MCC Codes, short for Merchant Category Codes, are four-digit numbers that are used to categorize…
In the credit card processing industry, one of the most well-known high risk categories is the online pharmacy merchant account. While card not present pharmacy is a lucrative, growing industry that meets the needs of the market, there are many illegitimate actors, making it difficult to sort out the good from the bad.
Most acquiring banks and PSPs consider online pharmacies to be a high risk business and do not provide merchant accounts to businesses in this industry. In fact, even many high risk merchant account providers won’t work with online pharmacies due to the difficulty in assessing legal and compliance risks.
Many other high risk merchant account providers do not understand the issues specific to the online pharmacy industry and may provide merchant accounts only to be terminated by the bank or card association. This is not only highly disruptive for a merchant, but it also makes it more difficult to qualify for merchant accounts in the future.
Thankfully, IntegralPay offers payment processing for credit card and alternative payments tailored to merchants in the card not present pharmaceutical industry, through acquirers who specialize in this business type and understand how to assess the legal and compliance issues.
US-based Card Not Present Pharmacy
In fact, we are pleased to announce that we have an acquiring option for US-based card not present pharmacies! This includes online merchants selling ED treatments, hair loss, birth control and more.
We’re happy to be able to provide a top-level acquiring bank for this lucrative and growing vertical related to telemedicine.
The acquiring bank takes care of the risk assessment and compliance process to make sure that your merchant accounts are properly vetted and compliant with card association regulations.