Most merchants who buy and sell medicines online have pharmacies that are based abroad. It’s a large part of the reason why online pharmacies are considered high risk businesses. Credit card processing providers find it difficult to accept high risk businesses like pharmacy merchants. Yet, this is one of the most profitable business services online today.
The pharmaceutical trade in the US and the UK is expensive. By trading offshore, merchants are able to maximize profits. That is why most pharmaceutical online providers are based offshore.
Yet, while profit margins increase for online pharmacies, many banks decline their applications for pharmacy merchant accounts, deeming their business as too high risk. However, Instabill works with offshore banks that approve and issue pharmacy merchant accounts.
How We Provide Pharmacy Merchant Accounts?
Instabill is partnered with a variety of offshore acquiring banks that specialize in providing high risk merchant accounts for high risk businesses. What’s more, we can provide customizable accounts that fit each merchant individually. All you have to do is provide one of our merchant account managers with a few details of your business. Contact us today to learn more.
Account Rates for Pharmacy Merchants
Pharmacy merchant account rates are assessed on a case-by-case basis. Pharmacy merchants with high monthly sales turnover in excess of $1 million generally pay between 4-5% for their merchant account, while start-up internet pharmacy merchants and, internet pharmacy merchants with low monthly sales turnover (less than $50,000 per month) generally receive rates between 6-7%. Feel free to contact a representative for specific rate information.
Approvals for Pharmacy Merchant Accounts
Instabill applications are free, and many qualified merchants can often be approved for merchant accounts in as little as one to two days. Upon receiving a merchant account approval notice, an Instabill account manager communicates all the credit card processing terms and conditions of the bank to the merchant.
If the merchant accepts the offer, a merchant account contract is emailed to the merchant for them to sign and return the contract back to Instabill. Live processing can usually start 24-48 hours later.