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.