E-cigarette Bill Awaiting Approval on Indiana Governor’s Desk

Jun 24, 2015

An e-cigarette bill for the state of Indiana has made its way to the Governor’s desk. H.B. 143 was passed April 16th with a 73-14 vote in the House. Many are anxiously waiting to see if it will be signed into law. This bill would involve the regulation of liquids that are used in electronic cigarettes.

The first individual to outline this piece of legislation was Attorney General Greg Zoeller. His propositions include the requirement that “vape shops” selling e-cigarettes must obtain a license. A five-year permit would cost $1,000, and a renewal would cost $500. The big concern is that e-cigarettes continue to not be regulated by the FDA. This piece of Indiana legislation moves to try to change that.

Another aspect of Zoeller’s proposal is to tax e-cigarettes similarly to traditional tobacco products. The reason behind this is to try to make the products less appealing and obtainable for youth. This is followed by another proposition that e-liquid containers should be sold in child-resistant packaging in order to prevent accidental and potentially fatal poisoning. Zoller also included a statewide smoking ban for e-cigarettes in his proposal.

CravinVapes Chief Executive Officer, Shawn Anderson, expressed that a big concern is “walking that line” to keep the industry alive while also protecting the health and wellness of the consumer base. Anderson also revealed that the hardest part for businesses involved, if this bill is passed, is the burden the legislation will inflict concerning security measures.

For potential startups in the state of Indiana, launching a business in this industry at the moment might bring with it some concerns on how this bill will affect them.  It has already been difficult for those in the e-cig industry to obtain the funding and payment processing they need from traditional lending sources, many of whom are concerned about the high-risk nature of the industry.

Thankfully, alternative lending sources like eMerchantBroker, that specialize in offering “high-risk” businesses their services, also offer electronic cigarette merchant accounts. Unlike traditional lending sources, or the e-cig bill sitting on the Governor of Indiana’s desk, these merchant accounts do not involve excessive documentation and fees. The application process is simple, fast and hassle-free. These merchant accounts are increasingly becoming the sought-after solution to the e-cigarette merchant’s needs.

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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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