SETTING UP A PHARMACY MERCHANT ACCOUNT TO ACCEPT ONLINE PAYMENTS

You have decided to expand your business online and therefore, you want a merchant account that accepts online payments. Setting up such an account for your business will be very confusing if you are an amateur in this field. There is a lot more effort that has to be put for this process because it is not as simple as selecting the first online merchant account that you come across and attaching it with your business. If you do such a thing then you will be in big trouble very soon. Of course, getting the best rates and fees is one part of your effort. There are numerous other important services and components that are part of the e – commerce process that should be considered when you make your decision. Credit Card Processors, shopping carts, payment gateways and merchant accounts are few of the components. It begins to get complicated once you start looking at all the components that are involved. Here is a recap of the process involving a simple online payment:

1)    A customer enters your website

2)    He likes a product and decides to buy it

3)    He selects it and adds it to his shopping cart

4)    The customer gives his financial and personal details while checking out from the site. These details are transferred to the merchant through a secured form.

5)    Then, these details are sent to your payment gateway provider also. This service routes all this information to all the relevant networks which includes your bank.

6)    If the credit card is approved then the amount is debited from the credit card account of the customer and credited into your merchant account.

7)    When the funds are cleared you can ship the product to the given address and also get the money transfer to your business account.

Therefore, you should start by analyzing which services are required by you and then you should shop for those services. Once you find the providers, you should compare them and choose the best one. It is best to choose one provider for all your merchant services needs because different services by different providers may not be integrated together. A good quality e – commerce provider should provide you all the services that include merchant services, payment gateway and shopping cart. The best ones are mostly not tied with any bank, but will be able to work smoothly with all banks.

Make sure that your provider is PCI compliant. The “Payment Card Industry” or PCI is a standard for handling credit card information. Therefore, if you have chosen a provider who is not PCI compliant then you should change your choice.

What is Payment Gateway?

It is one of the most important components of the online payment system with out which you will not be able to process online payments. It validates and encrypts the transaction details and also makes sure that the data will reach the right destination and on time. 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.