Cases - Internet and Businesses Online

Maximize your online sales by learning how to process credit card payments through your web site

The ability to take credit card payments through your web site is essential to the success

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

of your business. Nearly all online purchases are made by credit card payment, and offering your customers a fast and simple means by which to buy your product will result in more sales and

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

better word-of-mouth advertising. However, many people mistakenly believe that all they need to accept online credit card payments is a “shopping cart” option on their site. The truth is, a

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

shopping cart is only one small piece of the puzzle.

“A shopping cart is important in that it creates an order form and keeps track of your sale, but it doesn't actually put the money into

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

our bank account,” explains Matt Bacak, publisher of the Powerful Promoter Newsletter and an online marketer who trains speakers and authors. “The first step to successfully accepting online

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

payments is to understand the way money gets from the Internet to your account.”

You've probably purchased a number of items on the Web and are familiar with the way an online shopping cart

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

appears to a customer. But do you know how your credit card payment, made via the shopping cart, eventually finds its way into the pocket of the product's seller? Even if you've been selli

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

g products online for years and experienced a degree of success doing it, you may not be aware of how credit card payments are processed. You're also probably unaware of the enormous benefit

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

credit card payments can have to your bottom line.

“Surveys have shown that as 68% of shopping carts that are initiated on the Web are abandoned before completion. This happens because the

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

customer becomes confused about the payment process or about what he or she is actually buying,” says Armin Morin, an online marketer who has made millions promoting and selling products on

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

he Web. “Even if you've been successful accepting PayPal payments, the ability to process credit card payments will benefit you. PayPal requires a customer to take a few extra steps, increa

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

sing the odds that they'll just decide it's not worth the effort. If they can just type in their credit card number and be done with it, they're yours.” So how exactly do online payments wo

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

rk? Well for starters, you will need that shopping cart option on your site. A number of software programs including the popular Kickstart Cart are available to help you achieve that. Next

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

you'll need a bank account. And finally, you'll need the two key “go betweens” in the journey between cart to bank - an Internet gateway and a merchant account.

Your Internet gateway takes

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

the information collected by your shopping cart and keeps a running tally of what's been ordered. It also collects the information related to payment method, and “runs” the credit card. Tha

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

t information is sent on to your merchant account, which receives the payment and in turn pays you. The money is direct deposited into your bank account.

“A merchant account is really the b

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

est way to process credit card payments through your web site,” says Morin. “I would still have a PayPal account and still offer that to your customers as a means of payment. Some people do

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

prefer that. But don't be surprised if only about 10% of your total sales come through PayPal.

By accepting credit card payments online, your sales will increase even if your web site traff

.

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

ic doesn't. Customers will appreciate the ease with which they can purchase items from your site, and will recommend your product to family and friends. The key to sales success is and alwa

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ys will be customer service. By quickly and effortlessly accepting credit card payments, your web site will automatically be offering a level of customer service that has come to be expected

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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There’s no substitute for hard work, unless it’s using other people to help you make a living. Of course, having a plan is not such a bad idea, either.

Used the right way and with the right audience, postcards often outperform their mailbox “competitors” in money saved and revenue generated (the competitors are sales letters, self-mailers, unaddressed flyers, dimensional mailers and catalogs). Here’s why postcards are so effective.

Do you struggle with success in your small business? Do you fight the battle between lowering cost and increasing sales? Then read on and see the simple steps to make your business the success you know it can be!

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