How To Secure A Pharmacy Merchant Account?

According to the IQVIA Institute for Human Data Science report, the global market for pharmaceuticals was valued at $1.2 trillion in 2018. If you want to enter this incredibly lucrative industry by setting up an online pharmacy, however, you will be surprised to know that this industry is categorized as high-risk.

In order to keep your online pharmacy afloat, you need to have the ability to process credit card payments. But because your business is labelled “high-risk”, you may find it hard to convince a traditional merchant account processor to take you on.

So, what are your options?

Enter the high-risk merchant account provider.

High-risk merchant account providers are specialists in high-risk industries and are well equipped to meet the needs of your online pharmaceutical business.

You don’t need to get sucked into the black hole of research to find the perfect high-risk merchant account provider; Liberty Enterprises is all you really need. Liberty Enterprises offers e-commerce solutions for high-risk merchants, including pharmacy merchant accounts.

As a leader in the high-risk industry, Liberty Enterprises does not shy away from helping legitimate businesses that have been previously shunned by traditional merchant account providers.

Getting started on securing your pharmacy merchant account with Liberty Enterprises could not be easier. You simply fill out their online application. Together with the application, you will be required to submit the following information for your underwriters and processors:

• Scanned completed and signed merchant application.
• Passport copies of all owners.
• Company incorporation papers.
• Current utility bill for each owner
• Six month of current credit card processing history.
• 3 months bank statements

Additionally, all prospective merchant account holders must ensure that no drug on their site is categorized as "controlled" under the Controlled Substances Act (CSA).

Liberty Enterprises assures you that the application process will be quick and painless. As soon as processors and underwriters receive all required information, you simply have to wait 3-4 weeks for your high risk merchant account to be approved. Although this is not guaranteed to all merchants, there is a high probability that most will be approved.

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Created on May 29th 2020 05:09. Viewed 344 times.

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