Main Subject - Business

What are Electronic Checks?

Electronic checks or echecks include the following applications:
• WEB (Internet b

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

ased)
• ARC (mailed payment check conversion)
• POP (check conversion-POS)
• RCK (NSF check recovery)

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

Examples of combination products may in

• TEL (telephone)
• PPD (consumer pre auth recurring one-time debit)

These applications are called eChec

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

s because the merchant or biller uses a check as a source document for the consumer’s account information (RCK, POP, ARC) o

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

r the consumer is prompted to use their check as a reference to provide their account information (WEB, TEL). eChecks are u

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

Combination pro

ed by merchants and billers as optional payment methods that are faster, more convenient and more secure than traditional c

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

heck processing, which benefits both the company and the consumer.

Echeck Merchant Accounts

Echecks merchant accounts can

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

be established for standard ecommerce merchants and high risk merchants. The echeck payment processing gateway is integrat

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

ed with the ecommerce site. Often times the credit card processing gateway will include an echeck module. If both echeck

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

nd credit card transactions are processed through the same ecommerce gateway, the merchant benefits from centralized report

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

ing and easy merchant account transaction reconciliation.

When a buyer checks out, electronic checks are one of the paymen

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

Following aspects would a

t options. The other popular payment option, of course, is payment with credit cards. When echeck is the chosen method, t

dd to the challenges in developing combination products:

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

e consumer buyer enters the same type of information as with credit card processing. The difference is that the consumer e

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

nters the routing and account number of the checking account rather than credit card number and expiration date.

Consumer

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

uthorization is required is required with specific language that authorizes the merchant to process an electronic payment A

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

CH debit transaction on behalf of the consumer. The authorization language is followed by instructions to the consumer to

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

Professional from academic institutions, pharmaceutical industries, health care indust

Accept” or “Cancel” the authorization After the consumer clicks “Accept”, the information submitted is parsed and sent to

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

various authentication databases for an approval response including verifying the bank routing number and checking account

.

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

umber for accuracy.

The merchant establishes the refund policies for echecks, which are usually the same as for credit car

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

Companies that provide selfless information through particip

d processing. Merchants can refund directly back to the customer through the ACH network with permission from the customer

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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