Online Pharmacy Merchant Accounts
Because the product being sold by such a business can be considered dangerous, an online pharmacy is considered a high-risk merchant account. As such, businesses starting up online pharmacy services may have a hard time getting their merchant account initially, especially if they are new to the business. This is in addition to the fact that it is tough to get almost any online business going at first, especially if you plan on accepting credit cards and debit. But fear not – it is indeed possible.
One of the first things that you will need to deal with is the inherent legal aspect of dealing with drugs. To this end, it is very important that you consult the Food and Drug Administration (FDA). This is the association in control of all prescription drugs that flow through the United States, and there is no way to avoid dealing with them. However, if you are running a legitimate business and have nothing to hide, you will not have a problem with the FDA anyway. That being said, getting your online pharmacy business legalized is probably going to be the most time consuming task at hand.
It is crucial to find out exactly where your bank or credit card provider stands on the issue of online pharmacy businesses, because you do not want to find out after you have taken all the time to legalize your business that they cannot offer you the services that you require. Before doing anything else, finding out this information is a must. Because of the high-risk reputation of the industry, there are several merchant account providers that may offer you an account, but with exorbitant fees and costs. This is another peril to watch out for. As long as you are careful, you should be able to avoid pitfalls such as these.
Since pharmaceuticals tends to be an international business a good option for online pharmacy companies may be the offshore merchant account. An offshore account puts several international providers at your disposal. These providers often have reasonable rates, and the variety allows you to shop around a little and find the best account for your needs. The terms of offshore providers also tend to be more generous than strictly domestic providers. You can easily find these providers by looking them up, and you can apply for your account online, over the phone, or at a local office if there is one in your area.
It is worth noting that the reputation of online pharmaceuticals as high-risk stems from several factors, but probably the most prominent factor is the risk of theft. There are few online businesses suffering the theft rate of online pharmaceuticals. This is why it is a good idea to disguise the contents when sending packages out. For example, if pharmacy or pharmaceuticals is in your company’s title, it may not be a good idea to put your company’s logo right there on the box, where all can see it in plain view.