A virtual terminal secure payment gateway pharmacy is needed for selling out the pharmaceuticals worldwide. Each and every nation has got its own set of regulations on medications and their types and doses, which makes having an online pharmacy difficult. An online pharmacy business would require maintaining detailed, yet confidential records.
Virtual Terminal Merchant Account for Pharmacy is classified as “High Risk”
Although this doesn’t seem to be new information, not many pharmacy merchants are aware of the fact that virtual terminal merchant account for pharmacy is classified as high risk. Well, in general, web-based and start-up companies with no or little history of credit card processing will be considered as high risk. Besides these, a virtual terminal for pharmacy is classified as high risk merchant processing because of the high volume of sales. Furthermore, certain merchant accounts that process huge volume, such as a high risk virtual terminal for pharmacy will have a history of a higher chargeback ratio.
However, this high risk status shouldn’t be considered as a reflection on the company by the high risk merchant processor, rather it should be considered as a qualifying term. A good virtual terminal merchant account provider will try to provide solutions that make it easy for a pharmacy merchant to enjoy the benefits of debit and credit transactions. To be able to sell pharmaceuticals online, you have to first establish a virtual terminal merchant account for pharmacy.
Why High Risk Virtual Terminal Merchant Account for Pharmacy?
Adequate payment capabilities will provide the pharmacy merchants with efficient ways of boosting profits. When it comes to setting up a merchant account for pharmacy, it’s recommended to go with a high risk virtual terminal merchant account for getting and maintaining reliable and secure benefits, such as:
- Easy setup
- Secure transactions
- International merchants
- Multi-currency support
- No volume caps
- Zero processing history
- Not-so-good credit history
- Virtual terminal access
A large number of global online pharmacy merchant accounts are now serving pharmacy merchants who are buying and selling pharmaceuticals over the internet. As mentioned earlier, pharmacy merchants are among the high-risk merchants and hence, they are often rejected by the credit card processing service providers. On the other hand, pharmacy merchants continue to be the most profitable ones out of a vast majority of online merchants who drive the global market.
In the U.S., it’s very expensive to carry out the pharmaceutical trade. The profit maximization is found to be easier for the offshore traders, which is why most pharmacy merchants are choosing to run their business offshore.
The high risk tag linked to this business appears to be the major reason behind the rejection of pharmacy merchant account applications submitted to the banks. A good virtual terminal account service provider can set you up with a payment process with the help of their extensive banking network. They will understand your business and provide solutions that help you to grow your business exponentially.
Why choose us?
Are you looking for the best payment solution provider to help you set up the virtual terminal merchant account? Well, know why you need to choose us here:
We are honest to the level that we will inform you if we cannot beat a good deal that you are receiving already.
We are completely transparent to the level that we do not hide anything even with the finest details nor we confuse you by using technical jargons.
We offer our clients a good customer service. With us, you will not get stuck in a phone tree or chat with a chatbot. Our customer support team will be available 24*7 to help you whenever you need support.
We do not talk, but we are here to listen. When you are running the conversation and explaining to us how you wish to operate the business, we will understand, analyze, and determine the ways to serve you better.
We do not sell any equipment or service you do not need. All we do is to help you find the best solution that fits your pharmacy business. We aren’t just your card payment processor, but will be your payment partner as long as we are connected!
Finally, we will make it easy for you to accept payment and accounts for your online pharmacy. As soon as you speak to us about your requirements, we will start working.
Whether you are running an online pharmacy, offering health products, or selling nutraceuticals, we provide a pharmacy virtual terminal merchant account that meets the demands and requirements of your business as far as it’s legal.
Our expert team will first understand the needs of your business and then will offer custom-made solutions, so as to get maximum efficiency from your merchant account. In addition, we also offer a virtual terminal secure payment gateway pharmacy for secure payment processing with various features that include multi-currency transaction options.
With an easy payment processing system, chargeback prevention, and protected payments, you need not worry about managing your merchant account.
Special Guidelines for Pharmacy Virtual Terminal Merchant Account:
Following are the special guidelines we have compiled here to decrease the risk associated with pharmacy merchants. In order to consider you for a pharmacy virtual terminal merchant account, you need to follow the below guidelines:
- You should sell only non-controlled substances. You must avoid selling products that need specialist supervision. You must also avoid products that require special storage.
- Prescriptions are mandatory for prescription drugs.
- You must inform your customers about the drugs you sell. The information regarding the drugs should be readily available on your website.
- You should offer only the products that have been approved for use by the regulatory authorities in both your supplier’s nation, as well as your customer’s nation. This applies to the generic drugs as well.
What are the documents required for setting up a pharmacy merchant account?
- Pharmacy license of your fulfillment center
- Agreement between you and the fulfillment center
- Agreement between you and prescribing doctor
- Doctor’s license
- List of name of generics and their manufacturers
- List of countries you ship to and how you comply with the regulations of those countries