Pharmacy Merchant Accounts

How to Apply for an Online Pharmacy Merchant Account

Online pharmacies are lifesavers for a lot of people because it allows them to save time and money by purchasing their medications in the comfort of their homes, so opening an e-pharmacy is an excellent endeavor. Unfortunately, financial institutions have a different view about this type of business, especially because of the risk that comes with selling medicine through the internet, which is why online pharmacies are considered high-risk merchants.

Now, if you’re one of those running this business, you may find it hard to get a secure payment gateway solution. But if you are going to be successful, it’s best to follow these smart tricks:

Do your due diligence.

A payment processor is a crucial part of running your business, so you need to choose your merchant account provider wisely. Although some institutions will lure you with an easy approval, you might find yourself being tied to a very expensive contract that you can’t get out of for years.

So if you don’t want to fall into this trap, you need to shop around for merchant providers and see what they have to offer in terms of service and rates before you decide on the best one for your business.

Groom your business.

While you don’t need a complete overhaul, it’s good to put your best foot forward when applying for a high-risk merchant account.

Grooming your business means making sure that your website is up and running, your returns and refunds policies are published across different platforms, your debt is paid off and your savings account is healthy.

Underwriters would want to know if you are capable of managing a merchant account well. So, you need to prove that by grooming your business before applying.

Back your application with supporting documentation.

Required documentation will vary depending on the institution and the factors related to your application. But all pharmacy merchant account providers will require you to submit a government-issued identification, your most recent bank statements, proof of business and bank accounts, your website, and some marketing materials.

Underwriters will scrutinize these documents as part of the risk assessment process, so you need to complete them and any other additional documentation or information required of you.

Prepare for the underwriting process.

Aside from preparing all your documentation, you should also be able to answer questions from the underwriting team regarding your business. Some merchant providers will even require you to submit your business plans, sales process, and even call recordings to make sure that you are credible enough to be approved for an online pharmacy merchant account.

While it’s not easy to apply for a high-risk merchant account for your online pharmacy, success is never impossible if you just prepare for it. Of course, you should also learn to take care of your account if you are granted one.

Follow proper payment processing protocols, be honest about your products, and always offer good customer service. These practices will not only help you keep your merchant account but also your customers for the long run.