Nothing can stand in the way of industry that’s now worth over $3.5 billion. The e-cigarette industry and is gaining popularity by the day, thanks to products like hookahs, e-juices, and vapes.
And now it is possible for anyone looking to trade on any e-cig-related product to get an electronic cigarette merchant account and begin taking credit cards as soon as possible. Gone are those days when entrepreneurs interested in the industry suffered to get a merchant account partner and set up everything they need to start taking plastic payments.
What’s more, the market is growing even larger. Most ex-smokers, and those who’ve never smoked before are now vapers—the National Center for Health Statistics’ even discovered in a study that 3.2% who have never used cigarettes have tried e-cigs.
How can you turn your small firm into a credit card taking e-cig business?
First, it is important to learn that an e-cig merchant account is not you regular low-risk account. The industry is listed under “high risks,” which means you stand chances with modern merchant account providers like emerchanbroker.com than with banks.
The advantage of partnering with such account issuers is that; on top of opening an e-cig merchant account for you, they can offer your businesses whatever tools it needs to start taking and processing credit card payments.
Another positive side to signing up with these new-age financial service providers is the fact that they allow you to enjoy these payments solutions at fair rates. It is also worth mentioning that firms like EMB work closely with businesses in high-risk niches like the e-cig industry to provide customized payment services. This way, you can meet best the payment needs of your diverse e-cig market.
While it is almost impossible to get your merchant account request for an electronic cigarette business accepted in your traditional bank, some alternative account issuers can get you on the way in as little as 24 to 48 hours. Plus, you won’t need to present a file of credentials to have your business accepted— any company that can prove to be legitimate stands a chance.
How an e-cig merchant account is different from a low-risk account
You will pay slightly more for an e-cig merchant than a low-risk merchant account. And based on specific circumstances for each company, such merchant account accounts also may come with other limits like a monthly transaction cap, funding delay, or a rolling reserve.
Luckily, account providers lift these limits off your e-cig merchant account after the first three months of taking card payments— but only if you must indicate a stable and desirable credit card processing history.