Pharmaceuticals

Payment Solutions For Pharmacy Merchants

Pharmacy is a profitable industry that brings billions to companies. Competition in the pharmaceutical market is constantly growing, and firms are coming up with the new strategies to stand out.
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However, there are certain challenges in running pharmaceutical business. Successful business requires the high-quality product suppliers, a wide range of products, a sales license, and the payment system that processes all financial transactions.
Transactions can be made through traditional payment aggregators, banks and credit cards, and electronic payment providers, and through ACH service.

Pharmaceutical companies receive most of their income from online sales as e-commerce is now the most popular way of making money. That is why it is important to choose a payment provider that meets company's requirements and offers several payment methods for customers' convenience.

Why Are Pharmaceuticals High-Risk?

Many banks and payment aggregators see pharmacy as a high risk business. This category was assigned to pharmacy business for several reasons:
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production regulations:
the risk of a product withdrawal:
the risk of a refund:
the delivery risks:
the fear of legal action:
products produced by pharmaceutical companies must be licensed. State authorities must approve the product, otherwise, it will not be available for the sale. There is always the risk that products may not be allowed to be released, in this case pharmacy company will suffer huge financial losses;
even if the product was initially approved, as soon as customers report unexpected side effects, it will be out of production, and pharmaceutical company will face unexpected expenses;
customers can easily claim that the product has no effect and demand a refund. In this case the breach of trust between customers and a pharmaceutical company can appear. Payment system also faces image problem and unexpected expenses
transportation of goods is also a risk for payment systems. Customer may request a refund for the delayed delivery or the loss of goods during shipping
a customer who is dissatisfied with the product may sue the pharmaceutical company. It doesn't matter whether his accusations are justified, the trial will still be launched, and company will have to temporarily suspend its activities
Laucharge's Payment System Selection Criteria for a Pharmaceutical Company:
multiple payment methods:
it is more convenient for the customers when there is a wide range of payment methods
recognition:
popular payment provider is considered to be the credible one for the customers
high-quality tech support:
24/7 technical support that promptly answers any questions and solves customer problems is one of the most important aspects
reliability:
payment system must meet international security requirements
various acquiring:
provider accepts payment via bank cards, both online and in retail, and mobile terminals
operator must ensure that transactions are safe and monitored
fraud detection:
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