offshore merchant account for pharmacy accounts are needed in order for a business to accept credit card payments. As a merchant, there are two places you can obtain a merchant account; a bank, or a third party provider. For online merchants the most popular, with the most cases cost effective, source is from another party merchant account provider.
A high risk credit card merchant account is required by businesses that, when compared along with ‘traditional’ goods/services business, are at a higher risk of:
High lots of sales
High rate of refunds
High rate of charge-backs
Other reasons a merchant may be categorized for a high risk are:
Merchants Location – Some merchant account providers won’t accept merchants from certain countries.
The Product/Service the merchant sells is unlawful in some jurisdictions.
Merchant Credit file – Some providers will not accept merchants with poor or no credit details.
Due into the high risk classification, most banks won’t provide an account provider to those invoved with a high risk industry (such as adult entertainment, replica goods, pharmacy etc). Therefore some other providers offer their services to both general merchants and precarious merchants.
Merchant account providers of developed to service precarious merchants will normally provide to the next stage of fraud protection, with a purpose to decrease expense of their merchants incur. However, in order to cover the advanced level of risk, rates high risk merchant account will definitely be higher than their lower risk counter-parts.
When looking for a high risk merchant account, there are several factors take into consideration. Rates will be one of the biggest factors, and this includes fees for refunds and charge-backs, along with transaction fees, the discount rate and recurring fees. You’ll need to look into fraud protection, customer service and reporting available a person as a merchant.