Need a telemedicine merchant account?
If you are a high risk merchant, finding a high risk credit card processing solution is essential for keeping your business running smoothly. Merchants in the telemedicine industry can have a very difficult time finding the right payment processor. At Easy Pay Direct, we know how overwhelming merchant processing can be. We are here to help you find the right high risk telemedicine merchant account solution so you can process payments with ease and get your business on the road to success.
What is Telemedicine?
Telemedicine or telehealth is the use of telecommunication technologies, such as cell phones or computers, to distribute health services and information. If you are reading this, you are probably in the telemedicine industry, so this may be common knowledge to you. However, it is imperative to understand this in order to understand why telemedicine merchants are considered high risk merchants.
By nature, telemedicine payments happen online which makes the telemedicine industry, e-commerce. The thing that makes e-commerce high risk is the fact that all transactions are card not present (CNP) transactions. This means that when a payment processor processes a transaction, they don’t have access to the physical card. Instead, they use the information entered on an order form. The likelihood of fraud and chargebacks is much higher when the card is not present. As a result, it forces banks and merchant account providers to treat telemedicine as a high risk industry. Because of this, It is critical that anyone in telemedicine gets the right high risk telemedicine merchant account from the right provider. To ensure stable merchant processing, that provider should get to know and understand your business model.
This can be a challenge, however, you are not out of luck because you came to the right place. Easy Pay Direct leverages its relationships with banks and merchant account providers to make establishing a telemedicine merchant account as easy as possible. At Easy Pay Direct, we are committed to finding you the best e-commerce credit card processing solutions that are customized to fit your needs. We secure your high risk payment processing so you can focus on dominating the telemedicine industry.
Did your processor shut down your telemedicine merchant account?
We have all heard stories about merchant accounts getting shut down by PayPal, Stripe, Square or any old merchant account provider. If you have not, I would suggest googling “merchant account shutdown” and seeing the millions of results that pop up. This is a very common occurrence that, to avoid, you must understand.
The primary reason that merchant accounts get shut down is that 99% of merchant account providers do very little underwriting which means they do not know anything about you or your business. Take PayPal, Stripe, and Square for example. They are what we call an aggregator. They get this name because they let millions of people use one giant, shared merchant account. It takes seconds to be one of those millions because they do no underwriting. This means that if they have any sign of risk from you their only option is to hold or freeze your money or shut down your merchant account. They know nothing about you or your business so how could they know that you are high risk and account for that.
Not all merchant account providers are aggregators but most operate on the same logic. This is why underwriting is crucial for high risk merchants seeking merchant services.
How Easy Pay Direct is Different
At Easy Pay Direct we understand something that these providers do not. We understand that it is in your best interest to pair you up with a high risk merchant account provider that take the time to know who you are and understand your business. We also understand the fact that your telemedicine business is your life and you depend on it to feed your family, pay the bills, compensate your employees, etc…
If your merchant account is shut down, the fate of your responsibilities hangs in the balance and it can leave you feeling helpless. If this has happened to you, the good news is that you are on the first step to never worry about this again. Easy Pay Direct is the complete solution to your high risk credit card processing needs. We can get you set up with a provider that wants to work with you and a new high risk telemedicine merchant account that suits your needs in as little as 2 days!
How do I set up a telemedicine merchant account?
If you need a credit card processing solution for your telemedicine business, Easy Pay Direct has got you covered. We’re here to make things easier! The first step to establishing stable telemedicine merchant processing is starting the Easy Pay Direct application. From there our New Client Specialists will be in contact with you to get the information they need to set up your telemedicine merchant account.
Does being high risk affect your chances of getting a telemedicine merchant account?
All Merchant account providers worry about their liability when it comes to patients working with any business. They do not want to be responsible for chargebacks, disputes, and fraud. A chargeback/dispute is when a consumer goes to their bank and tells them they want their money back for a purchase. What usually happens is their bank gives the consumer their money back but the merchant is responsible for repaying it. However, if the merchant is out of business or does not have the funds to do this, the merchant account provider becomes responsible for paying back the disputed transaction. The industries that are more likely to encounter this are then classified as high risk industries.
Now take into account the fact that a lot of these industries are in the e-commerce space and need to process card not present (CNP) transactions. The likelihood of fraud is much higher for these types of transactions. Slowly, you start to realize why providers need to reduce their liability. Most merchant account providers do this by implementing a hold or reserve to ensure that they have some of the high risk merchant’s money stashed away in case of these events. On the other hand, some providers will just shut down or freeze your account, stopping your ability to process payments or access your money.
Being high risk can slightly affect your ability to get a telemedicine merchant account because there are many merchant account providers that refuse to work with high risk businesses. But, where it really can hurt you is if you choose the wrong payment processor because that leads to problems like holds, freezes, and shutdowns.
To avoid this you need to look for a high risk merchant account provider that takes the time to underwrite your business so they understand your business model and want to work with you. That way nothing is a surprise and they have no reason to hold, freeze, or shut down accounts. Luckily, Easy Pay Direct makes this as easy as possible by applying, on your behalf, to merchant account providers that want to work with high risk businesses.
How can Easy Pay Direct help with Telemedicine merchant Processing?
At Easy Pay Direct, we leverage our relationships with high risk merchant account providers to find the perfect high risk merchant account for each of our clients. We handle the setup for you, all while giving valuable business advice and strategy such as tips to reduce chargebacks. Easy Pay Direct provides insurance for your revenue stream by setting you up with multiple merchant accounts. We load all of your merchant accounts into our state-of-the-art online payment gateway that will automatically distribute your sales across them in a process we call “transaction routing”. This way, if one of your accounts were to shut down, you automatically have accounts up and running to take their place. Easy Pay Direct will assign you your very own Certified Payment Specialist that will monitor your accounts for you and give you one point of contact for all merchant services.
Why Easy Pay Direct?
We pride ourselves on making your life easier and facilitating the growth of businesses across the globe. We have been doing this successfully for years and have helped countless high risk businesses achieve their full potential, just check out some of our testimonials. More importantly, Telemedicine is an important industry with limitless potential and the ability to help millions of people in need of health care. Easy Pay Direct would love to play its part by providing the best telemedicine merchant services out there so you can achieve your goals and service consumers smoothly. if you’re interested in working with us, you can start your EMAP application or call us at: (800)805-4949