Payment Processing for
Telemedicine

Sign Up For A High-Risk Telemedicine Merchant Account

While the pandemic killed many businesses, it has vitalized the telehealth industry. Demand for telemedicine boomed during COVID as anxious patients sought safe access to healthcare services. Patients love the speed and convenience of virtual care ⏤ more than 76% of Americans will continue to use telehealth services after the pandemic.

From $19.5 billion in 2018, the US telemedicine market is projected to grow to almost $43 billion in 2026. Despite being a highly profitable and reputable industry, most banks and payment processors refuse to offer telemedicine merchant accounts to remote care providers because they’re considered to be high-risk businesses.

Experts at serving high-risk industries, SeamlessChex offers telemedicine payment processing and merchant account services to help your practice accept online payments with ease. Discover our range of high-risk electronic payment products to find the best solution for your needs:

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Why are Telemedicine Providers Considered High-Risk?

Many telemedicine providers are shocked to learn that their healthcare services are perceived to be high-risk. Along with being denied a telemedicine merchant account, telehealth providers also struggle with processing card payments. Several factors ⏤ ranging from industry regulations to high rates of chargebacks ⏤ make telemedicine practices risky to work with.

Here are some reasons why the telemedicine industry is categorized as high-risk:

  • High chargeback rates – From delayed treatment response to late arrival of medications, many issues beyond your control can cause patient dissatisfaction. Patients often file chargebacks when service quality and outcome do not meet their expectations.
  • Card-not-present (CNP) payments – Due to offering remote services, CNP transactions are the main method of payment for telehealth practices. CNP transactions are more vulnerable to identity fraud than in-person payments.
  • Federal and state regulations – Practicing medicine and prescribing medications are regulated by federal and state laws. Many banks and processors decline telemedicine merchant accounts and payment services to avoid legal trouble.

High-volume transactions – Healthcare practices process high-volume payments during seasonal peaks. The more online transactions you process, the higher the risk of payment fraud.

Seamless MerchantSeamlessMerchant

With Seamless Merchant, you can process credit card and ACH payments online or over the phone. It integrates with most website platforms, too, so your customers can check out on your website with all of your own branding in place.

e-checkSeamlessChex

Seamless Chex optimizes the verifying and processing of eChecks across many devices. There aren’t any transaction limits enforced, and you always get fast, next-day deposits.

PaynotePaynote

With Paynote, you can easily send and request verified ACH payments with real-time tracking. Paynote completely nullifies the need to use paper checks, saving you time and helping you reduce your carbon footprint.

How SeamlessChex Can Help Telemedicine Providers

SeamlessChex has more than 15 years of experience providing payment services to regulated and high-risk industries. Leveraging our extensive expertise and close banking relationships, we offer the quickest and lowest-cost telemedicine payment processing solutions. With our hassle-free onboarding process, you can accept credit card, ACH, and eCheck payments online and over the phone in no time.

We know that setting up a telemedicine merchant account is only half the struggle. Maintaining a merchant account in a high-risk industry can be very challenging. SeamlessChex provides cutting-edge fraud mitigation and chargeback reduction technologies to not only safeguard your merchant account but also protect you from financial loss.

With SeamlessChex telemedicine account and payment solutions, you can:

  • Get instant access to the online payment system
  • Keep chargeback ratio below 2%
  • Enjoy next-day funding
  • Minimize payment fraud
  • Boost business profits
  • Process multiple electronic payment options

Set Up Your Telemedicine Merchant Account Today

Are you struggling to set up a telehealth merchant account? Or perhaps you’re searching for a lower-cost telemedicine payment processing solution? Whatever your payment needs, SeamlessChex can help. Contact us now to consult with payment experts and get help for setting up your merchant account today.