Whats the big deal with online pharmacy business?

Latest Blog Feeds

I am located in Europe; can I have a US Merchant Account to accept credit cards?	While this question is still popping up everywhere each day on the forums, and many of the active forum posters are misleading people to believe that there are not limitations, then we made this article about Merchant Accounts and Payment Gateways location. The title says a European Merchant want to open a Merchant Account in [...]
Accepting Credit Card Payments with and Offshore Company to open the Merchant Account	These days it is essential for an Online Business which sells their services or products throughout the Internet to accept credit card payments. Many just fail to know what it exactly is they need to be aware of when they do their business planning and apply for a merchant account to accept credit cards on [...]
A Merchant Account what is it, and do I needs one to accept credit cards?	Do I need a Merchant Account? When you start your business online and you start to get the first requests from your customers that they want to pay by credit card, you will quickly meet the term Merchant Account, if you look around for instant on Google for payment service providers or credit card processing, many [...]
Accept Credit Card Payments on your website.	To accept credit card payments or online payments in general on your website you will need to make your website compliant, many merchant forget to ensure that their website has a privacy policy and return policy and even make it clear to the online customers what the refund policies are. When you start you online business [...]
How to accept credit cards on my website selling Internet Services?	As there is a wide range of different products and services provided by the Acquiring Banks and the Payment Processors you will get some background information here how to accept credit card payments if you are selling Internet Services, like Webhosting, Download of Software or subscriptions for membership websites. First of all you need to ensure [...]

Whats the big deal with online pharmacy business?

Date Added: January 01, 2009 10:01:11 AM Author: Category:

Article

During the time being in the payment service provider business I came through a lot of cases where Merchants pretended to sell legal Pharmacy products, also called non controlled drugs. In the early beginning of 2003 the card association's regulations changed due to many Online Merchants in the Pharmacy business sold controlled drugs behind their main websites, which defiantly isn't allowed.

MasterCard was the first of the big 3 credit card companies that stopped processing for Online Pharmacies due to the fact they wasn't able to control the many online pharmacy websites nor the payment services providers which handled the payment transactions. Visa decided to still deal with this type of business and asked the merchant to provide legal opinions from a lawyer or notary, this was mend to protect them self from getting merchants processing credit card payments for websites selling controlled drugs and to back up their bag if something goes wrong.

First it looks like the business was in the process to be "cleaned" from Online Pharmacy websites which won't play by the rules. At this time it was still possible in some cases to obtain a Mastercard credit card acceptance, and some Acquiring Banks around the World seemed not to follow the global regulations by the card associations because there was good money to earn while processing for Online Pharmacies selling non controlled and controlled drugs. However a few years later it wasn't possible any longer since the Card Association including Visa and Mastercard started to issue huge penalties to those Merchant's and Merchant Service providers which breached the regulations, fines in the range of USD 25.000 to USD 150.000 per incident.

Today it is only possible to obtain a Merchant Account with Visa credit card acceptance, some Merchant Account- and Payment Service Providers do still pretend to be able to open Merchant Accounts for Online Pharmacy's which include Mastercard credit card acceptance, those are fake, or they hide those transactions and code them as something else than what it is, Online Pharmacy. Sometimes it is strange, since on one side the Card Association has to deal with their preferred Payment Service Providers to tell them what is allowed and which isn't, and on the other hand the payment service provider's have to tell the merchants what they can sell and not, this looks as a good way to regulate the entire business.

But since there is so much money involved in processing Online Transactions for business which are strictly forbidden or require license to sell, then some Payment Service Providers and Acquiring banks look to involve them self in this business as long as no one ask questions and the merchants processing their credit cards don't get caught by the Visa Monitoring program or they face massive chargebacks.

Continues on the forum, see the link below..........

This post was taken from our Cyprus Company Formation & Merchant Service Forum read the entire article by visiting the forum.

| | | | | | | Find more post about Accept Credit Card Payments at our blog, click the lin in this line | | | | | | | |

Ratings You must be logged in to leave a rating.
Average rating: (0 votes)

Comments

No Comments Yet.

You must be logged in to leave a Comment.

Sponsor Banners

ARTICLES

Get a Better Look At Web
The article features the search engine as an efficient method to look for required information on the Internet and gives a detailed description of its operation.

Amusing Information
The topic of the article is animal movies. It will be interesting for all animal lovers and those who like to watch animal video clips of different genres.

Hints On Dating Russian
The article is dedicated to the topic of international marriages between Western men and Russian women. The emphasis is placed on how to find your soul mate at dating websites and to win her heart.

ADVERTISER

Main Sponsors


Cyprus Company Formation	Accept Credit Cards	Web-Chamber.Com