HIGH RISK MERCHANT ACCOUNT SPECIALISTS

13 Feb

By Aditya Williams

Category: high risk merchant account pharmacy, high risk merchant account provider, merchant account for pharmacy, online pharmacy merchant services, pharmacy merchant account, pharmacy offshore merchant account, pharmacy payment processing

Are your online pharmacy’s payments at risk due to legal issues? Comments Off

Are your online pharmacy’s payments at risk due to legal issues?

Our world is moving rapidly towards technological advancements and a huge amount of medical discoveries have also taken place. Medical science since the advancement of technology have seen new wonders and a lot of medicines, as well as treatments, have been developed to treat diseases which were once considered to be unsolvable. Every state, city, and streets are now filled with good hospitals, pharmacies as well as medical centers. Since e-commerce happened to the digital world, healthcare facilities gradually moved to online platforms too.


The Internet has been a boon for all of us. You can easily consult a doctor regarding a medical problem and get immediate advice, order for online medicines and fix an appointment for blood tests, and more. Above all, the most beneficial part of online healthcare facilities is the ability to order online medication.

 

How Online Pharmacy Merchant Account For Startup Are Changing The Face Of Internet Marketing?

This gave a lot of opportunity to the future pharmacist to become an independent entrepreneur, however, to open an online pharmacy you will need to have an online merchant account with a proper payment gateway for seamless money transaction. An online payment gateway allows credit card transaction which can make your pharmaceutical company grow. Merchants who are into online pharmaceutical business can likewise grow their business to the peak if they have the right pharmacy merchant account.


Having said that, there are a few complications to open a merchant account for pharmacy and also for payment getaway. The online pharmaceutical industry is considered to be one of the most high risk industries according to banks. Domestic banks, in general, will rarely allow merchant account to do money transfer through their banks. There could be many legal implications associated as well while opening an online high risk merchant account pharmacy and if you fail to imply them then there could be a hassle in accepting payments from the buyers. Here in this article, we will cover some important topics. Read on.

What Does An Online Pharmacy Do And How They Work?

Online pharmacy as the term online suggests is a pharmacy which is available online and through them, consumers can buy medicines online by submitting relevant prescriptions if and when required. The online pharmacy merchant account will display all the medicines that they have in stock. The consumer can go through the online pharmacy account and check which medicines he wishes to purchase. Once the consumer finds his medicine, some online pharmacies may ask the buyer to submit relevant prescriptions, however, some may not. It’s entirely on the customers, whether he wants to login to his account or purchase it as a guest. He adds the items that are required and then proceeds to pay. The buyer can buy either through his debit card or through credit card. After this, the details of the transaction and items which the customer wishes to purchase plus the transaction amount goes directly into the pharmacy merchant account. Almost every country sells online medication, but it is most prevalent in countries like the USA, UK, India, Europe, Australia, and Canada. Online pharmacy industry is booming and it is growing very fast.


To start a high risk merchant account for online pharmacy you will have to follow certain guidelines which are as follows:

  1. In order to start a full-fledged and seamless merchant account online pharmacy, the client has to follow certain rules and regulations. First and foremost, the client should maintain a legal pharmacy payment processing, which in general means the transaction has to be legal both from the buyers as well as the sellers’ jurisdiction.
  2. Merchants are not allowed PF (Payment Facilitator) payment service on their online pharmacy merchant accounts.
  3. Since online pharmaceutical companies are considered to be high risk merchant account online pharmacy, they have to have HRB license. This license is for MCC 5912 drug stores and pharmacies and 5122 Drugs, druggist sundries and proprietaries. If you have not acquired an HRR license, apply for High Brand Risk Transaction along with a license Visa for Visa payment transactions.

    So, as we have discussed the compliances that any payment processing online pharmacy must follow, the next section is about what is required to follow these above-mentioned steps.


    All online pharmacy merchant accounts in the US and rest of the countries have to comply with the rules set by Visa International Operating Regulations and also should maintain the standard set by Visa Global Acquirer Risk Standards Guide. Along with these lines, the high risk pharmacy merchant account should also undergo an adequate amount of training required to set up online pharmacy merchant accounts. Relevant training and education are mandatory.

