Looking for the best advice in payment processing? Call and get a free consultation Tel. +1.888-255-4596
Pharmacy Credit Card Processing: Diligence Required
Acquiring online pharmacy merchant accounts is a bit of a balancing act, but at Instabill we like to think we’ve found that balance. On a weekly basis, we get several inquiries from e-commerce merchants about pharmacy credit card processing solutions, but we turn away more than we board. Online pharmacy is among the highest of the high risk business types, but with due diligence, proper underwriting and knowing what to look for, it can be a very profitable business.
Underwriting for Pharmacy Merchant AccountsInstabill can offer domestic, international and UK-based pharmacy credit card processing solutions because we have the acquiring banks in place to do so. It is no secret, however, that fraudulent merchants are rife in the online pharmacy industry. Instabill merchant account managers and underwriters take good care in vetting pharmacy merchants seeking payment processing for their businesses. But the underwriting process doesn’t stop there. Once boarded, we continue to monitor our online pharmacy merchants to make certain they are not selling products that are currently on the Instabill prohibited list.
Recommendations for MerchantsInstabill currently has pharmacy credit card processing solutions based only in the US, UK and Europe. Each country has different operational standards for online pharmacies, and it is vital that merchants abide by these standards. Banks tend to shy away from pharmacy merchants in countries where the regulatory standards are lacking, therefore so do we. It is one of several red flags that we look for. Others include:
- Pharmacy merchants based in one country and operating out of another
- Pharmacy merchants offering products that are not approved in their country of operation
- Pharmacy merchants who ship medicines out of country must have appropriate licensing for both countries
Finding Pharmacy Credit Card Processing SolutionsRecently, Instabill copywriters wrote about the 3 keys to finding successful pharmacy credit card processing solutions: Good financial records, processing history and at least $25,000 in volume each month. Based on our history with our acquiring banking partners, we cannot emphasize the first two enough. We welcome all inquiries about pharmacy merchant accounts. To see if you qualify, speak with a live merchant account manager at 1-800-318-2713 or by selecting the live chat option below.
The backbone of ECS World is our PCI compliant payment gateway. Accept credit cards online, over the phone, or via mail order with our simple and easy-to-use payment processing solution. No hidden fees and no volume caps. Learn more today.
ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!