The 3 Keys to Pharmacy Merchant Accounts

The 3 Keys to Pharmacy Merchant Accounts

Credit card processing for the industry of pharmacy – online, MOTO or point of sale (POS) – can be a difficult thing to obtain. The industry has drawn its share of fraud – merchants who aren’t selling what they’re advertising – to the extent that some credit card brands temporarily ceased processing credit card transactions.

But with innovative, ever-improving guidelines from the card associations, payment service providers such as Instabill can provide pharmacy merchant accounts with domestic, international and UK solutions.

Solutions for Pharmacy Merchant Accounts in Place

Instabill merchant account managers take approximately 20 inquiries per week about pharmacy merchant accounts. We attract calls and leads because we offer solutions for both e-commerce and MOTO businesses.

“I think that we think outside the box with pharmacy merchant accounts,” said Wendy Jacques, Sales Manager at Instabill. “We will present these accounts to banks which don’t normally process for pharmacy businesses, but when they see a lengthy processing history and good financials, they will consider it.”

3 Big Keys to Finding Pharmacy Processing

Anyone in the payments industry will attest that obtaining credit card processing for a pharmacy business is difficult to find (but not impossible). An e-commerce or MOTO pharmacy business should have three things going for it:

Above average, lengthy processing history

This is arguably the most important asset to a pharmacy merchant seeking processing.

Seeking a second merchant account

Pharmacy merchants often run into high volume issues – banks will sometimes shut a merchant down. To keep volume at a comfortable level, merchants often open a second merchant account, often offshore, to deal with volume caps imposed by their acquiring bank.

At least $25,000 in volume each month

The monthly volume needs to be worth the acquiring bank’s time and effort. $25,000 per month in volume is arguably the minimum standard.

Contact Instabill Today!

Instabill merchant account managers are on hand to take inquiries about pharmacy merchant accounts. With our free application and fast underwriting process, your pharmacy business could be processing credit cards in as little as five business days. Contact a live merchant account representative by selecting the live chat option below.

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