Jan 06, 2014

Credit Card Processing for Vape Shops

vape shop

For online merchants, one of the most important steps in running a smooth business is having a reliable credit payment processor: a merchant account. If you operate an online e-cigarette business you will fall into a high risk business category that will make opening merchant accounts difficult. The reality is if you want to open a merchant account for your e-cig shop, you will almost certainly need to find an online high-risk merchant account.

Conventional banks are unwilling to work with high risk businesses as the potential fallout from borderline illegal products and services, you are based offshore, or if your standard advertising and marketing tactics do not correspond with the bank’s expectations. Additionally, banks will require large reserve payments for chargebacks, extensive documentation regarding your business history and plan, and finally a favorable credit score. Should you fall short in any of these categories traditional banks will turn you down.

Searching for a merchant account for your e-cig shop online can be equally challenging. There are scores of unethical merchant account providers preying on small businesses online. As a high risk small merchant running an e-cig shop, you will be forced into terms and rates that are not ideal nor favorable. This is why research is pivotal for opening your merchant account. Services that provide your Credit Card Processing for your vape shop can maximize your business’ development and keep it running smoothly.

Beware of application fees and hidden costs in your contract; read the contract thoroughly. For ease of business, check that your provider has online reporting to make your merchant account manageable. Be sure, above all else, that your account provider is okay with the e-cigarette business; find a specialized provider with accounts and rates specific for e-cigarettes. Finally, be sure to check on rates regarding domestic vs international providers as offshore merchant accounts may be dependent on foreign taxes.

Running an e-cig shop will mandate a merchant account that operates smoothly for your business. Traditional banks will rarely accept an application for a merchant account from a high risk business like an e-cig shop. However, you can still find an account online. Careful research and deliberate effort in finding a reputable provider of merchant accounts can put your business on the fast track.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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