Today, most consumers prefer to pay using credit cards over other forms of payment. Here, find out how high risk credit card processing services for pharmacy can improve your business.
Cash – This is almost an outdated mode of payment today. According to a survey conducted during 2016, only 11% of consumers prefer to pay by cash. On the other hand, as large as 75% of consumers prefer credit cards (40%) and debit cards (35%) to make a payment. As more and more customers prefer to use credit cards over cash, businesses like you will need to keep up with your consumers’ preferred modes of pay, which include high risk credit card processing services as well. Accepting credit cards will make your business more accessible to your customers when at the same time increasing your cash flow.
Staying Secure in High Risk Merchant Processing:
Some of you might be processing credit cards already. But, we’d like to stress a point here: Make sure the process is secure. Today, a majority of identity fraud claims are related to credit card fraudulence. Several businesses think that as they are small, they would not fall prey to a data breach. But, the reality is that any business that does high risk merchant processing can be hit with a fraudulent activity. During 2015, new regulations were released to counterfeit the fraud liability to merchants who are not accepting EMV cards. Any business that’s not accepting chip cards and gets hacked might be financially liable for the hefty charges that come along with the breach.
Therefore, the pharmacies must make sure to update their systems to accept the chip cards, if not done already. At any time, pharmacies with sensitive health data in their merchant systems need to keep their data secure.
Ensuring the PCI Compliance for Pharmacies:
Every pharmacy that uses high risk credit card processing services must be aware of the PCI compliance. Being a pharmacy merchant, you must read the PCI-DSS, a set of rules passed by the four major credit card brands. This set of rules will help protect your customers’ personal information and is also helpful for your pharmacy business where you need to handle the medical information. Being PCI compliant will mean that your pharmacy is taking the best possible to keep the credit card numbers, as well as the medical information safe and secure.
Therefore, you are advised to choose a high risk credit card processing services provider who guarantees PCI-compliant processing to secure your business and patients. It’s good to go with a processor who offers super-powerful security solutions like P2PE and tokenization.
What’s tokenization? It creates an irreversible token which will get passed through your payment gateway instead of the customer’s credit card number. By using this option, you can protect your business and customers’ from a possible data breach.
Adopting the New Ways to Pay:
Today, customers want to make payments in their own way. Be it in-person, online, mobile device, or wearable, they want to pay as per their own convenience. As a pharmacy merchant, you must be able to provide all the possible options for them to choose and pay according to their wish. One such new way of paying today is by using NFC (Near Field Communication), which allows the customers to pay by just waving a mobile phone over an NFC-enabled device. This technology offers a quicker and easier way to check out.
The pharmacy merchants are suggested to look for a high risk credit processor who offers an omnichannel payment solution. This way, customers could enjoy an accessible checkout experience with the one that accepts the payment method they like to pay.
By accepting various payment methods, you can rest assured knowing that you are providing your customers a seamless checkout experience.
High Risk Merchant Account Instant Approval:
So, by now, you should be clear about the importance of high risk credit card processing services in today’s marketing trend. Now, let’s move on to another important thing in this area – high risk merchant account instant approval. As you should be aware, merchant accounts are necessary for any business in order to accept credit or debit card payments from the customers. Having said this, continue reading to know more about the high risk merchant account instant approval here:
Well, as a pharmacy merchant, you must take caution when a high risk credit card processing services provider comes to you and speaks about an instant approval for high risk merchant account. Understand that there is no such thing called instant approval. Today, we can see several ads and promotions about instant approvals, which are deceiving and even impossible. High risk merchant account approvals take time, patience, and lots of KYC documents.
High Risk Merchant Account – Ways to Expedite the Approval Procedure:
We again repeat that applying for a high risk merchant account and getting an approval instantly is not close to reality in any way. However, you can follow the tips that are mentioned below to expedite the approval:
Try to have a complete disclosure your high risk merchant account provider. Trying to hide anything about your business will only decrease the chances of getting approval. In this, remember that a high risk merchant account provider will work with you if your payment processing or credit history is not perfect. Understand that getting the credit card processing approval for a business is a win-win situation for you and your provider.
Secondly, have all of your KYC documents ready to submit to your provider for underwriting. Although documents sent in increments are okay, it may signify that you are somewhat disorganized.
Finally, you should watch out for the application fee. We say that this is a red flag for you. The merchant account provider shouldn’t charge any fee until you begin processing transactions. So, if you are charged for your application, you must step back.
When a prospective merchant is seeking an approval for a high risk merchant account, the provider always wants to grant them an approval because it’s mutually beneficial for all the parties involved. So, we encourage you to have a 10-minute conversation a merchant account provider about your business so that they can inform you about the process and resources to help you to get started with the high risk credit card processing.