How To Open An Electronic Cigarette Shop – Your Step-by-Step Guide

Jan 27, 2014
661360_web_e-Vaperz_0438_swt

Electronic cigarette shops, or ‘vapor’ shops as they are also widely known, are one of the fastest growing trends in the USA. More and more people are gradually beginning to realize that they can really gain a large profit from opening one; millions of Americans are turning to the modern-day craze that is electronic cigarettes, as opposed to regular ones. This means that more shops need to be opened. However, the first step to be taken is to open an electronic cigarette merchant account. This business is considered as a high-risk one, therefore this is the most important thing to do. Once you’ve done so, follow the simple steps below and before you know it, you electronic cigarette shop will be open for business.

Establish a Location

It goes without saying – the busier the location, the better. With a new business, it’s vital to have lots of passing trade in order to make a high profit. Setting up your shop in a mall or on a busy road is bound to attract lots of people to come in and see what you have to offer.

Get Insurance

Although currently there is no specific license or permit needed to sell electronic cigarettes, it’s certainly wise to consider that this could change in the near future. Getting the license to be a tobacco reseller should be done as soon as possible, to ensure no future conflicts with the FDA. Not only this, but make sure you equip yourself with general liability insurance, just like every other store.

Choose a Unique Name

Choosing a name is a key factor in setting up your electronic cigarette store. Make sure you are creative, because often many e-cig stores end up with the same names. It’s important for people to remember you in particular and to be able to set your store apart from the others. Once you’ve chosen, register the name with your county or state as a DBA. If you’d like extra protection, file a trademark.

Secure a Supplier

Once your store is up and running, one of the key factors of your business now is the supplier. Before coming to a decision, do your research. Shop around. Figure out which supplier offers the best value for money, and go from there once you’ve made contacts. One thing’s for sure – there is absolutely nothing worse than spending more money on buying supplies than what you earn from selling them to the public. Keep this in mind.

Get Your Name Out There

Promote your business and make yourself known in your local area. Set up a website and include all your contact information, get in touch with local newspapers and radio stations to advertise for you (usually at a small fee), and spread the word to people you know. Make business cards, flyers, add up costs and think of special deals you could offer during the first fortnight of trading. Whatever you choose, it’s your business, but it’s key to get yourself known.

startnow

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

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat