Pharmaceutical Merchant Account

Obtaining a merchant account for your Pharma business is deemed to be incredibly high risk, however that is not to say that we at Modern World can not help you. Pharma is a booming sector that is worth Billions of USD worldwide, This equates to businesses that are manufacturing, developing, distributing or discovering pharmaceutical drugs that could be used as medicine, some are subscribed and some are self described. There is a very broad variety of laws and regulations that encompass Pharma and its these that any merchant bank will need to underwrite in advance to be able to approve you for a merchant account to accept card payments.

Naturally some acquirers will not touch Pharma due to the repetitional risk associated with taking the payments for drugs. However there are lots of high risk acquiring banks that will support your Pharma business.

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We can help you with your pharmaceutical merchant account

With the rise of fitness in recent years, legal performance enhancers and supplements are becoming more and more popular. We pride ourselves on placing your business with the correct provider of a merchant account so that you can start to accept Visa and Mastercard payments quickly and efficiently. We have businesses on our estate that operate in

  • Medicine
  • Viagra - sexual enhancement
  • Vitamins and supplements
Each of the above will be underwritten very thoroughly and to get approved for a merchant account you will need to ensure that the product you are selling are 100% legal and you have all of the relevant paperwork to support your business and the Pharmaceutical products that it sells.  This will include lab reports amongst other licences that you may require to sell such products.

If you have all of that in place then we are all set! So here are a few more bits and bobs you will need to know to get started.

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Line up your ducks – you will need to have your license in PLACE to even start your application for a merchant account. You will also need all of your terms and conditions and legal documentation in place, along with a complete business model/website.

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Have your expectations set. Merchant account for Pharmaceutical products will:

  • Take at least 4/6 weeks to approve
  • Be more expensive than the high street rates you may have been advised on
  • Will be charged on a IC ++ pricing model
  • Likely to have a rolling reserve attached to it
  • Settlement may be weekly
  • Require a high risk registration
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The list of KYC and KYB that you will require to start your successful application is as below:

  • Proof of ID for all directors
  • Proof of business bank
  • Proof of business trading address
  • Full T&Cs and Policies
  • All licences required to be approved and in place.
  • Full access to Website with Logins
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What fees should I expect? You should expect your fees to be anywhere from 5% to 12% depending on your business model and length of time you have operated your Pharmaceutical business. You will also have additional fees associated with your merchant account but these will all be laid out clearly for you before you sign up to any agreements.

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Make sure that the payment gateway for your merchant account is both compatible with your acquirer of choice and also the platform that the website has been built on. This is something that gets overlooked quite regularly and often causes big problems towards the end of a payment integration process.

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SET UP FEES and registration fees will apply, we at Modern World will always be clear and upfront before we start to board your application, however there is also set up fees and registration fees for high risk merchant accounts with Visa and Mastercard. These are often around $500 a year and can be deducted from your settlements by the acquirer. You will not be asked for these fees if you do not get approval.

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Settlement times may be a little longer than you would usually expect from a standard merchant account. We would expect weekly settlements with a seven day delay as standard with the hope that these times would improve over time.

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Are you based in the EU? Our banks will only be able to board your Pharma business with a merchant account if you are located and registered within the EU. Unfortunately we are unable to support businesses that are registered outside of this area. Also, the directors must be located with the EU.

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You will need to maintain a very low chargeback ratio to maintain your open merchant account status for a pharmaceutical business so it may be worth you obtaining extra monitoring tools to ensure you are acting responsibly at all times.

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You will need to have a business bank account all set up and open ready to accept payments in the business name before your merchant account can be opened. We can help you by clicking the link above.

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