The Transaction Group (TTG) provides offshore processing solutions for US and international based pharmacies.
Historically, obtaining a merchant account for a pharmacy was a very challenging task. Not only did the pharmacy have to locate a reputable off shore processor, but the business had to establish an offshore presence as well. That’s a heck of a lot of work to do before the pharmacy could even open for business.
But today, our processors allow online pharmacies to process off shore without having to set up a business presence offshore, as long as your monthly credit card processing volume is below $200,000. And once your pharmacy reaches $200,000 a month in credit card transactions, our processors will assist you in setting up an offshore presence.
At some point all high volume pharmacies will have to set up off shore, but it’s nice to know you don’t have to do that as a precondition of getting approved for your merchant account.
There are many other advantages that accompany our cost-friendly credit card processing solutions for pharmacies. For more information about our pharmacy merchant accounts for US and international businesses, or to get started now, apply online or call us today.
Processing Risks Regarding Pharmacies:
Perhaps the most important risk factor card processing companies examine when evaluating a merchant account application by a pharmacy is the capacity for charge backs the business might possibly generate. Why? Well the reason is that should a charge card service permit a merchant to persist in processing charge cards while having a significantly greater charge back ratio than meets the approval of the charge card associations, it could receive substantial fines. Besides that, if your drugstore incurs a great number of chargebacks and then cannot handle the ensuing debt, its processing financial institution is required to.
Other variables shaping whether or not a business venture will be called risky include the owner’s personal credit score, your sales procedures, higher than average pricing of products, as well as whether or not the sales model is subscription centered or possibly makes use of recurring payment methods.
For online pharmacies that are not new ventures, if your pharmacy already has an excellent processing track record, you will have much more control with regard to discussing processing rates with the merchant credit card issuer. Even though your business type is evaluated as being ‘risky’, you can still obtain competitive terms when your business venture has got a sound history. However, if your enterprise carries a weak credit card processing history, it may well be more of an undertaking to get approved. And of course, if your business is lucky enough to then get approved, you will likely be subjected to a higher processing rate.
On account of the larger chance of fraudulent behavior, a lot of drugstore merchant accounts contain additional stipulations which can include expanded fund transfer waiting times, security reserves, and limitations on sales pricing (not to mention increased rates and fees).
Your Next Step:
Here at TTG we understand the obstacles which decision makers encounter when looking at acquiring a reputable, cost-friendly merchant account for your pharmacy. Personalized relationships are important in the high-risk merchant services sector, and consequently we now have an array of connections with processing companies that will ensure that we are able to find the right merchant account to match your organization.