What to Look for When Shopping for a Pharmacy Merchant Account

Sep 16, 2016

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.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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