The demand for mail-order medicines has increased exponentially with the Internet, so pharmacy businesses have needed to find a way of expanding. Online pharmacy, also known as e-pharmacy, is an online service that provides customers with online prescriptions to allow them to access medicines. Generally, online pharmacies deliver and distribute prescription medicines and over-the-counter products.
Statistics have shown that in 2014 the global online pharmacy market was estimated to be worth $29 billion, but research indicates that by 2025, the online pharmacy market is expected to generate a very generous $107.53 billion.
The most common cause of the high-risk classification is due to the product itself. Medicines have an impact on the physical and mental health of the customer, so many governments have created lists of controlled medicines and substances and strict policies.
Selling any of those prohibited medications can lead to permanent account closure and blacklisting, which makes it difficult for domestic banks to accept and partner with pharmacies. High chargeback ratios and fraud risks are also a problem for online pharmacy merchants, who find it hard to obtain a merchant account due to this classification.
Every online pharmacy business needs a chance to process payments and profit from them, even if they fall into the high-risk classification. An online pharmacy merchant account can offer convenient and secure payment solutions that make the business more appealing to customers. E-pharmacy merchants must start by finding a high-risk merchant account provider that can offer those solutions for their businesses.
At Octapay, we provide online pharmacy merchant accounts to online pharmacy websites and online supplement websites. We also have multiple banking relationships with both domestic and offshore banks to ensure your business gets optimal rates. We have many providers and high-risk solutions to help you, even if your payment history is not ideal.
You will be able to process credit and debit card payments online and offer a safe experience to your customers. You will also have access to:
The application process for online pharmacy merchant accounts usually takes about 48 hours to be approved. There are a few requirements for merchants to start the application procedures:
If your company is prepared with all the required documents, you can contact us today and start the process for your account. We will be happy to present our unique solutions for accepting payments from across the globe. We look forward to hearing from you and building a profitable relationship!