Apply Online For Online Pharmacy Merchant Account
If a business deals with products that treat illness or makes a health claim (be it medication or supplements), then it is a pharmaceutical or pharmacy business. Pharmaceutical refers to prescribed drugs (doctor suggested) as well as over-the-counter kinds of drugs (purchasable by anyone of age for general usage), which are intended to be taken as medication for health issues. Best Merchant Account For Pharmacy In USA
And all sorts of pharmaceuticals businesses, be it nutraceuticals of pseudo-pharma, are considered a high-risk merchant account.
The products like herbal supplements, skin care products like creams that claim to increase the brightness, firmness, wrinkle-reducing, breakout reducing, etc. are called pseudo-pharmaceuticals. Then the products like face masks or peels, teeth whitening, etc. also fall under pseudo-pharma. The pseudo-pharma products are not prescribed or neither the over-the-counter type.
Now from these neutraceuticals are different because they are associated with the food-based products that offer health benefits like treating or preventing illness. These dietary supplements or food additive products are regulated by the FDA, but not considered equivalent to pharmaceutical products’ standards. Yet, any business dealing with nutraceutical products will also be considered as a high-risk merchant account.
Usually, online pharma merchant accounts deal with the selling of over-the-counter nutraceuticals and pseudo-pharmaceutical drugs. For those who sell pseudo-pharmaceuticals drugs sometimes feel that they have wronged to be labeled as a high-risk merchant account.
So why are pharmaceutical merchant accounts considered to be high-risk?
The pharmaceutical industry indeed contributes a considerable part to the economic footprint. Bio-pharma brings in around one and a half million every year in the US alone, yet they are considered high-risk. Pharma merchant accounts are considered high-risk merchant accounts because of the following reasons:
- Human contact – The products that involve human ingestion has to go through more scrutiny and regulations.
- The fear of legal actions being taken in the future – Patients can claim that pharma merchants are at fault when a product shows side effects that it wasn’t supposed to show.
- Refund requests – When many neutraceuticals like body mass increasing supplements or some vitamins, are taken by the customer and fail to show any result, they might claim a refund.
- Delivery risks – This is one of the primary reasons that make pharma merchant accounts to be a high-risk merchant account because many credit-card processors don’t grant approval to merchants dealing with deliverable services.
Therefore it is vital to know about the vast category of businesses that fall under high-risk merchant account because your request might be denied if you don’t apply high-risk credit card processing services.
Many companies like Shopify, Stripe, Paypal, Square, etc. do not offer their services to any pharmaceutical merchants, be it even if you are dealing with pseudo-pharma. They will waste your time by first granting your merchant account approval in the initial no-underwriting application procedure. But later when
And because of so much confusion revolving around pharma merchants to be high-risk or low-risk accounts, it might be challenging to find a high-risk merchant service. Pharma product merchants can also first refer to websites for checking about products and ingredients, which are banned for international or national selling.