Pharmacy Merchant Account

Pharmacy Merchant Account

Over the past several years, at UniBul we’ve been able to build a very solid payment processing solution for online pharmacies, both U.S.-based and international ones. It just works. Your application is handled swiftly and the set-up is quite straightforward — in fact, you have the option of keeping your existing payment gateway, if you are happy with it; we’ll just integrate it with our bank’s system. Settlement is available in U.S. dollars, euros and other currencies.

We are quite flexible with your requirements. For example, if you are looking for an additional pharmacy merchant account, to go along and be used concurrently with your existing one, we are fine with it, provided we get enough of your volume to justify the effort. Just tell us exactly what you want from us and we will work with you to make it happen. Once we are clear on each other’s intentions and expectations, we will initiate the application process by requesting the following paperwork:

• Application form. You can download it here. Fill it out completely, sign it, and send to us, along with the other paperwork listed below.
• Processing statements. We will need to see your six latest processing statements with your current or latest processor. In there, we will primarily be focusing on four things:
  • Processing volumes. Typically, we require that online pharmacies generate at least $100,000 in monthly sales.
  • Growth rate. We will be looking into whether your processing volumes are growing, declining or stagnant. It goes without saying, if they are growing, we will be happy to work with you, even if the starting point is somewhat lower than we might otherwise like it to be.
  • Chargeback rate. This one will have to be under control. If you have been in the pharmacy business for some time and have not found a way to manage your chargebacks, you do have a problem and you should know it. If we determine that the issue could be a manageable one, we would try and help you to bring chargebacks down. If, however, the rate is too high, we may decide that the situation is beyond repair.
  • Rate of declined transactions. This is a great indicator for the overall health of your business and we will be examining it.
• Supporting documentation. We will ask you to provide paperwork, which you should have readily available, as your previous processor would have already asked you for the same things when they were working on your application. Such documentation will include:
  • Articles of Incorporation or a similar document.
  • A copy of the principal’s passport / national ID card.
  • A copy of your pharmacy license.
  • A voided check, if available.
  • The three most recent bank statements for your business.
  • A utility bill no older than 30 days of the application date.
• Additional paperwork. It is a virtual certainty that during the application process we will ask you to provide additional documentation and you will probably be asked for an explanation of some issue or other. Be ready and follow up promptly to help us wrap up the process as quickly as possible.

Now, nothing of what you’ve just read should be taken to mean that getting approved for a pharmacy merchant account is as easy as a walk in the park. It is not and you should know it by now! This is a high-risk industry for a reason, with all the things that designation entails. However, we have made the application process as straightforward and transparent as we could and, as long as we get your full assistance, you will get your merchant account.

So, you can download the application form from the link above and provide the other documents listed there and get the process started. Alternatively, and that would probably be the better way to go about it for most of you, you can complete the following form, giving us some very basic information about your business, and we will respond within hours with what we could do for you.

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