A Payment Gateway for International Transaction can Safely Transact with an Online Pharmacy

Almost all businesses today are developing an online presence because of the way the market is developing. Growing internet penetration along with smartphone proliferation has led to fast growth of ecommerce which now covers almost all industries. Online pharmacy is one such industry that has been growing very fast in today’s ecommerce market. Globally, the industry has been worth over $75.3 billion in 2017 and one of the key drivers of such growth is the dietary supplements segment in this industry. A payment gateway for international transaction plays a critical role in the growth of any ecommerce business especially online pharmacy. 

High risk businesses in ecommerce

It is true that speed and efficiency of businesses in accessing their markets has increased manifold in the ecommerce age, but this has not been without the usual hurdles. A payment gateway for international transaction does not offer its services to all categories of businesses especially those that are considered ‘high risk’. Online pharmacy is a business segment that has been classified as high risk by certain payment gateways but not all.

Why online pharmacy is considered high risk

As it happens in all industries, the online pharmacy industry also has some examples of malpractices by a few unethical businesses. Since the product is directly connected to the physical health of the user, any ill-effect of the use of such product can have serious consequences for all stakeholders in the supply chain including the payment gateway for international transaction. Holding the entire online pharmacy industry responsible for the misdeeds of few players is not fair which is appreciated by some payment gateways.

Online pharmacy industry is growing very fast

A payment gateway for international transaction just cannot go on ignoring the entire online pharmacy industry because it is one of the largest and fastest growing industries worldwide. Even in times of economic depression, the pharmacy industry continues to grow because people cannot stop taking care of their health. Pharmacy products are all aimed at improving wellness and providing healthcare to consumers.

Better selection criteria can work well

It is best for a payment gateway for international transaction to follow a strict selection procedure before agreeing to provide its services to an online pharmacy business. For instance, they should carefully list all the products that the pharmacy sells and allow the products only after they are satisfied that these will not be harmful for the consumers. Properly licensed, certified and coded products normally don’t face any complaints.