MAY 04, 2020
VOL. 01
QP MAGAZINE
VOL. 01
QP MAGAZINE THE OFFICIAL NEWSLETTER OF QUADRAPAY
QUADRAPAY KEY SERVICES/PRODUCTS HIGH RISK MERCHANT ACCOUNTS ECHECK PAYMENT GATEWAY ACH PAYMENT PROCESSING CHARGEBACK ALERTS
Pharmacies Bring Medicines To Doorsteps! Have you heard About Online Pharmacies? Is it true that pharmacies
offer
their
service
online?
Yes,
almost
everything is possible with the pace in the fast world. With the latest technologies these days, patients can consult doctors over the internet. Not only a patient can consult a doctor, but a patient can also order medicine online. Once the patient requests the medication, it gets delivered at his/her doorstep. The sweet truth is that offering convenience to your customers always lure them. That's the biggest reason for pharmacies to go online.
RETAIL CARD
An online pharmacy store not only sells medicine to only
PROCESSING
their local country but most of the countries across the
OFFSHORE MERCHANT
Europe, and India are doing well in the Pharmaceutical
ACCOUNTS HIGH RISK ECOMMERCE
globe. Countries like the USA, Canada, UK, Australia, Industry. The primary requirement to run your online business
is
a
Payment
Gateway
For
Your
Pharmacy eCommerce store. You will also need all the required licences to trade in this industry.Along with
PAYMENT GATEWAY
that, you should only sell to nations where it is allowed.
INTERNATIONAL
of various medicines. You should abide by local and
MERCHANT ACCOUNT
Many countries put restrictions on the import and export international laws. Let's understand what a pharmacy merchant account is and why they are necessary.
MAY 04, 2020
VOL. 01
Pharmacy Payment Gateway To Fulfil All Your Needs To Run Online Pharmacy Store. Online pharmacy store is a medication website which offers plenty of services like medicine sales, online appointments with doctors/consultants and offers health checkup packages etc. Customers explore the services and select one as per their requirement. But how do they order the product or pay for the service chosen? To run an eCommerce medicine website, pharmacists should have a checkout page integrated with their online store. The pharmacists should have a payment gateway and a merchant account to accept credit/debit cards payment directly into their bank account. A merchant account is a temporary holding account for businesses which holds all the funds collected by the customers. The funds get transferred from the merchant account to the business bank account every 2-3 days. However, settlement time may vary and depend on a processor to processor from whom you are availing your pharmacy merchant account.
Why Pharmacists Face Challenges In Getting A Pharmacy Merchant Account? The bitter truth about the Pharmaceutical industry is that it is considered high risk by acquiring banks and payment processors. The trade deals with the development and production of pharmaceutical drugs or medicine. As these drugs have a direct impact on the health of the patient, it is considered as reputational risk. It can also attract financial penalties to the financial institution. Sale of all controlled medicines are prohibited, and if a Pharmacist sells it, he is violating the regulations. This is the primary reason why the pharmacists
find
it
challenging
to
obtain
a
merchant
account. As a saying "Challenges are what make business interesting". meaningful".
Overcoming
them
is
what
makes
them
MAY 04, 2020
VOL. 01
What To Do Next - Conclusion Customers love to pay for the services that is delivered right at their doorstep. The digital world completely changed the Pharmaceutical Industry, as it used to be a few years ago. The new digitalised world with technological advancement wants everything fast and convenient. This led to the emergence of online pharmacy stores. Though the industry is risky, it's better to take advantage of the potentially strong and money minting industry. Best of Luck and do contact Quadrapay if you require merchant services to enjoy the power of the payment industry.
Suggested Readings How to set up an internet pharmacy How to start online pharmacy marketplace? Starting a Pharmacy