Merchant Accounts For Telemedicine
An Overview
SoarPay offers credit card processing solutions for telemedicine businesses.
Why We Proudly Offer Solutions for Telemedicine Businesses (Even When Many Processors Don’t)
Telemedicine is the practice of caring for and providing medicine to patients remotely when the provider and patient are not physically present with each other. Many merchant services companies do not work with telemedicine businesses, for three primary reasons:
- Medicine and prescriptions are regulated by the federal government. That means that they require extra underwriting knowledge and procedures by the credit card processor, which many processors are not prepared to offer.
- Second, many telemedicine businesses have a moderately high chargeback rate, due to disagreements over quality of care, various issues with shipping pharmaceuticals, and the like.
- Third, a few “bad apple telemedicine companies” within this sector have given the industry a bit of a black eye (in the context of merchant services) with questionable practices.
Due to these three risks, many merchant services providers decline to accept any telemedicine business, whether they have a secure website selling their products and services, or are making sales over the phone.
Soar Payments, by contrast, has consistently offered solutions for the telemedicine industry since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide telemedicine businesses with stable, effective, long term credit card processing solutions.
Frequently Asked Questions
Here are common questions specific to telemedicine merchant accounts:
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What types of telemedicine businesses do you service?
Soar Payments offers merchant processing solutions for a wide range of eCommerce and mobile-based businesses related to telemedicine. These include businesses selling medical products online, those offering medicine online, as well as those providing medical consultations and beyond.
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Is my telemedicine or pharmaceutical business required to have any certification?
Yes. In order to be approved for a merchant account, if you are selling medicine or similar services online you will need to provide copy of VIPPS Certification or proof of registration with Legit Script.
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My telemedicine business is located outside the United States, can Soar Payments get me a merchant account?
Unfortunately at this time we are only able to work with businesses and owners who are based in the United States. If your businesses is located in another country, we will be unable to provide you with merchant services.
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Types of Telemedicine Merchant Accounts
Soar Payments offers a full-array of merchant accounts to telemedicine businesses. These include:
Retail Payments
A retail merchant account for telemedicine enables these businesses to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to an office setting with reliable internet access, retail apparel credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing. This account type is rare in the telemedicine industry, but sometimes relevant if a company has a non-telemedicine component in addition to their online services.
Mobile Payments
A mobile merchant account for telemedicine enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.
This is again not typical for telemedicine businesses outside of those who also have an “in person” component to their services.
Virtual Terminal Payments
Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.
A telemedicine payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce Payments
An eCommerce telemedicine merchant account allows you to accept credit card payments via your website’s online shopping cart or checkout page.
Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Online telemedicine payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.
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