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  1. #1

    Pharmacy merchant account. Has anyone cooperate with 95epay.com ?

    Hello

    I am looking for merchant account for pharmacy. Has anyone cooperate with
    95epay.com. Terms are good, but I dont know if it is not some kind of fraud company. They are located in china. They dont need pharmacy licence. I wanted to work with PSBILL but dont want to work without my licence or my dropshipper licence.

    Janusz
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  2. #2
    Join Date
    Sep 2008
    Location
    Spain
    Posts
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    Never heard of them. This is your first post here, is 95epay.com yours? Also, do you have a license to sell such things? If so, why would you want to hide it?
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  3. #3
    Join Date
    Mar 2006
    Location
    Europe
    Posts
    490

    PSBill

    PSBill have been in the business for quite some time and knows the pharmacy industry very well.

    If they ask for something there is a reason behind it and if you have it then why dont you want to show the required documents?

    There have been many fly-by Chinese processors in the past and they have all blown up or scammed pharmacy merchants on their money.

    Either on the merchant paying huge set-up fees and then dont receive any solution or the solution is so crappy (technical platform, low approval ratios etc) that the solution cant be used.

    Another common scenario is that the processor shuts down your account and keep the money.

    Another well known scenario is that Chinese banks have little knowledge about e-commerce business, issues a third party account to a processor only to shut it down when the chargebacks starts pouring in and/or it becomes clear to the bank that some of the processing is generated from pharmacy or other sensitive products/services.

    I dont want to generalize and sound racist but as far as I remember there haven't been one single good Chinese processor for pharmacy as far as I can remember.

    With "Chinese" I mean mainland China not including Hong Kong as I know some there that are pretty good processors.

    If anyone can mention such a processor feel free to correct me.

    You need to ask yourself if you are want to go with a reputable and known processor or willing take your chance and jeopardize your business with a processor that nobody knows and based in a territory that have a long history of debacles within pharmacy processing.
    *
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  4. #4
    Join Date
    Jun 2010
    Posts
    177
    Hey Janusz,

    They are mainly known for processing payments for the replica business. If they don't require a pharmacy license, I'd really be on red alert because of that and your legal recourse if something went wrong like they didn't pay money owed.
    For pharmacy processors they're going to require a license, and most will build into their API a reverse DNS function to make sure orders are only being sent from the approved web site.

    Documentation and scrutiny is strict for pharmacy. Also for ones based in India many won't accept them because the drugs there are marked "not for export" and if a U.S. ISO/agents name is on the application, the DEA may go after them as well.

    If you search for GZ SHUANG QIAN NET S&T CO.,LTD. you'll see a lot of complaints, mainly from the non shipment of replica vendors. If you have a pharmacy license or drop shipper with one, there's a lot more stable options than this one for it.
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3
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  5. #5

    What more stable options do You suggest.

    I am looking for merchant account about 1 year and nothing. I dont have pharmacy licence and dropshiper dont want to send me his before signing contract. It is quite frustrating. I have to pay for business service and others and I cant start.
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  6. #6
    Join Date
    Sep 2008
    Location
    Spain
    Posts
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    Well, provided this is regarding a pharmacy merchant account, I understand the level of scrutiny must be very high. Explain your problems to your processor, maybe they are able to contact your dropshipper.
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  7. #7
    I am new to this forum as well, but would like to get some information about setting up a pharmacy merchant account. Thanks.
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  8. #8
    Join Date
    Sep 2008
    Location
    Spain
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    38
    Quote Originally Posted by aba120 View Post
    I am new to this forum as well, but would like to get some information about setting up a pharmacy merchant account. Thanks.
    Do you have a pharmacy license? That's the first thing they will ask for...
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  9. #9
    Join Date
    Jun 2010
    Posts
    177
    Quote Originally Posted by aba120 View Post
    I am new to this forum as well, but would like to get some information about setting up a pharmacy merchant account. Thanks.
    Hi,

    Yes either a pharmacy license or a drop ship contract with a licensed pharmacy who does order fulfillment is a must. Startup pharma usually has to go with an E-Wallet or other third party to start, as banks don't usually accept under 100k, or under 50k per month unless it's really well documented (business plan, previous history and experience with a similar business, etc.). Existing ones with history to establish chargebacks are much easier.

    An online pharmacy is subject to a lot of scrutiny because of all the things that can (and often do) go wrong with those businesses. Some try doing aggregation (not allowed) and others ship U.S. Federally controlled medication and there's also state regulated ones which is big trouble. I've seen pharmacy web sites with non controlled, then the very next week after approval they're selling federally controlled ones like opiate based pain killers.

    Everything has to be perfect to really get an online pharmacy approved. The domain registration has to match the business address, SSL security certificate for the domain is a must, and typically to start the API requires a reverse DNS lookup to ensure orders are coming only from the approved domain and that the customers are placing the orders. Things like a virtual terminal usually aren't available until 180 days of processing to make the bank more comfortable.

    I know from a merchants point of view, they always want a stable processor/bank who will pay them monies due on time. From the banks point of view though, they want merchants they can trust who aren't going to aggregate or ship controlled meds. As one rep told me "Pharmacies are assumed guilty until proven innocent" because of the potential for problems. It's why the documentation on these has to be perfect and verifiable for the bank.

    Rates vary, but for a startup look at 10%-12% with a third party, but that's just for six months. When you have the magical 180 days of processing statements that banks look for, then you can really shop around more options if your chargebacks are clean. Also you can ask your processor for a review of the account for a rate reduction. They know you have history and more options so often they'll reduce the rate or make terms more favorable for a good merchant.

    At the high end, a big volume (1 mil a month plus) with history and low chargebacks can get into the 4% range. Granted though, that's for a well managed, well documented, and responsible company.

    Nick
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3
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  10. #10
    Join Date
    Mar 2006
    Location
    Europe
    Posts
    490

    Rates

    There are stable processors that offers much lower rates ( around 7,5% - 8%) even for start-ups if the merchant have the mentioned licenses and show proper due-diligence.
    *
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