online pharmacy merchant account
PPS is your one source solution to get pharmacy merchant accounts. The expert team at PPS has the best-in-class service providers with the most competitive pricing. Contact us today, and we will ensure you get a reliable and cost-effective payment solution for your pharmacy business.
What Is An Online Pharmacy? How Does It Work?
Online Pharmacy refers to a website where people can buy medicines. Online pharmacies display the entire list of medications that they sell. Customers create a username and password on the site before ordering pharmaceuticals. At times the customer may reach straight to the checkout page without login. Customers make the selection and checkout by filling in the required information. The website allows customers to upload their prescriptions. The Shopping cart sends the order information to the customer in email format. After the transaction, money from the credit card goes to the pharmacy merchant account. The registered pharmacist at the pharma company checks the prescription. After this, the merchant ships the medicines to the buyer.
What Are The Requirements To Start An Online Pharmacy Business?
Online pharmacy websites should list all the medicines that are for sale. The site must be SSL protected. An accurate description of every drug is vital. The online pharmacy must have a registered pharmacist and necessary government and business licenses. The registered pharmacist must look at prescriptions before shipping any orders. The business must have proper legal permits as per the country of the buyer and the seller. They should have appropriate import-export permits if needed. They must have relevant licenses for online medicine sales. The legit script is a popular certification in the online pharmacy industry.
How Can I Integrate The Pharmacy Payment Gateway On My Website?
With the pharma gateway, you get two options that help you collect payments from the customer. The first option is with the API. Your technical team can create a payment form. They can also integrate the gateway onto the Shopping Cart using the API configuration. The second option is the virtual terminal or MOTO. With Moto, you can put the transaction into the VT inside your merchant account panel. To process the order, you will need the following information.
- Customers Full Name
- Registered Email
- Billing address
- Shipping address
- Card Details/ACH Account Details
Why Is A Pharmacy Merchant Account Considered High Risk?
Online pharmacies attract high credit and reputation risks. The most common cause is the product itself. Medicines can have a massive impact on the physical and mental health of the customer. Many governments have created a list of controlled medicines. Authorities have strict policies for pharmacies. Payment solution is only offered to pharmacies that comply with the requirements of the card processing company.
What Can Pharmacy Merchants Do If They Get High Chargebacks?
High chargeback to sales ratio is a drawback. If the customer is unsatisfied with the product, he files a chargeback. It puts the merchant and acquirer at a loss. There have been many instances of friendly fraud in this industry. Shipping genuine products and on-time delivery help reduce chargebacks.
How Can I Maintain My Pharmacy Merchant Account For the Long Term?
You must avoid chargebacks and stay within the prescribed chargeback limits of the processor. Generally, your chargeback ratio should be below 1%. If it exceeds, there are chances of account shutdown. Next, you should always work under government rules. You will be safe if you work under the law and provide quality products with the best service.
Is There Any Rolling Reserve For Pharmacy Merchant Account?
Every High-Risk Business has to face the challenge of accepting a rolling reserve. It stands true to the online pharmacy merchant account. Most online pharmacies accept rolling funds. This rolling reserve helps the payment processing company in paying for future chargebacks. Retail pharmacy POS merchant accounts do not ask for the rolling fund. This solution is only offered to physical stores selling medicines face to face.
How Does The Order Process Work On Pharmacy ACH Account?
Order processing involves many steps. Here are a few of them:
- Customer visits the online pharmacy website. The customer makes the selection of the medicine. By clicking on the checkout option, the customer proceeds to a form. The customer fills in the shipping information and other details on this form. It includes Name, Email Address, and phone number. The customer fills in the account and routing numbers at the next step.
- This information reaches the Pharma ACH payment processor. The payment processor may call the customer to verify the quality of the sale. The purpose of voice verification is to confirm that the customer has placed the order. Voice verification helps the ACH processor in identifying fraudulent transactions.
- Merchant gets the information in the merchant control panel for transaction results. After verification, the processor sends the ACH transaction for processing. The merchant can now start the shipping process. The merchant must keep the proof of medicine delivery for 24 months. This proof of delivery can help if the customer has raised any disputes.