If you want to get into the telemedicine industry, you have to have a telemedicine merchant account. This guide will cover what telemedicine merchant accounts are, how they work, why you need them, and some of the challenges associated with obtaining them.
Modern medicine has come a long way in recent years, with advancements in technology allowing for several major medical breakthroughs that have changed the way in which doctors and other medical professionals diagnose and treat their patients. One of the biggest innovations of all has been the development of telemedicine.
The telemedicine industry is all about the idea of doctors being able to provide care, treatment, and diagnosis to their patients remotely, without the need for both doctor and patient to actually be in the same physical location. For example, the doctor may arrange a video call with their patient to diagnose an issue they’re experiencing. This is a very common example of how telemedicine works.
This particular part of the healthcare industry is experiencing a lot of growth at the moment, with many people, especially those with hectic lifestyles, eager to make the most of telemedicine services to save time while still getting the care they need. And it’s highly beneficial for doctors too to treat patients remotely and reduce the amount of traffic in their clinics.
Before we look more closely at the ins and outs of telemedicine merchant accounts and services, it’s important to know a little bit about what telemedicine is and why it’s so popular right now. In simple terms, telemedicine is simply medical care that is given remotely, through the power of telecommunications technology.
The concept of telemedicine has been around for a long time, but it’s only in recent years, with the rise of the internet, smartphones, and other devices, that the industry has really started to take off. Recent estimations suggest that the telemedicine industry could be worth $25 million by 2025, with a growth rate of 30% estimated each year for the next several years.
There are several reasons behind this. The COVID-19 pandemic played a part, with more people staying indoors and having to get medical care remotely. The widespread use of technological devices like webcams and smartphones has also contributed to the industry’s growth, as explained above, and as younger generations grow up with these kinds of technologies, telemedicine is set to become an even bigger part of everyday life in the years to come.
So what exactly is a telemedicine merchant account, how do these accounts work, and why do you need to get one in order to run a telemedicine company? Well, in order to understand the necessity of a telemedicine merchant account, you first have to know the basics of what merchant accounts are and how they work.
A merchant account is a type of business account that makes it possible for a business to receive electronic card payments. In other words, these accounts are necessary for any company that wants to do business online and let people pay with their cards. Without a merchant account, your customers, clients, or patients, in the case of telemedicine businesses, won’t be able to pay you.
With a telemedicine merchant account set up, money flows from the patient’s account through the merchant account and then proceeds on to your main business account. This can be really important for telemedicine businesses in terms of getting paid for services, medicines, prescriptions, and so on. A telemedicine merchant account is absolutely essential in this line of work.
It’s clear to see that telemedicine merchant accounts are really important in this particular industry. In fact, you can’t really expect to run a telemedicine business without a telemedicine merchant account. However, if you visit your usual bank or contact other local financial institutions looking for telemedicine merchant services, you may find that many of them say no.
This is because telemedicine is associated with high-risk credit card processing and is classed as a high-risk industry in general. This means that banks are wary about doing business with telemedicine companies because of certain risks or dangers associated with the industry, so it can be harder to get the telemedicine merchant accounts and services you need.
So what is it about the telemedicine industry that is so risky for banks and payment processors? Well, the main issue is the risk of chargebacks. Telemedicine companies have to deal with a lot of chargebacks on a regular basis, which is when a customer or patient disputes a payment and requests their money back, causing fees and hassle for the banks involved in that process.
Patients may initiate chargebacks from telemedicine companies if they aren’t satisfied with the level of service they have received, or if they didn’t get the prescription or treatment they were hoping for. They might also initiate a chargeback if technical issues interrupted the service, or if the treatments or medicines they’ve ordered are slow to arrive or damaged during delivery, for example. All of these risks add up, making the telemedicine industry a difficult one to operate in.
As we can see, it’s really important to obtain a telemedicine merchant account if you want to operate in this ever-growing industry. But with such a high rate of chargebacks and other risks to worry about, what can you do to get your own telemedicine merchant account when all the banks around you are saying no? Well, that’s where we come in.
Shark Processing is an industry leader in the field of high-risk merchant accounts. We work together with a network of trusted banks and reputable payment processors who are able to offer the high-risk merchant accounts and high-risk payment processing services you need to operate in high-risk industries, including the telemedicine sector.
Our team of experienced financial experts is standing by, ready to help you find the ideal telemedicine merchant account to meet your needs, with the best possible rates and terms guaranteed, and we’ll stop at nothing to help you obtain the perfect telemedicine merchant services you need. Give us a call today to find out more about what we can do for you.