Pharmacy Merchant Accounts
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In recent years it has become increasingly difficult for online pharmacy merchants to open a pharmacy merchant account. If you are a pharmacy merchant, you will find it is near impossible to find a domestic processor to take on your business. This is due to online pharmacies being categorized as high risk merchants.
This high risk classification has come about because of a number of rogue merchants selling banned substances. As a result of this illegal activity and to protect their interests, MasterCard for example fine payment processors hundreds of thousands for each instance, where it is proved that a processed payment was for a banned substance. This means pharmacy merchant account processors such as intabill have to vigilantly monitor merchants, otherwise risk huge fines.
intabill welcomes pharmacy merchants; however we require merchants sign and view a banned substance/product list confirming they are not, or will not, sell anything on the list. This list is constantly updated, and pharmacy merchants must adhere to all updates.
If you are a nutrition or herbal supplement based merchant you may in some cases be able to process through domestic banks; however sites selling any type of pharmaceutical or medicinal product will in most cases have to use an offshore merchant processor such as intabill.
Why open a Pharmacy Merchant Account with Intabill?
intabill currently processes tens of thousands of transactions per month for a variety of online pharmacy websites. Many of our pharma merchants use us for the following reasons:
- High approval rate for pharmacy merchant applications
- Our high risk rates are very competitive
- We will keep you updated on banned product lists
- We are based in Australia, but our secure banking network is spread worldwide (multi-currency, multi-lingual)
- Our fraud prevention systems is arguably the best in the industry with 24 hour security analysts on hand to minimize chargeback costs
- Superior 24 hour call centre support
- Pharmacy merchant account applications only take 2-3 days to setup