Nutra, pharmaceuticals, MCC 5122, 5912 (is possible also 5499)
The following information must be provided by merchant to Financial Institution during onboarding process:
- Company must be incorporated in European Union or the United Kingdom
- One time sales
- Trial or subscription service is considered as the high risk due to large amount of chargebacks
- Each pharmaceutical merchant would be registered in MasterCard with MCC: 5122 or 5912 in MRP (MasterCard Registration Program) - $500 annual fee. Fee must be paid by merchant or IPSP
- In some cases, when using non-prescription drugs following MCC might be used: 5499 as a food supplement (not require registration MRP)
- Presence of a complete description of components (on the web page as well as in the official letter from the manufacturer)
- Presence of the merchants contract with supplier
- Presence of the manufacturers certificate/ license
- Presence of confirmation that this proposed product is a nutritional supplement and does not require licensing / registration, of the supervisory authority of the country in which the vendor is registered and in which there are sold
- An ability to provide documents from the shipping company / courier service confirming the shipment / delivery of goods on the Bank’s demand
- URL with company contact information and registration data
- One language of European Union on a website (not to violate cross-boarding license)*
- Merchant must provide following corporate documents:
- Certificate of incorporation;
- Article of association;
- Memorandum of association;
- Shareholder register;
- Extract from register about directors and company dated no older than 15 days;
- Copies of passports (person who has sign rights and beneficiary owner);
- Banking details;
- Completed merchant questionnaire.
- Website minimum requirements:
- Working website (not under development);
- Terms of use on the website;
- Cancellation and refunds policy (obligatory by VISA and MC rules);
- SSL-certificate;
- Contacts section must contain following information: company contact information (phone number, email and etc.), company legal name with registration number and all other details;
- Placed VISA and MasterCard logotypes on main page;
- Payment methods description with available currency / currencies;
- Confidentiality agreement;
- Copyright;
- Obligatory presence of “Tick box” at the moment of payment for goods or services by the user, that he has read and agree with the terms & conditions and return policy.
* Not all acquiring banks are asking this.