E-cig Merchant Account Payment Solutions

Nov 25, 2014

The popularity of the e-cig is increasing with new flavours and improved e-cig designs means the possible combinations are available to meet all tastes and needs.

This is exciting news if you are looking to open up a shop, either in reality or, just a virtual shop to sell products across the globe. E-cigs classification is a high-risk business due partly to the potential for high chargebacks that are a potential risk with businesses trading online, but also because the e-cig has no classification on taxation.

While tobacco products have strict guidelines and taxes attached to the purchase and sale of the product, the e-cig doesn’t face this problem at all. No government has made the decision as to what classification this product should have. This lack of information and the potential tax liability in the future has made banks cautious in offering facilities to these businesses.

This doesn’t mean that the only payment option you can offer your customer’s is cash; it is possible to open up an e-cig merchant account. You will need to ensure that the account provider deals with high-risk businesses and that they offer a great deal.

Starting up a business, which has the potential to appeal to a wide geographic community of people worldwide, makes sense. It is important that you take into consideration the taxation laws that you must adhere to according to your current location. It is possible that if a government does classify the product in line with tobacco, it could mean that you would need to make a declaration of your business and the amount you have sold. Keeping your business accounts up to date and accurate will be vital in providing any information required.

Therefore, if you are looking for a potential business that is still experiencing a high volume of growth, then the e-cig business might be the perfect opportunity.

Let us help you get a high risk merchant account today!

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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 on 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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