Do you own a pharmacy? A pharmaceutical firm? A website knowledgeable about all things medicinal? If so, finding a merchant account provider may be hard. This is because the industry is considered “high risk”, leaving you with a higher chance of chargebacks, higher processing fees, and subpar service. There are ways to eliminate the bad choices from your search, and below you will learn the best things to ask – and look for – in order to do so.
Nutraceuticals: You need to know their stance on nutraceuticals. Perhaps even more high risk than prescription drugs, natural remedies are especially troubling for many merchant account processors. Many pharmacies carry these products, so be sure that you will not face any issues doing so.
Payment Options: You need to learn about your payment options. Can you accept iCheck, which EMB offers, as an online processing source? Can you accept mobile payments? Are you stuck with a big, bulky terminal? You need to know this, as not all processors will jive with your wishes for an alternative payment source.
Chargebacks: How will they react to a chargeback? We all know that they are common for high risk businesses, but some merchant account providers still freak out. Yes, they do cost time and funds, but they are the norm for many businesses. A good merchant account provider that truly understands your business will understand this.
Processing fees: What are their processing fees? Some have industry-standard fees, while others have floating fees and fees that jump when you have a chargeback. You need to understand their fee schedule before you are bombarded down the road.
Total Understanding: This is important. Do they understand your industry, or do they just say that they understand all high risk industries? The nutraceutical and pharmaceutical industries are different than other high risk industries; they have their own unique issues. A good merchant account provider will know this, and they can explain to you the ins and outs of your own industry without having to Google it.