Merchant accounts are required in order for a business to accept credit card payments. As a merchant, there are two places you can obtain a offshore merchant account for pharmacy account; a bank, or a third party provider. For online merchants the most popular, in addition as in most cases cost effective, source is from a third party merchant account issuer.
A high risk merchant account is required by businesses that, when compared into a ‘traditional’ goods/services business, have a a higher risk of:
High volume of sales
High rate of refunds
High rate of charge-backs
Other reasons a merchant may be categorized being 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 history – Some providers will not accept merchants with poor or no credit history.
Due into the high risk classification, most banks won’t provide a forex account to those who are in a perilous industry (such as adult entertainment, replica goods, pharmacy etc). Because of this some third party providers offer their services to both general merchants and heavy risk merchants.
Merchant account providers which developed to service precarious merchants will probably provide a higher level of fraud protection, you will notice that decrease expense of their merchants incur. However, in order to cover the higher level of risk, rates for virtually any high risk merchant account will continually be higher than their lower risk counter-parts.
When hunting for a high risk merchant account, there are several factors take into mind. Rates will be one very sound factors, as well as includes fees for refunds and charge-backs, along with transaction fees, the discount rate and ongoing fees. You will need to contemplate fraud protection, customer service and reporting available for as a merchant.