LINKS

"
THE LOWEST RATES...
MOST BUSINESS TYPES...
WE SAY YES WHEN
OTHERS SAY NO...
7 DAY APPROVAL...
NO HIDDEN FEES...

"

 
 
1.800.393.3230
 
 


   

FLAWS OF A PHARMACY MERCHANT ACCOUNT

The actual working of the merchant account services are disrupted by the credit scams and frauds. Though the modern technologies have come up with various measures and innovative steps, the fraudsters make foul play, somehow. In the past, many deceptive cases in relation to merchant account have taken place. This foul play is created by the fraudsters and the scammers. These are the main flaws of merchant account.

In merchant account system, there are many merchants doing various types of business in the market. Today, the merchant services are available internationally which means that the trade can also be done with merchant being from one country and the customer from another. When the credit card system was just introduced, many customers’ credit card was stolen and misused. The frauds use other person’s cards to make huge purchases and then vanish once his plans are successful. But, even today, the frauds are always looking for loose ends and grab the opportunity. But the risk of the faulty use of the credit/debit card has been decreased by 70 percent due to the online securities, in the recent times.

The internet technology has revolutionised the merchant account services as well as the entire banking sectors of the world. But the frauds and scammers have started to use the same medium in cheating the merchant, bank and the customers. A person (merchant) holding a merchant account should be very careful while dealing with the customers. The frauds pretend to be the original user of the credit card and make purchases. The customer, who has been cheated, has to bear the entire loss. Sometimes, some customers are not aware of their credit card being used by some other person. And at such times, the customer has to make thousands of dollar payment on the purchase which he is not aware of. Though a security PIN code is issued to ever customer, the fraudsters find a way to access the card. These fraudsters are considered to be very intelligent individual or groups. They have all the knowledge about the working of the credit card system.

Another flaw or problem face by the merchant account holder is that the e-commerce websites allows the merchant to place only 1 product per account. In this way, a huge sum of money has to be incurred by the merchant account holder as he may not deal with a single product. The cost charges are also high to place a product on the e-commerce sites or the online marketplace. The business name or domain may be the same but the different products should have separate merchant accounts for each. The credit card issuing companies assigns different product codes for different products. Therefore, a separate merchant account is needed for selling different product online. A merchant sells hundreds of products in the market through online services. So, to sell those hundred products, a merchant should also have hundreds of merchant accounts which are absolutely impossible. If possible also, then the charges are very high which a merchant account holder may not be able to do so. All these, combined together, constructs flaws of 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.