Online Merchant Accounts | Pharmacy merchant account | Medical Credit Card processing

Medical Credit Card Processing & Pharmacy Merchant Account

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Topics: High Risk Merchant Accounts, Pharmacy Merchant Account

Managing business finances is crucial to the success of all medical businesses and online pharmacies. The one area most often overlooked is how much money can be saved by utilizing flat-fee, pin-based debit for processing credit cards.

It is very common for customers to go with the first or second merchant account service they come across when setting up a Medical or an Online Merchant Account or even a Pharmacy Payment Gateway business to accept credit cards as a form of payment. It is even more common for the business to stay with the same merchant services provider even though there could be substantial savings under another program.

Setup correctly the first time and avoid the headaches and losses:
In most cases, newly registered businesses are bombarded with calls about getting setup to process credit cards and other electronic payments such as eCheck or ACH. Those businesses that dove into the first offer without researching the market and finding the best possible solution are most likely paying the price with higher rates and fees. The best option for new medical businesses is to find a reputable merchant service broker who will shop around for the best deal before locking the client into an agreement with the processing bank.

Avoid processing VISA MasterCard payments with CareCredit machines:
Another common mistake most medical businesses make is processing all VISA & MasterCard transactions via a CareCredit terminal. CareCredit’s processing fees range from 3.5-4.5% for all VISA & MasterCard credit & debit card charges which are more than double what VISA & MasterCard charge. Once setup with a pin-based debit machine, savings on non CareCredit customers payments are in most cases enough to make the business owners’ jaws drop and save them hundreds of dollars per month if not thousands depending on volume.
Some online Pharmaceutical Companies Go through Online Merchant Accounts Like Water It’s always good to have a back up plan or a High Risk Offshore Merchant Account WMS sets up medical merchant accounts every day.It pays to start a relationship someone who specializes in the medical processing field such as Worldwide Merchant Services, LLC who has boarded Hundreds of these types of Accounts, either way Domestic Retail or Offshore, the medical field is Richard’s Specialty.

Take advantage of fixed rates:
Pin based debit transactions are set at a flat rate which will be drastically lower than any percentage based credit card swipe fee. It is important to make sure your broker does not raise this fee at any point during the life of the contract unless the rates are actually raised by VISA MasterCard themselves. There is no way for any merchant services company to avoid raising the pin debit rates proportionally because the entire industry will have to pay the new rates.
Many Medical Practices & Pharmacies are utilizing online merchant accounts much more these days to avoid many other fees that are implemented when opening up a merchant account.
The reason why the medical field is changing in the merchant services business is because using an online merchant account can be integrated with the doctors offices current POS system and streamlines the transaction for accounting and bookkeeping purposes to make these transactions much smoother and more trackable.

Worldwide Merchant Services provides medical pin based debit accounts as well as high risk & offshore merchant accounts.