Being high-risk in payment pharmacy requires modern solutions and a radically different approach to pharmacy credit card processing, namely creating a pharmacy merchant account and utilizing a pharmacy payment processor.
Pharmacy is considered a high-risk industry
Pharmaceuticals are at high risk from the point of view of banks and payment systems, and the trend of online purchases of goods for this group is growing. Selling medical products, toiletries, vitamins, and cosmetics wholesale and retail online is an industry that involves mandatory compliance with legal requirements and a high probability of customer dissatisfaction.
In this regard, there are reasons why it is considered a high-risk business: the difficulty of opening a merchant account, online pharmacy credit card processing, and the need to find a payment solution provider in this sector that will provide them with payment solutions through which they can accept credit card (online pharmacy credit card processing) and other payment methods on their website/app, etc. An excellent solution for companies in this sector is HighRiskTech.
Get a pharmacy merchant account
Online pharmacies are gaining more and more momentum today because it is about comfort, high speed of searching for the right drug, and not only. Nevertheless, at the legislative level, some issues related to the acceptance of payments to the accounts of pharmacy companies are not regulated.
For this reason, many of them resort to the services of an aggregated trading pharmacy merchant account. Like an e-wallet system such as Stripe, aggregated pharmacy payment processing (pharmacy payment processing) allows companies to combine their payments with others to remain relatively undetected.
It is an excellent option for businesses, but it has some drawbacks – the costs of this online pharmacy payment processing are higher, and payments are much slower.
Pharmacy payment gateway benefits
Contacting HighRiskTech to open a pharmacy merchant account will be the best decision for every business owner. Among the advantages of cooperating with this company are:
- Getting a pharmacy merchant account
HighRiskTech values your time, so we offer almost instant approval. It will take up to 24 hours or less. The setup and integration of our high-risk payment processor will take from a few minutes to a few hours.
- Payment methods
The solution is suitable for online pharmacies of different sizes. The service allows payments to be made in different currencies for customers’ convenience. We also offer assistance in setting up offshore pharmacy merchant accounts.
- Protection against chargebacks
Chargeback is disputing a bank card payment that a person disagrees with. It is common in the pharmacy field, so this defence is an undeniable bonus to the account.
- Transparency of all transactions
Working with our company will never be a cause for concern, as you will never have to worry about hidden fees & charges.
- Customer data protection
A merchant account for an online pharmacy follows strict guidelines and is designed to give you peace of mind when doing routine work.
- Support 24/7
This point is critical because downtime negatively affects business development and is undesirable. In addition, site failure or inability to load the required page can lead to a deterioration of the site’s ranking on the Internet, and you will not only lose a particular client but also suffer losses many times more.
Opening an online pharmacy merchant account with HighRiskTech
When opening a merchant account for an online pharmacy, it is crucial to comply with the legal requirements first. For an online pharmacy application to be approved by a payment provider, a pharmaceutical license and documents proving stable and prosperous operations must be provided.
In almost all states, there are high fines for violating pharmacy settlement policies. These fines are imposed not only on merchants but also on the payment processors that cooperate with them. Therefore, payment service providers seek to minimize the risks.
Several other lines of business can be considered to be related to pharmacy. When opening trading accounts for them, factors like those mentioned above should be considered. We are talking about such types of business:
- Nutra - sale of biologically active supplements and nutraceuticals
- Cannabidiol (CBD) industry
- MMJ - sale of medical marijuana
Start pharmacy payment processing
- Send a request
You can write to us or fill out the feedback form on the website. Specialists will scrutinize the task set before them (implementation of pharmacy payment gateway, nuances of online pharmacy credit card processing, etc.) and offer the best solution at the next step.
- Get a fee rate and discuss the details
While discussing the details of online pharmacy credit card processing (pharmacy payment processing) with the client, our specialists do not withhold any information. They always announce the final cost of implementing a pharmacy payment processor, implementation of pharmacy payment gateway without any hidden fees, taxes, etc., so there will be no unpleasant surprises in your future.
- Start online pharmacy credit card processing
The company is characterized by its high speed of service provision. If you contact us, you will quickly receive a high-risk merchant account for an online pharmacy and promptly integrate the pharmacy payment gateway