FAQs regarding high risk PHARMACY merchant accounts

Following are a few frequently asked questions by those who want to accept online payments made by credit cards:

-       What exactly is a high risk merchant account?

A high-risk merchant account is simply a special kind of account which has a high risk of encountering fraud. This occurs since traders who use these kinds of accounts to run their business do not have physical presence in a particular state or country.

In most cases, people who own a high risk merchant account run their trade over the internet. As there are a number of hackers online, the traders who have this type of account are not secure from those who could get into their web sites without making payments. Hence, the merchant account providers who deal with such clients usually charge higher rates. This in turn could hinder the trade’s growth. A few examples of these types of accounts are pharmaceutical merchants, online casinos and adult websites.

-       How to get a high risk merchant account?

The procedure for obtaining high risk merchant accounts could be lengthy and frustrating because of huge amounts of paper work that one needs go-through. Because the nature of this account falls in the “high risk” category, the merchant account providers always give a second thought before they grant the requests for such applications. However, there are a few organisations which help in simplifying the complicated process for applying for high risk merchant accounts. These organisations help a merchant establish merchant account with leading credit card firms and also lighten the load of acquiring these merchant accounts. Apart from this, these organisations also help in setting up payment processes which are integrated to a trader’s account.

-       Does one need to pay huge amounts of money in order to get this type of account?

Yes. This is unfortunate but true. This is because of the “high risk” factor and the providers too charge high fees. However, there are a few providers who do not require a trader to shell out for the expensive application fees, but be careful as they could charge high rates for maintaining them.

-       How does a merchant get paid?

All the transactions will firstly go through merchant account providers. These providers will then settle payments that a trader has received from the credit card firms. The time taken to receive the funds will vary among the different providers. Generally, this process usually takes 3 days to a week.

-       What is the time taken to get a high risk merchant account?

The time taken to get a high risk merchant account mainly depends on the details given to the merchant account providers. The application could be processed in a day or it could even take a month. However, waiting for long time periods is not preferred by most of the merchants. Hence, it is necessary to take precaution that sufficient and complete information in provided in the application for a high risk merchant account. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.