merchant account providers for online pharmacy accounts are needed in order for a business to accept credit card payments. As a merchant, there are two places you can obtain a merchant account; a bank, or a third party provider. For online merchants the most popular, so in most cases cost effective, source is from one third party merchant account organization.
A high risk merchant account is required by businesses that, when compared into a ‘traditional’ goods/services business, was at a higher risk of:
High amount of sales
High rate of refunds
High rate of charge-backs
Other reasons a merchant may be categorized to be a high risk are:
Merchants Location – Some merchant account providers will not accept merchants from certain countries.
The Product/Service the merchant sells is unlawful in some jurisdictions.
Merchant Credit file – Some providers will not accept merchants with poor or no credit details.
Due for the high risk classification, most banks won’t provide a merchant account to those invoved with a high-risk industry (such as adult entertainment, replica goods, pharmacy etc). For this reason some vendor providers offer their services to both general merchants and heavy risk merchants.
Merchant account providers that happen to be developed to service perilous merchants will normally provide to the next stage of fraud protection, with a purpose to decrease expense of their merchants incur. However, in order to cover the more fantastic range of risk, rates for just about any high risk merchant account will always be higher than their lower risk counter-parts.
When purchasing a high risk merchant account, there are a number of factors to be take into mind. Rates will be one very sound factors, this includes fees for refunds and charge-backs, along with transaction fees, the discount rate and recurring fees. Then you will need to take into account fraud protection, customer service and reporting available to you as a merchant.