HIGH RISK MERCHANT ACCOUNT SPECIALISTS

06 Mar

By Aditya Williams

Category: high risk merchant account pharmacy, high risk merchant account provider, high risk merchant account solutions, High Risk Merchant Accounts

The Online Pharmacy payments Problem and solution Comments Off

The Online Pharmacy payments Problem and solution

Online business is the best way to grow any business. Every online merchant wants his or her business to grow rapidly and process a steady flow of income through various modes of payment gateway source. Although there are many online stores who are running their business smoothly, for high-risk merchant account pharmacy things can become a little difficult. There are so many payment options available nowadays. There is mobile payments, wallet payments, international payment options, and more, but even then it becomes crucial for a pharmacy merchant account holder to clear his route for a pharmacy payment gateway. Readers may note that online merchant account for pharmacy is different from other E-commerce platforms. Selling garments and shoes online is completely different from selling online medicines. However, it wouldn’t be wrong in saying that the electronic method of payment is the easiest even for pharmacy merchant account holder. Credit card and debit card payments allow the merchants to receive payments 24 x7 and 365 days a year which is a win-win situation for every pharmacy merchant accounts. Having said that E-pharmacy is considered to be a high-risk business mainly because of the products that they sell.


Every medicine comes with side-effects and you never know what will happen to the customer when they consume a particular medicine. That’s why the FDA has set some rules for pharmaceutical companies. Number one is not to sell any kinds of controlled drugs. They are not allowed to sell controlled drugs in any condition. Second pharmacies should have a licensed pharmacist as well, just because you are running an e-commerce online pharmacy merchant account doesn’t mean you are free to run it your way. You should have a specialist with you under any conditions. Health is the question here and only a pharmacist knows the composition of each medicine and he can only read the prescription properly.


If you are getting ready to set up an online pharmacy then please be prepared for a few of the challenges that will arise before your online pharmacy credit card processing gets approved for a steady flow of payments. Domestic banks in general wary when it comes to getting in association with merchant account online pharmacy, mainly because they are considered to be a high-risk business. The best way to overcome this challenge is to get in touch with as many online pharmacy merchant services as possible. Speak to them and let them know, the service provider will ask for the following documents along with credit history, have all the documents handy and submit it to them. It will take 5 days to 2 weeks for the account to get approved.

Following are the documents which will be required to apply for a high-risk merchant account for an online pharmacy.

  • Business license of the company will be required
  • Vendor agreement or supplier agreement is a must
  • The business plan for your company
  • National ID proof of the owners (copy)
  • Address proof of the owner (copy)
  • Utility bill of the owners
  • Cancel check
  • ID and password of the merchant website, make sure that it non-expiring

Around 1100 online pharmacy merchant accounts have been stated as illegal in the last couple of years. Online pharmacies in the run of making more money often sell unauthorized drugs and drugs which are expired. This creates an extremely bad reputation for the online pharmacy company. Also, pharmacies, especially high-risk pharmacy merchant accounts are always under the radar and they are frequently investigated that’s why it becomes extremely important for any online business to take careful considering while running the business.


Always follow the FDA and local Government guidelines to avoid issues and problems. Keep the chargeback ratio of less than 2 %. If you have more than 2% chargeback amount then no licensed wholesale pharmacy merchant account service will be willing to work with your company.

Why online pharmacies are considered to be high-risk merchant account?

A lot of reasons make an online pharmacy a high risk offshore pharmacy merchant account. Truth to be told it is considered to be risky because of the product that the company sells. Medicines can have a high impact on users. The effect which is unknown to the customers that’s why FDA has asked every pharmaceutical company not to sell any controlled drugs.


What are challenges faced by any e-commerce pharmacy payment processing with instant approval?

Everyone wants to flourish and they want to grow. They want to become global to attract more and more customers. Locating the right customers and targeting them becomes necessary for an online pharmacy merchant account for start-ups. Having said that there are many risks that are involved in running an online pharmacy business.


Here are some of the challenges that you may face before applying for pharmacy merchant account payment gateway India or for any other country.

