Results 1 to 22 of 22
Thread: Pharmacy merchant
-
02-06-2012, 09:02 AM #1Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
Pharmacy merchant
Hello,
I am looking for IPSP who can register a pharmacy merchant account with direct MID.
I have a complete set of documents include pharmacy license.
But I don't have a processing history.0
-
02-08-2012, 08:27 AM #2Temporarily Suspended
- Join Date
- Mar 2010
- Location
- Florida, USA
- Posts
- 186
Where are you located?
What products specifically do you sell?
How do you sell--internet I presume?
How old is your business?
How is your personal credit?
These and other factors will determine how, if, and with whom you will obtain a reasonable merchant account. Beware of those who will offer a one-size-fits-all solution without knowing the answers to all of the above.0
-
02-16-2012, 07:43 PM #3Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
Generic pills, India. Business in new (as I mentioned before, I don't have processing history).
Sell in Internet - right.
I am looking for merchant (Visa card). It can be aggregated for a first few months, but with opportunity to get my own MID later.
Can somebody help me?0
-
02-25-2012, 04:30 AM #4Web Hosting Master
- Join Date
- Dec 2006
- Location
- Europe
- Posts
- 1,138
hmm, according to this website: http://www.merchantmaverick.com/revi...-group-review/ they are using HSBC Bank and Wells Fargo Bank - I doubt these banks are allowing Pharmacy business to be processed. I hope for all pharmacy merchant that this is false information or that they have other banks even though that there is almost no bank any more accepting such stuff.
0
-
02-28-2012, 04:14 AM #5Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
No more suggestions? Nobody take pharmacy now?
0
-
02-29-2012, 09:57 PM #6Junior Guru
- Join Date
- Jun 2010
- Posts
- 177
Hi,
Direct MID's for pharmacies aren't available any longer. The issue comes from last June when Visa issued new rules for "High brand risk" merchants as well as the processors who handle them. There's huge fines for violations like "illegal pharmacies" which covers those offshore shipping into the U.S. without a prescription.
Even though the DEA has stated they won't stop pharma shipments at the border as long as it's a 90 day supply or less for one person, Visa still classifies them that way so MID's cannot be issued under Visa North America, Europe, and Latin America.
The only game in town now is a bank in Asia and 3rd party processor. Every bank in Europe has gotten out of offshore pharmacy and if a processor didn't have an Asian bank relationships they got out of pharma as well.
In short, processing for pharma can be done, but the direct MID's aren't available and discount rates are generally at 10 percent with one dollar transaction fees. Also startups are pretty much off the table for now, since the places doing pharma are basically flooded with applications of places with processing history so they don't want a new one when they can sign one that's got history.
One other issue for pharma now is the bank fees for conversion from Chinese Yuan to dollars or Euros, which is 1.5 to 2.5 percent of the settlement amount. Just to start a new high brand risk processor now with Visa takes $50 million in liquid asserts, with so many getting out of it, and the cost of entry so high now, it's really thinned the herd when it comes to offshore pharmacies.Niles Bentley
High risk merchant consultant
Skype merchantservicetoday30
-
03-02-2012, 11:24 AM #7Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
So and where is this 3rd party processors?
0
-
03-08-2012, 09:01 AM #8New Member
- Join Date
- Mar 2012
- Posts
- 1
hello nick bently,
i have read ur comments for past one year,it is very use full for us to know more about pharmacy business and be aware of the frauds.i really hats off u dude. now i have started online pharmacy and have a good customer,but i donow how do get the payment gateway from geniune compay,becoz we are a new started company in india ,,can anyone help me please,thanx in advance.sorry i am not good in english, try to understand my posts0
-
03-09-2012, 01:40 AM #9Junior Guru
- Join Date
- Jun 2010
- Posts
- 177
Startup
Hey Denver,
I wish I had better news, but no place I know of will do a startup online pharmacy now. With all the new rules, that European banks have gotten out of it, and add to that a credit crisis I don't think you'll find anything. The only places left available are only interested in places with history and about 50k of volume a month on their statements.
It boils down to simple math. The fines are so big now that they won't take a startup doing a few thousand a month when that wouldn't even be enough to cover the huge fines if a new place did something like shipping controlled meds after getting approved for a non controlled account. With a new place they have no track record or reason to trust them. I've seen places get approved, then add controlled meds to their site just a week later.
Many think that this crackdown was because of unscrupulous pharmacies (like one big one in particular in Russia, posing as a Canadian one) doing Google Adwords campaigns. I don't think it was Google looking the other way though, because they're so big that a friend who was spending a million per month on another business with them couldn't even get a rep on the phone, they said it's only for 2 million a month clients and above to get personal service. I think they're just so big that the pharma ads switched from non US campaigns to serving ads inside the US and it fell between the cracks for a long time. I think the cause of it was more U.S. drug makers putting pressure on Visa than anything.
