A long time ago, Instabill thrived on providing business owners with pharmacy merchant accounts until some of our high risk acquiring banks banned these types of online sales. Fraudsters worldwide were processing thousands of dollars worth of illegal, controlled substances and something had to be done to stop it. Recently, acquirers have been easing up on the pharmacy industry and Instabill has resumed processing for licensed businesses once again.
With banking partners located in Europe, Africa, and Asia, we offer a variety of pharmacy merchant accounts. Once approved, you will be able to accept payments from major debit and credit card brands—including Visa, Visa Electron, MasterCard, Maestro, American Express, and China UnionPay—as well as in US dollars and euros.
All merchants must provide the necessary underwriting documents to his or her Instabill merchant account manager, which includes pharmacy licenses and suppliers’ agreements. The approval process typically lasts one to two weeks, but you can start processing shortly after you return your signed contract and integrate with our payment gateway. Payouts for our pharmacy merchant accounts are weekly with a 10% rolling reserve. (Curious about our rolling reserve? Learn more about it here.)
Our solutions are for non-controlled substances only. Not only does Instabill perform a thorough internal underwriting process, but our banking partners do as well. Our merchant account managers perform due diligence steps to ensure you are legal and compliant by running background checks, reviewing bank reference letters, and conducting customer service phone calls once you begin to process payments.
If you provide your account manager with six to 12 months of credit card processing history, we will be able to recommend if you need just one or multiple merchant accounts. Since the pharmacy industry is already risky enough, we can help you reduce your risk by distributing a high monthly sales volume among two or even three pharmacy merchant accounts.
There are also added benefits of establishing multiple merchant accounts. If one bank decides it cannot process for the pharmacy industry any more, then you will still have one or two merchant accounts to use without interrupting your website’s processing.
Signing up for a pharmacy merchant account is the easy part. Within one business day, one of our account managers will contact you and help you with the hard part—completing your application package. Fill out our simple sign up form or call us toll-free at 1-800-318-2713 today.