FSA & HRA Card Acceptance
An FSA Debit Card is a special type of debit card issued in the United States to access tax-favored spending accounts such as flexible spending accounts (FSA) and health reimbursement accounts (HRA), and sometimes health savings accounts (HSA) as well. The Prismpay gateway is only one of two that are approved by the Sigis organization for FSA processing.
The Prismpay solution connects to a inventory information approval system (IIAS) requires a merchant’s inventory and point-of-sale systems to have the ability to verify that the merchandise being purchased with a FSA/HRA card is an eligible medical expense, as defined by the IRS. The merchant’s system compares the inventory control information (e.g., UPC or SKU number) of items being purchased against a pre-established list of eligible medical products, the SIGIS Eligible Product List.
The virtual POS allows pharmacy’s to process FSA cards for both 90% and IIAS transactions.