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Advice You - How to Find the Best Merchant Account Provider for Your Business
You know - the decision you make when selecting a Merchant Account provider may be much more important than you think. Why? Because you will rely on their service many times a day,
as you take in credit card payments for your business.
The fe
The fe
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
es your merchant account provider charges, as a percentage of sales, will add up to tens of thousands, even hundreds of thousands of dollars, over the course of a few years!
Bad or mediocre customer service can cost you many hours of nail-bitin
Bad or mediocre customer service can cost you many hours of nail-bitin
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
anxiety as you struggle to straighten out problems that may not even be your fault.
Hidden fees can cut into your profits while early termination penalties force you to remain stranded without the freedom to get out and retake control of your
Hidden fees can cut into your profits while early termination penalties force you to remain stranded without the freedom to get out and retake control of your
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
uture.
If, for any reason, your credit card processing falters, your business will feel the pain. That is why it's very important that your merchant account provider pass some qualifications including these:
Qualifier #1. Integrity of the
If, for any reason, your credit card processing falters, your business will feel the pain. That is why it's very important that your merchant account provider pass some qualifications including these:
Qualifier #1. Integrity of the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rovider.
Unfortunately the merchant account industry is full of deceptive claims and ruthless businesses that feast on the lack of knowledge that merchants have about our industry. Therefore, be on the lookout for these potentially “problem
Unfortunately the merchant account industry is full of deceptive claims and ruthless businesses that feast on the lack of knowledge that merchants have about our industry. Therefore, be on the lookout for these potentially “problem
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
tic” indicators:
(a) When you call during business hours, do you get an answering machine instead of a live representative or a professional answering service?
(b) When you ask about your processing costs, do you get straight-forward answers
(a) When you call during business hours, do you get an answering machine instead of a live representative or a professional answering service?
(b) When you ask about your processing costs, do you get straight-forward answers
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
r just confusing blabber?
(c) Do they post teaser rates all across their website with “free” terminal giveaways and ridiculously low rates?
(d) Does their website have a valid domain name or are they just representing another merchant account
(c) Do they post teaser rates all across their website with “free” terminal giveaways and ridiculously low rates?
(d) Does their website have a valid domain name or are they just representing another merchant account
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
rovider?
(e) Are they a member of the Better Business Bureau (BBBOnline)?
(f) Do you see any security seals like Authorize.net, VeriSign or Komodo displayed on their website? This lets you know that their website is secured.
Qualifier #2:
(e) Are they a member of the Better Business Bureau (BBBOnline)?
(f) Do you see any security seals like Authorize.net, VeriSign or Komodo displayed on their website? This lets you know that their website is secured.
Qualifier #2:
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
Price Structure of Provider.
Rates and fees you will be charged are critical! Ask the merchant account providers to provide a list of all of the COSTS associated with processing credit cards including things like:
Monthly minimums, annua
Rates and fees you will be charged are critical! Ask the merchant account providers to provide a list of all of the COSTS associated with processing credit cards including things like:
Monthly minimums, annua
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
fees, supplies, early cancellation fees, minimum contract term, access fees, PCI compliance fees and rewards card surcharges. These are often the hidden costs that catch you after a contract is signed and dated.
Here are some questions to ask
Here are some questions to ask
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
a potential merchant account provider.
> Are your rates fixed or introductory?
Make sure rates are fixed. Do not accept any introductory rates. Some merchant account providers will try to attract you with super low rates up front ... a
> Are your rates fixed or introductory?
Make sure rates are fixed. Do not accept any introductory rates. Some merchant account providers will try to attract you with super low rates up front ... a
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
d then as the months go by raise your rates and fees to shocking high levels.
> Will you put ALL your rates and fees in writing?
If a provider will not agree to put 100% of all rates and fees in writing, eliminate them from consideratio
> Will you put ALL your rates and fees in writing?
If a provider will not agree to put 100% of all rates and fees in writing, eliminate them from consideratio
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
.
> What are your hidden fees?
Ask the representative about hidden fees! Go over your written agreement's fine print, searching for the slightest hint of a hidden fee. Hidden fees could include monthly minimums, annual fees, supplies,
> What are your hidden fees?
Ask the representative about hidden fees! Go over your written agreement's fine print, searching for the slightest hint of a hidden fee. Hidden fees could include monthly minimums, annual fees, supplies,
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
arly cancellation fees, minimum contract term, access fees, PCI compliance fees and rewards card surcharges. Hidden fees are not deceptive tactics. But all costs should be explained to you before entering into a contract. If fees are not clear
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
y explained then they are "hidden" until they later emerge on your billing statement. Get all of the merchant acocunt provider's fees upfront.
> Do you charge a cancellation fee if I decide to move to another provider?
This question w
> Do you charge a cancellation fee if I decide to move to another provider?
This question w
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ll help you determine if the provider is interested in helping your business grow ... or maximizing their own profit. A good merchant account provider that delivers exceptional service doesn't need to charge an early cancellation fee in order t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
keep merchants from leaving.
Qualifier #3. Customer Service of the Provider.
Exceptional customer service should be expected. It is one of the most important value-added services offered by a merchant account provider. Here are some
Qualifier #3. Customer Service of the Provider.
Exceptional customer service should be expected. It is one of the most important value-added services offered by a merchant account provider. Here are some
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ain points to verify:
> 24/7 availability
> Real person answers the phone; not a answering machine
> On-hold times under 1 minute at all times
> Friendly, courteous, responsive and knowledgeable representatives
> A toll-free 1-800 phone num
> 24/7 availability
> Real person answers the phone; not a answering machine
> On-hold times under 1 minute at all times
> Friendly, courteous, responsive and knowledgeable representatives
> A toll-free 1-800 phone num
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
er
> Other forms of contact via website, live chat, or fax
Before you sign up with any company, call up their customer service number. Ask some questions (to gauge knowledge) and get a sense for their attitude. Do the groundwork now versus
> Other forms of contact via website, live chat, or fax
Before you sign up with any company, call up their customer service number. Ask some questions (to gauge knowledge) and get a sense for their attitude. Do the groundwork now versus
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
hen you have a problem and really need to speak with customer service.
If you use these qualifiers BEFORE selecting your merchant service provider, you may be avoid a nightmare in the future and instead be able to focus on growing your business
If you use these qualifiers BEFORE selecting your merchant service provider, you may be avoid a nightmare in the future and instead be able to focus on growing your business
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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