Top Tips to Select a Pharmacy Merchant Account Provider

Posted by iPay Total on February 11th, 2021

Merchant account relationships are fundamental for online businesses. Traditional businesses that are run with a physical presence can choose not to take online electronic payments and transact only with cash. These establishments can use the services of a bank for their business needs. On the other hand, online businesses need to partner with a merchant account provider who facilitates e-payment transactions.

Online pharmacy companies need a reliable pharmacy merchant account service that enables customers to make online credit card payments while purchasing medicines and other products from their website. Despite the increasing need for online support of pharmacy merchants in today’s pandemic-ridden world, these businesses are classified as high risk for reasons such as minors ordering inappropriate drugs without adult supervision; credit card companies and traditional banks do not always serve them. 

Fortunately, many well-established merchant account solution companies in the UK can support pharmacy merchants. It is a good idea to check on the following points before deciding on a service provider.

1. Are they reputable? 

The pharmacy merchant account provider should have a good reputation, a clear website, and a detailed description of the kinds of services they provide. They should have the necessary infrastructure which can set up the merchant account instantly. Some companies offer contact details of customers who can give a personal reference of the service experience. It could be worth looking at.

2. Do they have support for chargebacks?

An online pharmacy merchant must take steps to ensure they have the lowest possible chargeback rate to operate profitably. The right service provider should support the business by providing 24X7 customer service with trained agents who can answer queries on potential chargebacks. Such a service could decrease the risk of disputes with customers about online transactions.

3. Is the payment gateway secure?

Online fraud is an evil that needs to be dealt with every time a payment is initiated. The payment gateway offered by the online pharmacy merchant account should have top-of-the-line facilities for cyber-security and fraud detection software that should integrate easily with the pharmacy merchant’s website. 

4. Do they provide services to other online industries?

A good measure to judge if the service provider qualifies is to check whether they support other sorts of high-risk businesses. For example, do they have handle travel merchant account, perhaps?  Being able to support multiple verticals shows that the company can take care of unexpected situations.