In a move to reduce processing fees for independent pharmacies by over 30 per cent, UK-based payments fintech, Ryft, is providing its marketplace payment platform to digital pharmacy platform, Charac.
By embedding fintech into the pharmaceutical apps at the point of service, Ryft is opening up revenue streams for independent community pharmacies and reducing processing fees.
Community pharmacies have seen a major decline in government funding since 2016, leaving many struggling to stay afloat. Because of this, an increasing number of pharmacies are looking to digitalise their services and increase cost-effectiveness.
By transitioning to Ryft’s marketplace payment platform, these pharmacies are able to leave behind legacy tech and welcome the latest technology available, including the use of Apple Pay and Google Pay, as well as all major cards.
As the fastest-growing pharmaceutical app in the industry, Charac consolidates and digitises the operations of independent pharmacies in four areas – repeat prescriptions, booking consultations, deliveries, and marketing, all through one app or website.
Via its new partnership with Ryft, Charac is now able to facilitate the automated end-to-end flow of funds, leveraging Ryft’s PCI Level 1 and PSD2 gold standard of compliance.
Sadra Hosseini, CEO of Ryft
Sadra Hosseini, CEO and co-founder of Ryft, commented: “We’re extremely excited to be expanding our capabilities within the pharmaceutical industry, consolidating the wider impact we’re having across the sector, and alleviating some of the major issues independent community pharmacies have been facing for quite some time.
“Ryft prides itself on disrupting the industry and supporting key verticals who are underserved, yet want to upgrade their payments streams, so we’re delighted to be onboarding Charac as the next iteration of this mission.”
Making community pharmacies more financially sustainable
Ryft is also helping to stabilise the Charac payments model, as some payment suppliers operating within the pharmaceutical industry impose harsh restrictions on client onboarding, often off-boarding clients who are deemed to have small elements of risk.
Using Ryft, Charac can onboard community pharmacies at their own discretion, and utilise Ryft’s hosted onboarding to direct these pharmacies to create their merchant account and begin processing immediately. By unlocking the capabilities of modern payments technology through Ryft, community pharmacies can reap the benefits of Charac’s platform and improve their existing customer offering, whilst also experiencing a smooth checkout experience for a competitive rate.
“Community pharmacies are currently struggling with an annual shortfall in funding totalling more than £750million, which equates to around £66,000 per pharmacy,” explained Trevor Williams, co-founder and COO at Charac. “Our partnership with Ryft will help us tackle the financial issues that they face. By reducing their online processing fees by more than 30 per cent, we can help them manage costs and utilise seamless up-to-date payment services.
“This is a vital step towards achieving our goal of making community pharmacies financially sustainable. By empowering pharmacies to digitalise, Charac saves essential time for pharmacists to focus on revenue-boosting services, such as Pharmacy First and New Medicine Service consultations, and more. We look forward to continuing to work with Ryft in modernising payment services for pharmacies, and ensuring they can run as cost-effectively as possible.”
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