If you are dreaming to make big for your pharmaceutical business in the e-commerce space, remember that high chargeback might emerge can be a big obstacle in the way. If you are planning to go online with your pharmacy business and willing to sell your stuff online, beware of high chargebacks.
Every now and then, experts keep advising to pick the right payment gateway for online pharmacy to be safe against chargeback risks. Believe it or not but it has been evident for the time being that choosing the right payment gateway service for your pharmacy business can save you from high chargeback risk.
From Luxury goods manufacturers to online gaming and firearms to electronics, there are certain industries that are always under high financial risk because of their repo in the market – pharmacy is also one of them. Online merchants especially selling doctor-prescribed medications, pharmaceutical products, and controlled and non-controlled drugs deal in a big-risk game because customers often raise an objection and a chargeback request if not satisfied with the product purchased online. Only a reliable payment gateway service can the pharmacy business go with a bang in the e-commerce space keeping safe against high chargeback.
We, in the post below, will figure out the factors accountable for high chargeback and how a payment gateway service can be of help against high chargeback.
What Causes High Chargeback?
A merchant’s finances and credit history is a key factor why an online business ends up in loss after high chargebacks strike in place. In most cases, most merchants fail to cover the unexpected amount of chargebacks. Besides, there are more reasons why chargebacks occur when selling online:
Not having a clear return and refund policy to
enable customers a clean and error-free purchase and process return and exchange online, the merchant needs to have a clear return and refund policy. Having a right payment gateway for online pharmacy is a way to be safe against fraudulent online transactions but a clear return and refund policy is mandatory to avoid a high chargeback.
It is also wise to provide customers with multiple points of contact such as phone, email, chat, and an online contact form so that customers can get their queries resolved before they intentionally put forth their concerns for a refund. This will work out a safe approach to avoid a chargeback on the purchases made by customers on your site. Also, tend to Respond promptly humble and helpful approach.
Inaccurate product or service description
Let your customers be aware of the purchases they are making on your site. Pharmacy products are prescribed by experts that lead customers to make purchases. Anything other than what was strictly recommended to them is offered to a buyer, they will certainly go for return or replacement.
No matter you pick a secure payment gateway for online pharmacy, serving customers with wrong product delivery may end up in a chargeback.
For a pharmacy product, a merchant needs to clearly describe the exact quality, quantity, color, size, weight, dose, usage, and expected delivery time. It is also helpful to provide customers a quick sneak peek into the products put up for sale on the online counter so that customers can decide on their purchases without going wrong and confused. It’s a thumb rule to be safe against unexpected chargeback.
Unrecognizable billing descriptor
Your billing descriptor is crucial in online sales and purchases. It is actually the billing descriptor that customers see on their billing statement when they buy anything from your online pharmacy store. If your buyers fail to recognize a charge due to an unclear name, they are more likely to go for a fraud chargeback against the purchase made.
Let your buyers know who they are buying from. The bill must contain your company name and your customers see it as it is in the business licensing. A good billing descriptor also includes a website, communication details, and phone number. Since it’s not a retail purchase from a brick-and-mortar pharmacy store, the business name and address must be visible in the billing descriptor.
Choosing the Right payment gateway
A payment gateway is a secure way to keep your online business transactions safe against frauds and chargebacks. If you are going online with your pharmacy business to bring more bucks to your cart, make sure that the payment gateway you choose allows easy online payment processing in compliance with the law and access to every single online transaction of purchases made on the e-commerce pharmacy store.
The payment gateway you choose makes an impression on buyers and the purchases they make on the e-commerce pharmacy store. This will help you minimize the chargeback on the purchases and keep your profits safe in the cart.