How an E-cigarette Business Can Get a Merchant Account and Start Taking Credit Card Payments

Aug 16, 2018

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.

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 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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