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  1. #1
    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.
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  2. #2
    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.
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  3. #3
    Join Date
    Feb 2012
    Posts
    6
    Quote Originally Posted by amspcs View Post
    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?
    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?
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  4. #4
    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.
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  5. #5
    Join Date
    Feb 2012
    Posts
    6
    No more suggestions? Nobody take pharmacy now?
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  6. #6
    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 merchantservicetoday3
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  7. #7
    Join Date
    Feb 2012
    Posts
    6
    So and where is this 3rd party processors?
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  8. #8
    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 posts
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  9. #9
    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.

    Nick
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3
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  10. #10
    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.
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  11. #11
    Join Date
    Jun 2010
    Posts
    177
    Quote Originally Posted by averam View Post
    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.
    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 merchantservicetoday3
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  12. #12
    Join Date
    Feb 2012
    Posts
    6
    Quote Originally Posted by nick771 View Post
    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.
    I apologize Nick, but 0.05% chargebacks on such pharmacy is a fantastic.
    I understand that you can't help with a pharmacy merchant.
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  13. #13
    Join Date
    Jun 2010
    Posts
    177
    Quote Originally Posted by averam View Post
    I apologize Nick, but 0.05% chargebacks on such pharmacy is a fantastic.
    I understand that you can't help with a pharmacy merchant.
    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 merchantservicetoday3
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  14. #14
    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.
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  15. #15

    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.
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  16. #16

    J&J Merchant Services

    Quote Originally Posted by ra_pro View Post
    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.
    I agree,I've been processing with check2pay since January and I have good experience too. Payout is on time and customer service great.I found them through J&J Merchant Services. Ask for Sue, She's great! add her skype: sue.javier
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  17. #17
    Join Date
    Oct 2004
    Posts
    285
    Quote Originally Posted by Tamer_biz View Post
    I agree,I've been processing with check2pay since January and I have good experience too. Payout is on time and customer service great.I found them through J&J Merchant Services. Ask for Sue, She's great! add her skype: sue.javier
    I find it fantastic that you signed up for the sole purpose of recommending a business. You must really like them!
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  18. #18

    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.
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  19. #19
    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.
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  20. #20

    Dropshipper

    Quote Originally Posted by Tamer_biz View Post
    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.
    What products you are looking for ???
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  21. #21

    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.
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  22. #22
    Are you looking for Echeck, ACH or Credit card processing?
      0 Not allowed!

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