No matter what type of business you operate, if you want to accept credit and debit cards and electronic check payments online, you need a merchant account and a payment gateway.
They are both important because merchant accounts are where funds are held before they are transferred to businesses’ bank accounts. A payment gateway is an online application or tool that declines or approves a transaction when it comes into a business that started with an online transaction. A gateway allows a customer’s sensitive information to safely pass among the customer, merchant, and the bank. If you don’t have a merchant account and a payment gateway, you simply cannot accept and process payments made with popular credit card brands, such as Visa, MasterCard, and American Express and bank cards.
It is especially important that the right payment gateway is paired with the right electronic cigarette merchant account. Electronic cigarette merchant accounts should pair with payment gateways that offer easy integrate and optimal functionality.
What Basics to Look for in an E-Cig Payment Gateway
The right payment gateway will be:
- PCI-compliant, ensuring transactions are encrypted and protected from malware and other threats
- Simple to navigate and offer functions, such as automated or manual batching, seamless returns, quick order void, and complete reporting
- Easily integrated with multiple shopping carts
- Offering easy load-balancing functions between acquirers and electronic cigarette merchant accounts
A Closer Look at What You Need in a Payment Gateway
When researching electronic cigarette merchant accounts and credit card processing, functionality is very important. In a perfect world, electronic merchant account holders should work with a bank that accepts one-time sales and subscription or recurring payments. By working with a bank that accepts both, you gain the flexibility to offer a variety of products and services without creating tension or payment holds with the processor you choose.
Also, integration is very important when you are choosing a payment gateway. Most importantly, the gateway should be dependable, secure, and quick. Electronic cigarette merchant accounts with payment gateways that provide extensive reporting and transaction management will be what should make you choose one gateway service over another.
Requirements for Electronic Cigarette Merchant Accounts
To apply for an electronic cigarette merchant account, you should expect to hand over a number of documents to processors and underwriters. You need to provide:
- A valid, government-issued ID, such as a driver’s license
- A bank letter or a pre-printed voided check
- 3 months of the most recent bank statements
- 3 months of the most recent processing statements, if applicable
- A SSN (Social Security Number) or EIN (Employer Identification Number)
Additionally, e-cig merchants must have secure, fully-operational websites, and chargeback ratios must be below 2%.
The Last Word on Accounts and Gateways
Now that you understand the importance of electronic cigarette merchant accounts and payment gateways, it is time to do your research and figure out what works bestyou’re your business.
When it’s time to apply for an electronic cigarette merchant account, consider eMerchantBroker.com (EMB). EMB, which specializes in working with high-risk businesses, offers electronic cigarette merchant accounts and a high-risk payment gateway. Its gateway gives businesses the security and infrastructure needed for quick, safe transactions. EMB customizes payment processing solutions for all types and sizes of companies, including e-cigarette, vaping, and smoking accessory merchants.
Though approvals are not guaranteed, EMB promises a quick application process. Merchants accounts can receive approvals within 24 to 48 hours.