Online pharmacy merchant accounts are classified as high risk for several reasons, and it is for these reasons that merchants who want to trade using an online pharmacy merchant account often find it difficult to obtain credit card processing because card companies and traditional banks often avoid supporting this industry.
In spite of recent research in which facts support online pharmacy merchant accounts to be highly profitable and even necessary in today’s supply and demand, not to mention the rise in recent months due to Covid-19, businesses looking to opt for online pharmacy stores are still struggling.
What is the solution for online pharmacy merchant accounts?
In a word, there is only one solution, which must be a total solution in order to satisfy all the requirements set out by various governing laws, etc. The answer to many of these hopeful pharmacy online merchant accounts may be found in selecting the right intercessor; that is, the right payment processing company to find your online pharmacy business the most suitable offshore acquiring bank and card company to help your online pharmacy merchant account thrive under these conditions.
iPayTotal, a seasoned and well-respected payments solutions company with its headquarters in the UK, offers such “total” solutions. — With research showing that by 2023 the online pharmacy market will grow to $128 billion, it’s worth investing in a solid payment solutions company to help aid your online pharmacy merchant account in obtaining as well as maintaining services to online users worldwide.
What can a payments solutions company offer your online pharmacy merchant?
By having the backing of a reputable payments solutions company, like iPayTotal, your online pharmacy merchant account has the necessary support in obtaining a successful merchant account as well as all the benefits in keeping your online pharmacy merchant account afloat, even in difficult times.
Reducing chargebacks on your online pharmacy merchant account
Chargebacks occur with many merchants, but in the case with high-risk merchant accounts such as your online pharmacy merchant account, the chargeback ratio is usually so high that banks reject such applications. However, iPayTotal has a solution to this problem.
- Customer support
By offering your customers online support, and by allowing your online customers to enquire of products any time of the day, gives your customers the sense of security they need. Moreover, if your online pharmacy merchant account has a 24/7 customer support service, queries on potential chargebacks can be reduced excessively because a customer agent can provide the answers before the customer screams blue murder.
- Billing descriptors
Many times, a chargeback comes down to the description on a customer’s credit card statement. The perceived ‘wrong’ may lead the customer to claim a dispute for which the card company or issuing bank may refund. The burden of the cost of the chargeback is left to the merchant, not to mention the loss of the actual sale. Ensure your billing descriptors for your online pharmacy merchant account is clear; that is, your business name reads as what the customer would understand.
- Secure payment gateway
Since not all payment solutions companies offer secure payment gateways, it is not recommended to use said payment solutions companies because they do not offer your high-risk online pharmacy merchant account the level of security it needs. iPayTotal, on the other hand, offers a built-in anti-fraud software that is integrated easily into your website. What’s more, iPayTotal has engineered its own-designed payments gateway facility to ensure accuracy and absolute cyber-security, giving you and your customers the peace of mind needed to operate online, safely.
Conclusion for your online pharmacy merchant account?
Before you decide, do your homework so that you are certain beyond a doubt that the payment solutions company you choose is a reputable one and one that is transparent regarding costs.
Furthermore, it is vital to have real-time records of your sales and transactions. A secure payment gateway for your online pharmacy merchant account is therefore essential. Your payments solutions company ought to have all these ready for you to start operating online, successfully.
iPayTotal has a strong relationship with offshore acquiring banks as well as card companies to help you navigate the often-difficult path in obtaining an online pharmacy merchant account. Trust iPayTotal to help you with a total solution, seamlessly.
Contact information
Email iPayTotal: info@ipaytotal.com or call +44 800 776 5988 for more information regarding your online pharmacy merchant account.
Or apply now!