Online Pharmacy Merchant Services and Payment Gateway Options

Online merchants are given two options for payment gateways, they can choose ACH or eCheck payment gateways. However, readers may note that online pharmacy merchant account services will not be able to sell controlled medicines with any of these payment gateways. Merchants these days can set up an online pharmacy credit card processing account. But every merchant has to adhere to strict international as well as local law guidelines.

Is It Possible To Use Echeck Or ACH Payment Gateways To Sale Medicines Online?

If you are wondering whether Echeck and ACH payment gateways are possible to link with your merchant account or not, then the answer is yes. With pharmacy payment processing with instant approval, you will be able to connect Echeck into your online merchant account if you follow the law properly. Usually, it will take 5 days to approve the payment gateway. If you are an online merchant from India, Philippines, US, Europe, as well as Thailand, you should be able to make Echeck payment gateway.


Readers may not that there are some regulations that have to be followed to connect Echeck and the approval of this payment gateway is strict. You should have all the required documents and have to submit them for evaluation. The analyzer will go through your website to and fro before accepting or rejecting the application.

How To Integrate Payment Gateway On Merchant’s Website?

Once your merchant’s account is verified and ready to sell online medicines you can start collecting payment from buyers through two different modes. The first option that you have is with API. If you have a technical team in your vicinity, then they can create a payment form for you, once the form is complete, they can integrate the payment gateway on the shopping cart using the API configuration that has been created. The next option that you can go for is MOTO or in other words virtual terminal. MOTO allows you to add a transaction gateway into the virtual terminal for pharmacy, then add it to the merchant’s account. However, to start with in of the two requests, you will require the following information:

  • Customers name
  • Billing address of the customer
  • Registered email ID of the customer
  • Routing Number
  • Account Number
  • Type of Account
  • And the amount of transaction

    If you are facing legal complication with the pharmacy merchant account payment gateway, ensure that you are following the above-mentioned points and make sure you follow all the legal procedures too because these could be the reasons why you are facing complications. Now, let’s check the necessary KYC documents that will be required to connect the payment gateway for the online merchant pharmacy.

  • Ensure that you have a business license
  • Supplier agreement or vendor agreement will be required
  • Company’s business plan
  • A copy of address proof of all the owners will be required
  • Valid ID proof of every owner of the business
  • Utility bills of the directors will be required
  • You will have to provide a canceled check
  • User ID along with the password of the merchant’s ID will be required and ensure that it is non- expiring.

How Can The Online Merchant Maintain Pharmacy Payment Gateway Effectively For A Long Term?

In order to ensure that you receive seamless payment from customers all the time, you will have to maintain the account well. We have already discussed the complications that a payment gateway for pharmacy can face if you don’t follow the rules and regulations set by Visa International Operating Regulations and Visa Global Acquirer Risk Standards Guide. Along with it maintain a legal pharmacy payment processing. Having said that make sure you avoid heavy chargebacks. Stay within the limit of prescribed chargeback limits which should always be less than 2%. If it goes above 2% then there is a huge chance for your merchant account for an online pharmacy to get shut down! Another key factor to look into is the guidelines set by Government and FDA rules.


If you follow their rules and ensure that you are running your merchant account online pharmacy legally following all the regulations then yes, your account will be secured and safe and you will not face any legal complications. Illegal practices are wrong and should be avoided strictly to run your online pharmaceutical business seamlessly.

Few Last Words

If you want to get an adequate result for licensed wholesale pharmacy merchant account services ensure to get in touch with a reliable online pharmacy merchant service provider only. There are many complications that an online pharmacy can face. Pharmaceutical companies are different than grocery shops or online retailer companies. Their rules and online pharmaceutical company rules are absolutely different. Only a genuine merchant service provider understands the complication that your online business can face and hence will provide the best solution to overcome such problems. Be rest assured that all the steps will be legal and high risk pharmacy merchant account will be able to function seamlessly.

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