Merchant accounts are required in order for a business to accept credit card payments. As a merchant, there are two places you can obtain a merchant account providers for online pharmacy account; a bank, or a third party provider. For online merchants the most popular, plus most cases cost effective, source is from a 3rd party merchant account doctor.
A high risk processing account is required by businesses that, when compared into a ‘traditional’ goods/services business, have reached a higher risk of:
High volume of sales
High rate of refunds
High rate of charge-backs
Other reasons a merchant may be categorized being a high risk are:
Merchants Location – Some merchant account providers won’t accept merchants from certain countries.
The Product/Service the merchant sells is prohibited in some jurisdictions.
Merchant Credit record – Some providers won’t accept merchants with poor or no credit history.
Due towards high risk classification, most banks will not provide your free account to those in a high-risk industry (such as adult entertainment, replica goods, pharmacy etc). For this reason some other providers offer their services to both general merchants and high-risk merchants.
Merchant account providers of developed to service precarious merchants will broadly speaking provide the next stage of fraud protection, so that you can decrease expense of their merchants incur. However, in order to cover the more fantastic range of risk, rates high risk merchant account will be higher than their lower risk counter-parts.
When looking for a high risk merchant account, there exist several factors to be take into consideration. Rates will be one very sound factors, this includes fees for refunds and charge-backs, along with transaction fees, the discount rate and continuing fees. Require need to think about fraud protection, customer service and reporting available a person as a merchant.