An online pharmacy is a website where customers may purchase medications. The online pharmacy must process the customer’s credit card to receive the payment. Pharmacy credit card processing is offered by proficient companies such as Pharmacy Marketing.

A multi-step procedure required to finalize correct payments with a credit card is referred to as credit card processing. There are different players involved in credit card processing. It includes the buyer, retailer, payment processor, card network, issuing bank, and acquiring bank. It also includes the customer and merchant.

The Process of Online Pharmacy Transactions

Online pharmacies list every drug they provide on their website. Before placing a pharmacy order, users on the site create a username and password. The consumer might occasionally access the checkout page without logging in.

Customers make their choices and complete the checkout process by entering the necessary data. Customers can input their prescriptions via the internet. The customer receives order details through email from the shopping cart.

The credit card's funds are sent to the pharmacy's merchant account after the transaction. The licensed pharmacist examines the prescription in the pharmaceutical business. The seller then sends the drugs to the customer.

Phases of Credit Card Processing

The authorization, authentication, and settlement processes are the three main phases of credit card processing.

Authorization:

Pharmacy credit card processing begins when the customers enter the payment data into the merchant pharmacy website.

The merchant then contacts the payment processor, like Pharmacy Marketing, with a request for payment authorization. The payment processor contacts the card associated with a request. The card association will deliver this request to the customer's issuing bank. In a message, the issuing bank will inform the card processor of its decision to approve or deny the request.

The customer's credit card information, expiration date, billing address, security code, and the transaction amount will all be included in this message. The likelihood of a card being denied increases if the cardholder's credit or available money is insufficient to cover the purchase cost. Additionally, for security reasons, any suspect card activity may be detected and prohibited.

The card processor will notify the payment processor whether it has approved or denied this request after receiving it. The payment processor will notify the merchant of its acceptance or rejection in writing. The merchant will notify the cardholder of the approval or refusal as soon as it gets this information.

The merchant will deliver the product or service if the transaction request is authorized. However, if a request is turned down, the consumer must find another way to pay to get the good or service.

Authentication:

The credit card processor will contact the customer's issuing bank to get payment permission. After verifying that the cardholder account has been authorized for the transaction, the issuing bank will check the identifying information.

Following that, the issuing bank will notify the card association and merchant bank of its approval or refusal. The issuing bank will hold the cardholder's account for the purchase amounts. The merchant's POS terminal batches all authorized payments for processing before the end of that business day.

The seller will deliver a receipt to the consumer as evidence of the transaction.

Settlement:

The last phase of pharmacy credit card processing is a settlement. The merchant receives the funds from the customer's bank in this last credit card processing stage. Keep in mind that depending on the particular card network being utilized, the settlement period may last several days.

The payment processor, such as Pharmacy Marketing, receives the batch of payment authorizations from the merchant's POS. The batch authorizations are sent to the card association by the payment processor. The issuing bank receives critical information from the card association after that.

For permitted payments, the issuing bank debits the cardholder's account. The issuing bank deducts any exchange fees owed to the card processor before transferring the balance to the merchant's bank.

The money is distributed to the merchant's business account by the bank when it has been received.

Why Does Your Pharmacy Business Needs Credit Card Processing

It could seem like too much technical knowledge to a business owner. However, it is important to grasp the fundamentals of credit card processing if you accept credit and debit card payments.

In fact, doing this can help you streamline your payment processing, saving you time and money and increasing productivity at your company. Understanding each phase and the participants are useful. As a result, you will understand the many parts of the process and how they relate to your organization and consumers.

Additionally, credit card processing is essential for handling card payments for clients quickly and securely. Customers may enjoy a smooth checkout process by dealing with a credit card processing business. Customers are more inclined to make repeat purchases and support your brand if they believe in your company's reliability and safety.

If you are looking for the best credit card processing, then get in touch with Pharmacy Marketing.