Pharmachute Pay: Cutting Fees and Fueling Local Pharmacies with TIQC's Support
In New York City, where independent pharmacies have narrow profit margins, every percentage point of revenue counts. Traditional credit card processing fees often take two to three percent of every sale, a loss that small businesses can hardly afford. Pharmachute Pay, founded by Queens College alumnus and data scientist Rohan Ramnarain, is eliminating this problem with a secure, fee-free payment alternative that empowers pharmacies to keep more of their hard-earned income.
Pharmachute Pay was born out of Rohan’s extraordinary personal journey — from growing up as a Guyanese orphan to graduating from Queens College and building a successful career as a data scientist. His goal was to use technology to support small businesses, particularly in communities where every dollar makes a difference. The platform enables pay-by-bank transactions, allowing pharmacies to receive payments directly into their bank accounts the same day with zero processing fees. It even offers a free tier supported by targeted ads displayed at checkout, ensuring that pharmacies can access premium features without upfront costs. Built with full HIPAA and NACHA compliance, Pharmachute Pay delivers both security and trust, meeting the highest financial and pharmaceutical standards.
Like many startups in highly regulated industries, Pharmachute Pay faced the challenge of establishing trust with pharmacy owners and financial institutions. Earning credibility meant partnering with major national banks and local financial institutions, maintaining strict compliance with industry regulations, and demonstrating clear, measurable savings. Educating pharmacy owners on the simplicity and benefits of pay-by-bank technology was another hurdle, but by showing both the cost savings and ease of integration, Pharmachute Pay quickly won over early adopters across New York City.
The Tech Incubator at Queens College (TIQC) played an instrumental role in helping Pharmachute Pay scale its vision. Through mentorship, networking opportunities, and practical resources, TIQC helped refine the company’s product strategy, navigate complex regulatory requirements, and build valuable connections with community pharmacies and industry leaders. Rohan credits TIQC’s ongoing support with accelerating their growth and enabling them to scale effectively.
For aspiring entrepreneurs, Rohan’s advice is to be persistent, adaptable, and deeply committed to solving real customer problems. He emphasizes the importance of understanding regulatory requirements early, actively listening to customers’ pain points, and leveraging personal experiences to build trust and stand out in competitive markets.
Looking forward, Pharmachute Pay plans to expand beyond New York City, aiming to support independent pharmacies nationwide. The team is also developing advanced financial management tools, enhanced customer loyalty programs, and custom analytics to give pharmacy owners even more value. Beyond business, Rohan continues to mentor young people from underrepresented backgrounds, sharing his story of resilience and entrepreneurship to inspire the next generation of innovators.
Learn more about Pharmachute Pay: pharmachute.com
