We Understand Your Business and It’s Unique Payment Needs
Getting a merchant account for your Pharmaceutical business should be easy. After all, the merchant card processor is going to make money every time you process a transaction. They should be happy to have your business, right? If only that was the case. You see, your Pharmaceutical Business is considered high risk.
Because your business falls into a category that almost any processor would classify as high-risk, you’re going to want to find a credit card service provider that specializes in serving the high-risk Pharmaceutical community, offers top-notch service and fair prices – for example, Skyhigh Moly.
Why Is My Pharmaceutical Business Considered High Risk?
In a nutshell, the reason your Pharmaceutical business and many other businesses like Pawn Shops, Amazon Sellers, Social Networking Sites, and Travel Agents are considered high risk is because they, the credit card company have the potential to lose money each and every time they process a credit card transaction on behalf of your business.
In addition to the types of businesses mentioned above, retail businesses in a highly regulated industry, such as vitamin shops, and pharmacies, are considered high-risk because of the large amount of liability exposure if your business does not fully comply with industry regulations.
What is risk? Risk, in the merchant services setting, is determined based on the tendency for customer chargebacks, of customer fraud, of a poorly-run business, and the regulatory risk associated with the merchant’s industry.
While the exact criteria for determining high-risk status vary from one provider to the next, the following two factors are usually used to determine whether a business qualifies as high-risk:
- High chargeback or fraud rate:If your line of business has historically shown a high rate of either chargebacks or outright fraud, you’ll probably be deemed high-risk, too.
- Questionable sales and marketing practices:Is your business the type that’s often thought of as “fly by night” or a “scam”? If so, the principle of guilt by association is unfortunately a determining factor, and most providers will label you as a high-risk business.
Many high–risk merchants such as your Pharmaceutical Business have a hard time getting approved for a merchant account and processors obviously want your business – but they still need to do their due diligence before approving your application. Skyhigh Moly can help you get approved – it’s as simple as that. Get in touch with us today!