  • Cross-border transaction and issues Pharmaceutical companies want to start their pharmacy credit card processing to ensure that they are able to sell their approved medicines throughout the world. But, things often don’t go as we have planned. Cross-border transactions are usually risky, takes a lot of time, and are expensive too. There is a lot of things which work behind cross-border transactions, like currency exchange, conflicting banking infrastructures, technology standards, as well as payment issues too. To create a cross border pharmacy merchant account payment gateway you can speak to your local banks, but there will be hurdles as well. The moment they get to know they you are asking for a payment gateway for online pharmacy most of the banks will deny the banks.

    Also, cross border payments need modern day-technology too which our nationalized don’t have and that is another reason why it becomes an issue for the banks to say to these kinds of request, for instance, pharmacy payment gateway. However, new changes are occurring and we hope the problem related to cross-border issues will get resolved soon for online pharmacy payment processing. 

Few of the steps that have been taking place are as follows:

  • Government drone activities, as well as orders, will take place to change payment and fees processing for merchant account providers for an online
  • New payment systems will oversee the liquidity rate, credit risks, as well as costs soon.
  • People will soon begin to outsource most of the things like contacting online pharmacy/ vitamins/ nutraceuticals merchant account services
  • Credit and Debit Card Data Security

You should take care of the offshore pharmacy merchant account and the payments. You need to acquire PCI DSS compliance to ensure that your company will be able to receive online payments through various card payments, for example, VISA, Discover, as well as Master Card too. Ensure that you are renewing the PCI DSS certification every year to keep the online pharmacy merchant account in place and to avoid any shutdown issue. Customers will be filling in their card details on your site, you have to make sure that you are giving them a safe payment option. If your company is seen to be breaking any law and caught in fraudulent activities then you will be fined and will incur punishments too.


Ensure that the payment gateway for pharmacy is taking care of online payment security. Card information security of your customers should be your top priority no matter what. If you breach any protocol associated with the pharmacy gateway for online pharmacy then the company will face dire consequences.

  • Heavy Chargebacks and fraud There are many companies who have been found dealing with fraudulent activities, creating a fake payment gateway for a merchant account for pharmacy can cause troubles. Hackers are always trying new ways to theft data of customers making it really risky for potential customers to shop online. You will not only incur a loss if you engage yourself into fraudulent activities but your pharmacy merchant account will be shut down as well.

    Having said that there are many pharmacy merchant accounts who incur a loss due to heavy chargebacks. Chargebacks are not good for any company at all. Especially for e-commerce high-risk merchant account for an online pharmacy. Your company should never receive a chargeback above 2%. Chargebacks are not uncommon at all. Customers often call for chargeback when they don’t recognize a payment and ask the bank to file for a chargeback. If this repeatedly happens and goes beyond 2% then the online pharmacy merchant services will find it difficult to work with you. This can and definitely will hamper the company’s reputation too.


    The best way to resolve this problem and maintain a seamless pharmacy credit card processing is to maintain good customer service support. You can also include an advances EMV technology as well which can be utilized during an online payment process done through pharmacy merchant account gateway. Offline stores often use this technology, the customer inserts his card into the machine and the machine reads the card and then the details of the card are exchanged making it secure both for the merchant as well as the buyer. But because we are talking about online pharmacy merchant accounts in the US and everywhere else EMV can still become an essential toll indirectly to secure the necessary data to prove the authentication of a particular transaction.


    How to acquire a merchant account and a secure online pharmacy payment processing?

    In order to get a secure online merchant account and a safe online pharmacy payment processing, you should always get in touch with a reliable merchant account service provider. The service provider will ask for a few details which we have already mentioned above, but along with it, you will also be asked to submit credit history as well. Maintain a good credit record to get the merchant account approval sooner. Avoid chargebacks and follow FDA and government rules. For offshore pharmacy merchant account, the approval will take 5 days to 2 weeks of time. Offshore merchant account for a pharmacy who don’t want to include payment gateway for online pharmacy will not take more than 5 days to get approved. For owners who want to create domestic online pharmacy, it will take around 2 weeks of time to get approved.


    Don’t settle down with one online pharmacy merchant, contact as many as you can and then settle down with the one who has created online pharmacy merchant account earlier as well. Follow the guidelines of the FDA and run a legal online pharmacy.

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