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The 5 Things Needed for Online Pharmacy Approvals
Remember the kid in grade school, the one who was always the last choice when picking teams for the baseball, football or basketball games on the playground? That’s kind of like how banks view online pharmacy merchants – they often cringe when approached by a payment service provider pitching an online pharmacy. It’s not because online pharmacies aren’t profitable – they can be very lucrative – but many banks are hesitant to offer services because of certain risks. It is arguably the most difficult industry for which to find credit card processing. With due diligence and good history, however, online pharmacy approvals can be had.
Why Banks Are Leery of Online PharmaciesEarlier this year, Instabill received a sudden influx of inquiries from Canadian merchants about online pharmacy merchant accounts. As often happens in the payments industry, bank officials can decide at a moment’s notice to no longer allow certain industries within its portfolio for any reason. It is part and parcel of the high risk space. In this case, it left merchants scrambling for online pharmacy approvals so that they could continue accepting credit card transactions on their website.
5 Things Required for Online Pharmacy ApprovalsWendy Jacques, Sales Manager at Instabill, was recently posed a question: What is the most difficulty industry for which to find banking options? Her answer was quick – online pharmacy. She was then posed another question: What are the core components required for online pharmacy approvals?
- License and Certification: Merchants are strongly urged to show licensing and certifications from the country in which they are processing. However, we do have banking partners who will grant processing for non-licensed merchants depending on the products offered.
- Suppliers Agreements: It is imperative that the acquiring bank and processor know where your products are coming from.
- Non-Controlled Drugs: With virtually any processor, this isn’t optional.
- Processing History: Instabill requires six months of favorable processing history.
- $20,000 volume: Different PSPs have different volume requirements. For pharmacy merchants with excessive volume, we propose multiple merchant accounts to stay within your merchant agreement.
Online Pharmacies Have Options With InstabillInstabill has domestic and offshore banking solutions which, with the above criteria, grant online pharmacy approvals. Have a conversation with one of our merchant account managers at 1-800-318-2713, or simply choose the live chat option below.
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