Starting An Online Pharmacy
How to Start an Online Pharmacy
Under normal circumstances, there have always been huge numbers of the general population unable to leave their homes due to illness, disabilities, age limitations, etc. The arrival of the Coronavirus pandemic has served to multiply that number exponentially, as the entire population has taken to sheltering at home.
This has resulted in the tremendously increasing usage of already widely employed and popular online pharmacies. It makes sense that e-pharmacies have become an extremely successful and profitable venture, with a CAGR of 14.26% and earnings expected to reach close to $108 billion by 2025. These are very encouraging numbers for those considering starting their own online pharmacy.
[*] Convenience Delivers Popularity & Profitability
Having a business with the ability to offer consumers ease, flexibility and convenience, while providing a much-needed service, just about guarantees a business owner success and profit.
Online pharmacies are able to fill and ship prescriptions provided by their customer’s already established physicians, without the consumer having to travel to the pharmacy. That service alone provides immeasurable convenience and customer service.
However, what makes online pharmacies an absolute no brainer for consumers is that many e-pharmacies employ their own physicians, thus possessing the ability to offer their customers the option of consulting with doctors online, obtaining their prescriptions by those doctors, having them filled by the e-pharmacy and then having the medications shipped directly to them.
Consequently, consumers are not required to leave their homes throughout the entire process. Under any conditions, what could be easier and more convenient than that? There is no denying that this entire procedure leads to both popularity and profitability for online pharmacies.
[*] Following Startup Steps Is Key
When starting a new business, it is exceedingly important to follow all the steps necessary to ensure its success, and an online pharmacy merchant account is no different.
You must establish who your target audience is and then come up with a name that will not only zero in on what your business has to offer, but will make it extremely attractive and inviting for your target audience to want to do business with you.
Think of your business name as a potential customer magnet. Additionally, you will need to calculate what your startup and ongoing costs will be.
This will include charges for licensing, insurance, advertising, legal consultations, the purchasing of wholesale medications, building a website and online presence, administrative costs and employee salaries. In addition, you will need to determine what your pricing will be and how much of a profit you want and are able to make.
You will have to apply for an EIN # in order to register for paying federal and state taxes. Moreover, it will be necessary for you to set up an accounting system, open a business bank account, obtain a credit card and acquire a merchant account.
[*] Merchant Accounts Are A Must Have
It is essential that you secure a bank provided merchant account, which will make it possible for your online pharmacy to accept credit and debit card payments.
Not only will cash payments not be possible online, but today’s consumer relies, more often than not, on the use of credit and debit cards to pay for almost all of their purchases.
Your e-pharmacy and most online businesses could not exist without the establishment of a bank provided merchant account.
[*] High-Risk For Merchant Accounts
Unfortunately, e-pharmacies, especially startups, are considered to be too high-risk by the banks and therefore will not be easily granted their much-needed merchant accounts.
It will be necessary to obtain the help of an established and successful merchant account processor with strong banking contacts and experience in your industry.
The right merchant account processing firm can make the entire procedure of obtaining your merchant account, not only easy, but less expensive. You will want to hire the best merchant account processor available.
Taking that step, in combination with what looks to be the very rosy future of the online pharmacy industry, will go a long way in promoting the success of your startup e-pharmacy business.
***Important Notice to all Online Pharmacies***
We know just how difficult it is for start-up and experienced online pharmacies to obtain and keep your “high risk” merchant accounts. If you find yourself in need of assistance, come talk to us.
We’re First Card Payments and we can and will end your struggles today. We’ve been in the “high risk” merchant account business, for your industry and many others, for twenty years. We have the experience, know-how and contacts necessary to get the job done quickly and easily at a very fair rate.
First Card Payments is consistently 25% less than our competitors when it comes to fees, guaranteed! We walk the talk! Once we help you obtain your merchant account, we’ll remain with you for the long haul and do all we can to support you in keeping it. We’re always there when and if you need us. That’s our promise to you and we won’t let you down.
Find us at: FirstCardPayments.com
Joyce Hope is a writer who specializes in merchant accounts. She has worked for First Card Payments since 2017.