Payment Processing For Semaglutide & Tirzepatide

Last Updated on August 20, 2024 by Corepay

Whether you’re a weight loss clinic specializing in in-store payments or distributing online, the most important part of your puzzle will be finding a reliable payment processor. Finding reliable payment processing for Ozempic, Wegovy (Semaglutide), Monjauro, and Zepbound (Tirzepatide) has never been more challenging than today, with more and more startups launching daily.

At Corepay, we understand the difficulties in getting you approved and ensuring you stay approved better than most, as we’ve been boarding Semaglutide & Tirzepatide merchants frequently over the last few years.

If you’re looking to partner with a reliable partner who understands your industry, please apply above or continuing reading on for more info.

Key Takeaways

• Ozempic (Semaglutide) and Monjauro (Tirzepatide) is under heavy scrutiny from payment processors with the recent changes to VIRP on April 1.
• Selecting a payment processor with security measures, experience in telemedicine, transparent pricing, and effective risk-handling capabilities is essential for processing payments for high-risk products like Ozempic and Monjauro.
• Tirzepatide and Semaglutide merchants selling solely online must have proper medical licensing & Legit Script to get approved. (If you don’t have Legit Script, we can speed this process up significantly for you).
• At Corepay, we are confident we can take your business to the next level, whether your processing millions a month or you’re just starting out.

Why Is Tirzepatide, Semaglutide (Monjauro and Ozempic) High Risk?

It’s primarily because they’re new drugs, still under scrutiny for long-term effects. While they’ve shown promise in treating type 2 diabetes, there’s still uncertainty surrounding their overall safety with weight loss, which is what they are largely prescribed for.

• The industry experiences heavy fraud
• Health concerns
• Typically high volume merchants
• Chargebacks

What To Look For When Choosing A Payment Processor For Tirzepatide/Semaglutide

When choosing a high-risk payment processor, you will want to speak directly with a few different providers.Comparing the experience each processor has in your specific vertical is key to finding a reliable partner that will make sure your account stays in good standing, allowing for ultimate profitability.

Below are a few pointers where choosing a provider:

• Experience With Ozempic/Monjauro Merchants
• Security: Do they have a PCI-level 1 secure payment gateway?
• Do they offer chargeback management?
• Transparent pricing: Pricing in this vertical can vary heavily; ensure you have spoken with multiple providers for fair rates.

Why Semaglutide & Tirzepatide Merchants Are Terminated

Many merchants dealing with semaglutide and tripeptide may initially appear to operate within acceptable guidelines, but some fly under the radar by offering non-weight loss-related services. These merchants might start with a legitimate focus on other types of healthcare or wellness services and only later add semaglutide or tirzepatide to their offerings.
When payment processors discover that these merchants are engaging in high-risk activities or selling prescription medications without proper oversight, they often face termination.

Here’s a quick breakdown of reasons why these types of merchants lose their merchant accounts:

• Mistaken for the wrong MCC (Many merchants are given a standard retail MCC, which is miscoded and not high-risk).
• They recently added weight loss medications
• They are working with a low-risk payment processor such as Square
• Illegally prescribing medications

Payment Acceptance In Your Clinic & Online

In managing both your clinic and online platforms, you must establish a reliable and secure payment acceptance method for Ozempic and Monjauro. This ensures that your patients can conveniently pay for their prescriptions without worrying about their financial information being compromised. At Corepay, we can provide you with in-store processing/terminals and online payment processing.

Mistakes To Avoid

The biggest mistake we see in this vertical is that merchants don’t realize they are, in fact, high-risk. In some cases, merchants are able to accept payments with a low-risk processor such as Stripe or Square. A few months down the line, they are notified that they have been terminated due to the high-risk nature.

Finding a processor specializing in telemedicine payment processing or Semaglutide/Tirzepatide is crucial if you are looking for a long-term banking partner.

Why Choose Corepay

At Corepay, we have been servicing this industry for many years and understand how to underwrite the account prior tosending it to our acquiring bank, allowing for higher approval rates. We also have many merchants and have helped scale them through the troubles of this industry.

Pros To Corepay

• 24/7 customer support
• In-house underwriting team
• Rapid onboarding process
• Highly competitive rates
• Several acquiring bank relationships that take Semaglutide and Tirzepatide merchants
• Expertise in semaglutide and tirzepatide merchants
• High approval rates

If you’re looking to inject your business with success, fill out the application and find out what Corepay can do for you today.