Anyway, if you're going to keep shopping, I'd recommend telling them you need an answer yes or no in two days. If they can't respond in that amount of time for a preapproval, you'll probably be kept hanging for six weeks and never hear back from them. I don't know why, but many in the merchant account business can't say declined,they just won't get back to a merchant if they aren't approved. Just don't want to see you waste the next six months waiting, give them a week for preapproval then I'd bail. I've lost a lot of clients with places who kept me waiting and waiting til the client found something else or gave up. Now I give them five business days, but no longer, would recommend you do the same thing.
NickNiles Bentley
High risk merchant consultant
Skype merchantservicetoday30
-
03-10-2012, 02:03 AM #10Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
Dear Nick,
Actually I have a 1-year processing history.
Just I had to change company. Because I am not longer able to use old.
And my monthly turnover was more that 50K.0
-
03-10-2012, 08:30 AM #11Junior Guru
- Join Date
- Jun 2010
- Posts
- 177
Hey, you'd qualify with history, but getting your own direct MID with the sources I know wouldn't be possible unless you were at 1 million per month with .05 percent chargebacks. At those levels a processor would do it, maybe at 500k per month or so, but I just spoke with one about a 1mil client and they said they'd do it for them because they had such good history. The most anyone would ask is six months of history, just the most current.
Niles Bentley
High risk merchant consultant
Skype merchantservicetoday30
-
03-10-2012, 04:25 PM #12Temporarily Suspended
- Join Date
- Feb 2012
- Posts
- 6
0
-
03-11-2012, 07:40 AM #13Junior Guru
- Join Date
- Jun 2010
- Posts
- 177
Yeah it would have to be under the 2 percent for chargbacks, but having history would get you in with the places left offering it. The thing is anyone offering it now wants history just because there's so many wanting it so they prioritize based on that an volume. They basically want places that are proven and lost their processing due to the bank change of policies, not a startup or ones who got TMF'd. For startups they just won't the chance a pharmacy merchant will go rogue and sell controlled stuff and rack up huge penalties that can't be covered by a new place doing like 4k-5k a month.
Niles Bentley
High risk merchant consultant
Skype merchantservicetoday30
-
03-12-2012, 02:20 PM #14Newbie
- Join Date
- Dec 2011
- Posts
- 6
MY 2 cents, for a pharma startup doing a few K a month it's impossible to get a MID and very hard to get 3rd party if at all.
I think the writing is on the wall, cc and pharma business is a dying breed and will not survive too much longer. The best bet is to go with check processing, even that is difficult to get if you're outside of US. However we have had a good experience with check2pay, ask for Tony.0
-
03-14-2012, 11:18 AM #15Newbie
- Join Date
- Mar 2012
- Posts
- 12
Suggestion?
hi nick,
We are in pharma business for more than 5 years already with 50-60k monthly sales volume and would like to ask you if you can suggest a processor for us.0
-
03-16-2012, 01:45 AM #16New Member
- Join Date
- Mar 2012
- Posts
- 3
0
-
03-23-2012, 04:55 PM #17Web Hosting Guru
- Join Date
- Oct 2004
- Posts
- 285
0
-
03-29-2012, 12:47 PM #18New Member
- Join Date
- Mar 2012
- Posts
- 3
Check2pay
Yes, I've been in online pharmacy business for 2 years now, been in 2 check processor but until now they still owe me monies. I just want to share this to all fellow merchant,I know some of you need a processor like them. I just hope that check2pay will continue their professionalism in the industry.I really want to recommend J&J Merchant services since they are the one who took care of my application.As of now I'm satisfied with check2pay.
0
-
05-02-2012, 02:22 AM #19New Member
- Join Date
- Mar 2012
- Posts
- 3
Im looking for a drop shipper in US for non-controlled drugs. Is there anyone who could help me? i have a problem with my present drop shipper right now.
0
-
05-15-2012, 03:57 PM #20Temporarily Suspended
- Join Date
- Jan 2012
- Posts
- 99
0
-
08-31-2012, 11:40 PM #21New Member
- Join Date
- Aug 2012
- Posts
- 1
Looking for Drop shipping & payment Gateway
Hi
I am planning to start a pharmacy Business , please advice me what kind of documents needed for payment Gateway , US bank account ,
i am From India , please Help me in this
<<removed>>Last edited by sirius; 09-07-2012 at 04:55 PM.
0
-
09-07-2012, 05:21 PM #22New Member
- Join Date
- Sep 2012
- Posts
- 2
Are you looking for Echeck, ACH or Credit card processing?
0
Similar Threads
-
Pharmacy Merchant Account
By ctopayhk3 in forum Ecommerce Hosting & DiscussionReplies: 3Last Post: 05-06-2009, 06:32 PM