In the online business industry, Pharmacy businesses are one of the primary targets for fraudsters to make money from. Generally known to all, Pharmacy Merchant Accounts are considered as high risk accounts and are difficult to obtain these days. Financial institutions are constantly coming up with new and more stringent regulations and policies to battle this problem.
In order to apply for a Pharmacy merchant account, acquirers and banks will ask for the two main documents, which are previous processing statements and pharmacy licenses. Processing statements can show that a merchant is trustworthy, experienced in the industry, and willing to ensure fraud does not happen.
While this account is tough to get, it is also very easy to lose, after all the hard work of getting it. Pharmacy merchants are constantly observed closely so that fraudulent activities can be detected early to minimize loses. Among the factors which are closely monitored are the sale of controlled drugs, quantity of sale, and customer satisfaction.
Low priced pharmaceutical products are very common in the online market, however not many businesses offer quality products. Some merchants also offer counterfeit products or products that is intentionally rebranded or labelled wrongly.
Merchants also have to ensure that the products ordered or correct and arrange for immediate delivery once the payment is accepted. It is best to offer the customers a delivery tracking number, so that they can know the status of the delivery. Pharmaceutical products should not take too long to deliver as the products are easily damage and would not be received pleasantly. If chargebacks are reported, acquirers would not hesitate to freeze the account immediately for investigations.
Customer service is also very important to ensure that customers are constantly satisfied with their purchase. Enquiries and feedbacks, both positive and negative, should be addressed instantly to ensure customers are appreciated and taken seriously. Merchants should also include accurate product information and proper terms and conditions to help customers fully understand their purchase.