On the surface, running an online pharmacy appears simple. Just figure out what products you want to sell, do all of the necessary regulatory compliance work and start taking payments, right?
As it turns out, the payments landscape for companies like yours is a lot rockier than you might first believe. Therefore, it is important that you learn about the complexities so that you can successfully navigate them toward long-term profits and satisfied customers.
A word about high-risk businesses
Your online pharmacy is not a conventional type of retail operation. It functions under numerous state and federal regulations, sells a variety of products, some of them controlled substances, that require subscriptions.
What’s more, the industry carries higher-than-normal instances of fraud and credit card chargebacks.
As a result, you need to find a special payment provider for online pharmacies that is equipped to deal with your specific trade and security risk profile.
Once you have applied and been qualified for this so-called high risk merchant account, you will have the tools you need to securely take your customers’ payments.
Pros and cons of high-risk merchant accounts
As an online seller, you need to partner with an account provider to get a payment gateway that holds security as its highest priority. This intermediary between you and your customer’s bank should be equipped with multiple anti-fraud tools that can red-flag and stop suspicious transactions before they even occur.
Your high-risk provider can set you up with the ideal gateway. Additionally, it will have long-standing relationships with numerous financial institutions, allowing you to provide your customers with payment options that are flexible, secure and meet their requirements and preferences.
Furthermore, they understand the volatile arena in which you operate and can assist you in the event that you encounter a data breach or experience an inordinate number of chargebacks.
Their prompt and reliable customer service specialists should be available to assist you should technical issues arise so that you do not experience long downtimes. After all, interruptions cost money and lead to customer churn and dissatisfaction.
The downside is that you can expect to pay higher per-transaction fees. You might also undergo extra scrutiny during the application process and be required to comply with supplementary contractual obligations, particularly in the initial months of your relationship.
Payment gateways are a crucial link between you and your customer. They streamline the checkout process and ensure that it is secure at every step of the way.
When you partner with a top-shelf high-risk merchant account provider, you can rest assured that you have a best-in-class way to provide efficient and safe payments every time.
Choose a high-risk provider with documented experience in the online pharmacy sector. Accept nothing less than gold-standard customer service, transparent pricing and reasonable fees.
Once you do, you can look forward to seamless transactions, happy customers and potential growth for your online pharmacy.
