With vape shops popping up all over the country and in more and more towns, it’s probably not surprising that the demand for vape merchant services is on the rise. And this trend won’t be slowing down any time soon. In fact, industry experts and researchers have estimated that the vape industry will easily be worth over $8.26 billion by 2025.
Seeing numbers like these, it makes sense that a great number of aspiring entrepreneurs would begin to flock to the opportunities these businesses represent. But many quickly find that breaking into this high risk industry is sometimes easier said than done. With heavy government regulations, vaping and e-cigarette shops have their own unique set of challenges. One of the largest is finding a merchant account provider.
This growing need has led many alternative providers like eMerchantBroker.com to offer services specifically tailored to vape merchants’ needs. A vape merchant account, for example, allows vape shops to secure the payment processing services they need to operate smoothly – services traditional lenders won’t provide, due to the “high risk” label.
Why is the Vape Industry High Risk?
There are several reasons why traditional acquiring banks question and keep vape merchants at arm’s length. First and foremost, there is a reputational risk. Increasing government regulations and attention is also a big concern. These factors greatly affect a business’ ability to secure a merchant account for their payment processing needs, chargeback protection services and payment gateway.
Find Vape and E-cig Payment Processing Solutions
The solution to this problem? A high risk specialist. As a high risk merchant, you will need (and want) to turn to an account provider that has the expertise and skills to handle the challenges that these businesses face, like EMB. Since these alternative providers are so familiar with the obstacles that come with vape and e-cigarette businesses, you are also more likely to be approved.
While there are many high risk providers and processors out there today, keep in mind they are not all created equal. It’s important to compare each of your options, and ensure you are partnering with an industry-leading provider. Find out all the details, big and small. From monthly processing volume caps and fraud protection to payment gateway and fees and limitations, every detail matters. Find out everything you can about customer complaints and reviews before you move forward and sign a contract.
What to Expect – Application Requirements
eMerchantBroker.com (EMB) is a high-risk merchant account provider that has helped many companies find e-cigarette merchant accounts with reasonable terms that allow them to grow and expand. Boasting an “A+” rating with the BBB, EMB is known for making the application process simple and hassle-free. An online application can be completed in a matter of minutes, and limited documentation is required.
With EMB, even merchants with less than stellar credit, limited time in business and those with high chargeback rates are approved. Your business will hear back and have an account set up in as little as 72 hours. There are no application fees. Merchants not only receive access to chargeback protection and prevention programs, but also multiple secure payment gateway options and competitive rates.