmacies must also consider the pros and cons of offshore and domestic banking options before opting for either option. As mail order pharmacies are generally considered to be a high-risk industry, there's a high probability that banks can reject your merchant account applications altogether. It is, thus, important for your startups to entertain the possibility of domestic banking options as they have lower rates and more secure banking. However, mail order pharmacies should never completely discount offshore accounts as they may prove to be crucial for certain types of business transactions. Hence, each option has its benefits which must be understood completely before you make a decision as this can have huge ramifications for your firm.
It goes without saying that the pharmacy business is easily a multi-million dollar industry. Although it may appeal to most patients who can't leave their homes to buy the medicine they need, it can be quite a competitive industry to survive in as there's always someone who's selling the same drugs as you, albeit at a discounted price. This low price can convert even your most loyal clients. Therefore, it is fair to say that this industry has many complexities and subtleties that must be appreciated if your firm hopes to stay in business. It is crucial for startups to opt for an organization that is well versed in the tricks of the trade.
Our experience in the field is what differentiates us from our rivals. We work hard to ensure that our clients are well prepared for the fluctuations in the industry and are never caught unawares by unforeseeable circumstances. There are many mail order pharmacies that have opted for our services for their merchant account needs simply because we are the best in the market at what we do. We have all types of mail order pharmacies as our clientele such as legal, wholesale, and B2B. What all of them will tell you is that we are yet to disappoint them. Should your business opt for our services, it will be in the best of hands and well equipped for the future.