Locking in the Right Electric Cigarette Merchant Account Provider

Apr 14, 2014
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Electronic cigarettes, or E-cigs, are all the rage. It is the perfect time to start up an e-cig business, or incorporate them into your existing business. However, due to the newness of the product and the possibility that it may be a short-lived fad, it can be hard to find a merchant account processor to help your business.

One of the merchant account processors that provide e-cigarette merchant accounts is eMerchantBroker.com.  eMerchantBroker.com is the #1 provider of merchant accounts for the electronic cigarette industry. The lack of clarity in regards to the classification of e-cigarettes scares banks and institutions from opening merchant accounts for these businesses. The Family Smoking Prevention and Tobacco Control Act of 2009 have caused processors to be wary of processing payments for electronic cigarettes, even though they are technically not cigarettes or tobacco. Without full federal research and regularization, banks will not risk exposing them to any legal risks. Because of this, the majority of vendors who sell tobacco or electronic cigarettes were placed into a high-risk category. This means that vendors selling these products have a higher risk of lawsuit, or even a higher risk of going out of business. Other high-risk businesses include credit repair companies and car dealerships. These are reputable companies, but the high-risk category can scare merchant account providers.

When searching for an e-cigarette merchant account, it is best to take into consideration that your fees will be a bit higher than the average business. This is solely because of the high-risk label. However, companies that specialize in high-risk accounts such as eMerchantBroker.com can help you get some of the lowest processing rates in the business. In addition, eMerchantBroker.com offers the latest processing technology and terminals – something that you might not find in the average high-risk processor. E-cigarette merchant accounts take a lot of care and effort to process due to many regulations, and you need the most knowledgeable to handle your accounts.

For your e-cig shop, you will have to look for payments services from high-risk experts, like eMerchantBroker.com. They will you how to set up your merchant account with ease and get your e-cigarette business, be it a web-based business or a storefront.

eMerchantBroker.com’s staff will be able to assist you at every curve in the road

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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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