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Advice Pool - Is Your Website Credit Card Friendly?
In my last column I discussed the process of credit card enabling your brick-and-mortar business. I pointed out that research has shown that accepting credit cards can help increase revenue and enhance cash flow. I also pointed out that you may have to look beyond your local bank for help in getting things set up. This week we will look at setting up an online paym
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
ent system for your business website. If you think hooking up a brick-and-mortar location with a credit card system stymies most bankers, try asking them how to do it on your website.
If you'll recall, the question that spurred this topic came from a lady who went to her local bank for help in setting up a credit card acceptance system for her business and her ban
If you'll recall, the question that spurred this topic came from a lady who went to her local bank for help in setting up a credit card acceptance system for her business and her ban
; 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
ker wasn't very knowledgeable on the subject. I pointed out that her banker's ignorance of the subject probably wasn't a reflection on his skills as a banker, but a reflection on the compartmentalization of the credit card aspect of banking.
The fact is, most banks can provide you with the merchant account needed to accept credit card payments, but beyond that hav
The fact is, most banks can provide you with the merchant account needed to accept credit card payments, but beyond that hav
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e little to do with the process. Even larger banks may only have a single person on staff who is tasked as the "credit card expert" and if that person ever goes on vacation, you're pretty much out of luck (voice of experience talking here, folks).
I have helped many clients set up online credit card processing systems and more than once I've had to sit down with t
I have helped many clients set up online credit card processing systems and more than once I've had to sit down with t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
he bank issuing the merchant account and educate them on how online payment systems work. Don't believe me? This is a direct quote (here's the Bible, here's my hand) from the bank employee who was in charge of processing internet merchant account applications, "When someone pays online how do they swipe the credit card in their computer…"
Much like a brick and mor
Much like a brick and mor
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
tar credit card processing system, you will need the following to accept credit cards on your website: (1) an electronic shopping cart system that allows the customer to select products and checkout when ready; (2) a payment gateway service to get approval or declination of the credit card; (3) a credit card processor who will process the transaction; and (4) an in
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
ternet merchant account issued by an acquiring bank in which processed funds are deposited.
We covered most of these elements last week. Here's a quick refresher for those who missed the basics, then we'll talk about a shopping cart system.
Payment Gateway Service: The payment gateway service comes into play when a customer submits their credit card information t
We covered most of these elements last week. Here's a quick refresher for those who missed the basics, then we'll talk about a shopping cart system.
Payment Gateway Service: The payment gateway service comes into play when a customer submits their credit card information t
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
o the webpage form. Think of the gateway service as the middleman in the process. The website's shopping cart checkout system electronically submits the credit card to the gateway service who then routes the information to the processor for approval. Depending on the reply from the processor, the gateway service will return an approval or declination for the purcha
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
se. This entire process takes just seconds to perform.
Credit Card Processor: The credit card processor is an electronic data center that processes the credit card transactions coming from the gateway company, ensures that the charge is valid, then settles the funds in your merchant account.
Internet Merchant Account: An Internet merchant account is a bank or fin
Credit Card Processor: The credit card processor is an electronic data center that processes the credit card transactions coming from the gateway company, ensures that the charge is valid, then settles the funds in your merchant account.
Internet Merchant Account: An Internet merchant account is a bank or fin
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
ancial institution account in which funds from online sales are deposited. Merchant accounts are usually issued by banks who are associated with the major credit card services like Visa and MasterCard. Be aware that many banks will not grant merchant accounts to Internet merchants as they are often categorized as "high risk ventures." This policy varies widely and
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
in the end, the granting of the merchant account will come down to economics from the bank's point of view. If the bank sees even the smallest iota of risk, you will not be granted the account. Fortunately, the growth of online sales has given rise to an entire industry of merchant service bureaus that will grant you a merchant account and everything else you need
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
to accept online payments. The fees are usually higher, but it's better than not having an online payment system at all.
Shopping Cart System. To accept online payments you must have what's called a "shopping cart system" that allows your customer to choose and purchase products. Adding a shopping cart system to your website can be simple or complex, cheap or very
Shopping Cart System. To accept online payments you must have what's called a "shopping cart system" that allows your customer to choose and purchase products. Adding a shopping cart system to your website can be simple or complex, cheap or very
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
expensive. It depends on the product you're selling and the options you wish to offer your customers. As in everything, you get what you pay for.
A shopping cart system typically consists of three components: a product catalog, the shopping cart, and a checkout/payment system. The product catalog is your inventory component and displays the items you have for sal
A shopping cart system typically consists of three components: a product catalog, the shopping cart, and a checkout/payment system. The product catalog is your inventory component and displays the items you have for sal
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
e on the website. The checkout/payment system is the part of the program that allows your customers to "add this to my cart," and the checkout/ payment system is the component that allows the customer to checkout and pay for their purchase.
There is a wide variety of shopping cart software on the market and the price is dependent on the features you want. Shopping
There is a wide variety of shopping cart software on the market and the price is dependent on the features you want. Shopping
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
cart systems range from simple HTML form insertions to full- blown catalog and inventory systems like those used by Amazon or Dell.
You can spend from zero to tens of thousands of dollars. Some of them you can set up on your site yourself while others should be set up by someone who knows what they're doing.
You can get a free Paypal.com shopping cart system whi
You can spend from zero to tens of thousands of dollars. Some of them you can set up on your site yourself while others should be set up by someone who knows what they're doing.
You can get a free Paypal.com shopping cart system whi
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
ch is the most simplistic in nature, but the easiest to implement. Using Paypal also alleviates the need for a bank merchant account because everything is handled by Paypal, for a fee of course. You insert HTML forms into your website code and when an item is purchased.
There are also numerous online companies who will assist in the setup of your ecommerce / credi
There are also numerous online companies who will assist in the setup of your ecommerce / credi
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
t card system. These companies charge several hundred to several thousand dollars for their services, so it would be wise for you to have an idea of exactly what you need before calling them into play.
Customer submits credit card. The site sends the transaction to the gateway. The gateway sends the info to the processor. The processor contacts the issuing bank of
Customer submits credit card. The site sends the transaction to the gateway. The gateway sends the info to the processor. The processor contacts the issuing bank of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the customers credit card. The issuing bank returns the result of the processor. The processor routs the result to the gate. The gateway passes the result to the website. The website displays the result.
One thing to remember when setting up an ecommerce system on your site is this: online it's all about security and privacy. Though online credit card processing
One thing to remember when setting up an ecommerce system on your site is this: online it's all about security and privacy. Though online credit card processing
.
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
has been around for years there are still many people who are uncomfortable giving their credit card number online. These are the same folks that do not hesitate to give their credit card number over the phone to a complete stranger or hand their credit card to a waiter who disappears with it for ten minutes. Online credit card processing is much less susceptible t
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
o fraud and abuse than either telephone processing or giving it to a waiter.
Eighty-five percent of internet users surveys said that a lack of security made them uncomfortable sending credit card information over the Web.
It's up to you to instill a sense of security and make the customer comfortable shoving their card into their computer.
Here's to your success
Eighty-five percent of internet users surveys said that a lack of security made them uncomfortable sending credit card information over the Web.
It's up to you to instill a sense of security and make the customer comfortable shoving their card into their computer.
Here's to your success
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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