Merchant Account for Your Wig and Hair Extension Shop

Dec 29, 2017

In the US, the hair wig and extension industry represents a multi-billion dollar business. In the US alone, the industry generated $192 million in 2016. No single company dominates the sales or manufacture or distribution in the field.

Are you interested in payment processing for your wig and extension business? This article tells you about the wig and extension industry in the US and the right payment processing solutions for wigs and extension your business.

Hair Wig and Extension Industry in the US

The wig and hairpiece stores industry is a niche product retailer within the hair-care sector in the US. Synthetic hair capabilities have improved in the recent 5 years, thanks to advanced technology. This has resulted in an increased demand for this hair product segment.

The wig and hairpiece shops industry has primarily to do with selling 2 types of products: those made of synthetic materials and those made of human hair. However, the products aren’t limited to only these 2 categories: you can also find other key product differentiators such as style, color, durability, and price.

In the recent 5 years, there has been a consistent mix of new products for industry stores. Nearly more than 3/4 of wigs and hairpieces sold in the US are made out of synthetic materials. Human-hair products are sold at a higher price, thus accounting for a higher share of revenue as compared to unit-sales.

Getting a Wig and Extension Merchant Account for Your Business

You can find synthetic hair on sale at every beauty shop in the US, but what many merchants in the field have done is to capitalize on the luxury market ─ those consumers who can afford to pay upwards of $200 and sometimes up to $2.000 for a fine hairpiece.

If you’re on the lookout for a reliable and low-cost wigs and extension merchant account, consider turning to EMB is voted the top high risk merchant account provider in the US and boasts an A+ rating with the BBB. Moreover, EMB is rated A by Card Payment Options and is among Inc. 500’s Fastest Growing Companies of 2016. talks to every single merchant to get to know his/her own business so to offer a merchant account tailored to your specific business wants and needs.

Over the last 5 years, consumers started to invest in discretionary products, which has resulted in increased demand for aesthetic wigs and hairpieces. On the other hand, the demand for the mentioned products has also grown because of the aging population in the country. Over the 5 years to 2022, revenue for the wig and hairpiece shops industry is expected to go on rising.

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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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