The Secret to Roman, Hims, Keeps’ Success? Online Pharmacy Merchant Accounts
Feb 14, 2022 3 minute Read
It’s undeniable that online pharmacies are one of the most booming businesses these days, thanks to a growing health-conscious population around the world. More people are turning to the internet to discover and buy their prescription drugs; there are more online pharmacies these days than ever before.
Online pharmacies are also not new to the scene, they’ve been around for a long time, albeit in not so legal ways. So how have companies like Roman and Hims and Keeps seemingly leapt from the concept of “never buy drugs from the internet” to “get all you need to solve X right from your phone”?
Online pharmacy merchant accounts are the secret to these companies, and they’re a must for today’s online business owners. Especially those targeting men who want to treat ED, hair loss, and other issues discreetly. Plus, an online pharmacy merchant account legitimizes your business, separating you from the previous generation of sketchy pharma sites that are thankfully fading out.
The Boom of the Online Pharmacy
The boom of online pharmacies is a direct result of the limited options people have to get their hands on prescription medications. According to a recent study published in the Journal of Health Economics, half of all Americans have experienced difficulty in filling a prescription due to cost. The research showed that patients are willing to drive long distances and pay out-of pocket for their meds because they can’t afford the copay or don’t want to put the expense on a credit card.
In the past, this was a dangerous statistic. Online pharmacies promised cheap drugs without a doctor’s prescription. Hallelujah to the people, right? They could get exactly what they needed without the trouble or the expense. That’s not the case, though. These pharmacies made big promises but rarely delivered. Customers wouldn’t get the right drug or the right dose or anything at all. Plus, there’s no safety regulation, so even if they got the drug the wanted there was no official statement of how safe it was to take.
Thankfully, we’re moving past these rogue online pharmacies and making prescription drugs easier and cheaper to obtain for people across the world.
Benefits of Legal Online Pharmacies
The rise in legal online pharmaceutical sales and websites can be broken down into four major benefits.
Buying prescription drugs over the Internet allows customers to avoid long lines at their local pharmacy and get their medications delivered right to their door.
This is especially great for people with mobility issues who have physical trouble getting to 1) their doctor for a prescription, and 2) the pharmacy to fill that prescription.
The other convenience applies to everyone. In this particular case, men with ED issues or who are suffering from hair loss. The thought of having this discussion with their doctor can act as a hindrance to receiving treatment. Now, these men can do all of that conveniently from their own home.
When you use an online pharmacy, you can save up to 80% or more of the cost of your prescription drugs. That’s because most online pharmacies are not run by pharmaceutical companies and they don’t have high overhead costs associated with retail locations. They pass their savings on to you by charging much lower prices than what you would pay at a local pharmacy.
The other benefit of buying prescription drugs online is that you get them directly from the manufacturer. This means no waiting in line at the pharmacy and no paying sales tax on your prescription drugs.
In addition, some online pharmacies will even offer free shipping on all orders, so there is no cost for shipping on your prescription drugs either. This can save you even more money on your prescriptions.
No Prior Prescription
Some online pharmacies allow customers to purchase medications without a prior prescription from their doctor.
Most online pharmacies use telemedicine doctors to offer prescriptions, similar to the way video conferencing is used by dermatologists or oncologists.
The qualified and certified doctors who work with this type of pharmacy are able to look at the patient’s medical records and conduct a thorough examination before deciding on a course of treatment. After they have reviewed all of the facts, they can offer a prescription and even give advice about side effects or drug interactions.
The online pharmacy ensures that the patient has all of the information needed to take their medicine properly and safely. This is especially important for people who need ongoing care for chronic illnesses. They have access to doctors at any time, which makes it easier for them to stay on top of their health.
Some people prefer buying their medication online because it gives them more privacy. They do not have to go into a crowded store or talk with their doctor about what they need. They can simply make purchases from home through an online pharmacy website whenever they need to refill a prescription.
Patients who are embarrassed to buy their medications in person can find a variety of online pharmacies that sell generic medicines and are happy to ship their orders discreetly to the buyer’s home address. That discreet shipping is also important, as privacy extends beyond the pharmacy and into the rest of the world (e.g., the mailperson, neighbors, family members, etc.).
A Marketing Approach for Online Pharmaceuticals
Aside from the four benefits above, there’s also the concept of intertwining a marketing perspective into the sale of pharmaceuticals. Yes, there are a million and one drug ads on TV. But those are straight from the drug manufacturers, not the merchant selling them. You never see CVS or Walgreens promoting a prescription drug on their commercials. This is the separation of product and seller.
But what if those two things are combined? What if the product is the company? That’s taking drug sales to the next level. Roman is a company that sells drugs specifically for men suffering from hair loss or ED. That’s their target audience, that’s what their drug is for, and that’s how they sell it. All from the comfort and safety of a customer’s home. Genius.
That’s the next level for pharmaceutical sales. And it’s only possible with an online pharmacy merchant account.
Why Men’s Health Is More Prominent for Online Pharmacies
Men’s health is a natural fit for many online pharmacies. Men are more likely to research products for their health on the internet instead of going to a clinic. They’re also more likely to use online pharmacies and prefer the convenience of home delivery over going to a pharmacy in person.
Treating erectile dysfunction (ED) is one of the most common reasons men visit online pharmacies. ED is a serious problem if left untreated, and many men find it uncomfortable and embarrassing to talk about with their regular doctor. With an online pharmacy, they can do some research before purchasing a medication, and they can’t be judged by an in-person pharmacist. Many men think they’re going to be embarrassed or judged when buying ED medications, but that’s not the case with online pharmacies.
Hair loss is also becoming more common among men as they age, so treating hair loss is another common reason men visit online pharmacies. Almost 25% of all men will experience some form of hair loss in their lifetime so there are plenty of people looking for quality hair loss treatment online.
In the past, most men simply ignored these issues. Now whether that’s due to embarrassment, lack of good pharmaceutical solutions, or something else is up to you to argue. But what we’re seeing now is healthier hair and healthier sex lives for men thanks to the power of online pharmacies (and the merchant accounts that power them).
Get Payment Processing for Your eCommerce Store with an Online Pharmacy Merchant Account.
Step up to the big leagues when it comes to powering your current or planned online drug store with an online pharmacy merchant account.
If you have an online pharmacy, then you know that taking payments online is hard enough without having to worry about whether or not you can sell certain drugs. Because of the risk involved in selling controlled substances online, some credit card processors and payment processors (e.g., for Visa or ACH) won’t work with online pharmacies at all.
Not only do you need a high-risk merchant account for online pharmacies that has low rates, but also one with extra security features to safeguard your customers’ information and help you avoid chargebacks or worse. Those features include chargeback prevention methods, fraud protection, online payment APIs with security built-in, and more. With the right merchant account solution, you’ll be able to accept all the credit and debit card payments with a payment gateway designed for pharmacy businesses.
DirectPayNet is a merchant account provider that offers all you need to set up an online pharmacy for success. We work closely with credit card processing companies and acquiring banks to get high-risk businesses like yours the merchant services it needs to succeed. Get in touch with our experts today to get started.