An online pharmacy allows customers to obtain prescriptions over the internet and talk to pharmacists over the phone. This type of business addresses the ongoing consumer demand for convenient, safe, and reliable medication-related services that don’t require them to visit a physical store. In addition to the many other factors you must consider as an online pharmacy business, you should make credible and secure payment processing one of your top priorities.
Enter the world of high-risk business.
Regardless of how conventional, credible, or well-established the products you sell may be, the credit card processing industry considers any business that sells supplements, products, or medications that make health claims or treat illnesses to be in the high-risk pharmaceuticals category.
When running an online pharmaceutical business, it is simply a fact of life that you will be considered “high-risk” by your processor. As such, you can expect the application and approval process to require a little more paperwork and time to complete. You can also expect to pay slightly higher processing fees.
Finding the best payment processor for your online pharmacy.
Although gaining customer trust is important for all retailers, nowhere is it more crucial than in the pharmaceutical industry. After all, patients’ health and safety are on the line. For that reason, you need to do everything you can to select a payment processing company that makes efficiency, data integrity, and customer support high priorities.
The marketplace is chock full of payment processing choices, so what should you look for as you search out the most reputable, effective choice for your online medication enterprise?
- Protection from hackers. Demand that your vendor provides secure payment processing in compliance with the Payment Card Industry Data Security Standard (PCI DSS). This set of rules created by major financial institutions safeguards credit card payment transactions and protects cardholder data from cybercriminals.
- Expertise in high-risk industries. You are not the one who will decide if your online pharmacy is high-risk. If you attempt to disguise the nature of the products you sell, you may initially be granted a conventional account with lower payment rates that are suited to lower-risk providers. However, you will soon be found out and may then be denied any sort of account in the future. Instead of jeopardizing your new business, pick a high-risk provider right from the start.
- A payment technology company with experience. At NAB, we’ve been helping merchants, including those in so-called, “high-risk” categories, grow their businesses for more than three decades.
When you provide your customers with high-quality medications, medical advice from credible experts, and trustworthy payments, you have a strong infrastructure for your online pharmaceutical business. Put forth the effort and time to lay this foundation, and your chances of success in this competitive industry will be enhanced.
