Setting up an online pharmacy store is one of those options where you not only fulfill your entrepreneurial dreams but also get the satisfaction of helping people lead a better, healthier life. The idea of an online pharmacy is centered around offering a wide choice of non-prescriptions OTC (Over The Counter) drugs, filling out prescriptions, delivering in time the drugs purchased to patients and making their lives a great deal easier.
And yet, online pharmacy store – also called distance-selling pharmacy – is largely an under-explored business even today. In 2016, prescription drugs to the tune of $158 billion were sold online in the USA alone. Compared to the entire pharmacy market, which is estimated at a little above $100 billion, the online sales stand at a mere 0.15% of the entire pharmacy business. This suggests a huge untapped potential.
Startups are bringing in various changes to introduce in different levels of value additions. For instance, while online pharmacies require customers to submit the prescriptions online, some startups also arrange to have the prescription physically collected from the customer’s location. Apart from value addition, this method lets the pharmacy better verify the authenticity of the prescription.
When a pharmacy merchant launches an online pharmacy site, one should have a pharmacy merchant account in order to receive credit/debit card payments from his clients. Since these accounts are likely to handle a majority of the financial transactions, it should belong to a trustworthy institution that would not only process the payments in time but would also assure protection of the personal account details of the pharmacy merchant.
As pharmacy merchant has to open a high-risk pharmacy merchant account, he must follow certain guidelines which are related to the opening of the merchant account. One of the first recommendations which are made to the pharmacy merchant in this regard is to ascertain his exact requirements from a credit/debit card processing solution. This should be done by assessing the processing requirements as well as the volume of processing as some providers place limits on the volumes of such merchant accounts.
While designing a pharmacy website, one should be realistic about the expenses involved in it. Among the other things, these expenses include very high fees which are incurred for opening a high risk merchant account and these should be taken into consideration by the pharmacy merchant especially while putting forth one’s profits projections.
Comparison between the various providers is a TT-time tested method of selecting the best provider and an important yardstick for comparisons between the various companies is the TT-time taken for them to reply to a simple query sent by the customer always.
After selecting a provider, the pharmacy merchant must be prepared to come forth with all the personal as well as financial details about both himself and his company. In addition, one should read the document provided to him thoroughly to avoid controversy and misunderstanding at a later stage.
Pharmacy Merchant Account Approval Timeline
The time that it takes for a pharmacy merchant account approval varies with each type of solution iPayTotal offers:
- Offshore online merchant accounts–with payment processing history, it may take from 5 business days to 2 weeks.
- Offshore startup online pharmacy merchant account, it may take up to 5 business days to 2 weeks.
- Domestic online pharmacy merchant account it may take up to 2 weeks.
People buy medicines online because of many reasons. Some of the reasons are.
- Ease of purchasing from home: People do not prefer to travel and buy medicines these days rather buying Online from home is a lot easier it saves time and money both.
- Cheaper to buy medicines: The Online seller may be from anywhere from the world from developing countries. The medication may be much more affordable and cost-efficient. Everyone would like to save money so they buy online medicines. Pharmacies from Thailand, The Philippines, Canada, and Australia are also famous as they are cost effective.
- No physical means of communication needed: Sometimes people hesitate to talk to stores seller about their medicinal needs. Some may prefer to be anonymous while buying erectile dysfunction(ED) medication, so this mean of purchase is best for all consumers.
- Faster Order Processing online: The online payment process is straightforward which saves time in getting change and other small issues related to cash flow. The merchant ships the medicines by using a reliable shipping company and provides it to the consumer.
Getting medicines online available now worldwide is a huge help to mankind. As per Statistic, The global online pharmacy market will reach USD 130 Billion by the year 2023. Merchant in the online pharmacy industry needs Merchant accounts and Payment Gateways so that they can do business with an easy flow. With credit/debit card processing accounts online pharmacy companies can grow multifold and become universal. There are excellent chances for merchants to grow and progress under such conditions. There are few requirements of online pharmacy merchant accounts and payment gateways that merchant needs to full fill before he can start. There is a major twist in the story. Online Pharmacy Industry is a high-risk industry as per banks and other departments. Domestic banks and acquirers rarely offer merchant accounts to high risk businesses due to the high rate of chargebacks. But now firms from this industry could get offshore pharmacy merchant accounts easily. IpayTotal assists merchants in getting high risk merchant account for online pharmacies. If you’re ready to fill out your free application for an online pharmacy merchant account, simply click here to get started, To find out more about IPAYTOTAL’s merchant services for online pharmacy merchant accounts, Give us a call at +44 800 776 5988 or get in touch with us through our website. We believe transparency and proactive education is the best policy.