There’s Gold in Those Vapors! Start an E-cig Merchant Account Today!

Aug 15, 2014

With new taxes and bans on cigarette smoking around the country, merchants with e-cig merchant accounts may have thought they were on the losing end of the battle. If there are fewer customers ordering traditional cigarettes, cigars, and pipe tobacco, what was going to happen to their businesses and profits?

The large tobacco companies were not and are not going to roll over and play dead. Leaf tobacco has been a cash crop for many Southeastern states and there are thousands of individuals employed by the tobacco companies. With the FDA and other government offices pounding at the door, the tobacco giants have begun to be proactive. They have entered into the e-cigarette business in spirit and in the body.

E-cigarettes (also known as electronic cigarettes or vaporizer cigarettes), are battery-operated devices that look just like traditional cigarettes. However, because the nicotine is contained in a cartridge, when it is inhaled it becomes water vapor. There is no smoke being emitted. There is no strong smell of tobacco smoke. And customers can order many different flavors. Manufacturers of e-cigs contend they are healthier than traditional cigarettes whose smoke contains over 4,000 chemicals.

Large tobacco companies like R.J. Reynolds are conducting their own research into the use of e-cigs and the benefits of use for the present smoker. Research into tobacco alternatives and cessation products was part of the landmark case against the tobacco giants.  This is good news for the merchants with e-cig merchant accounts because it will push additional revenue streams their way.  The e-cig industry is growing by leaps and bounds, and the revenues are growing by tens of millions each year.

North Carolina is famous for its tobacco fields and has been the source of some of the most widely known brands like Winston and Salem. While there is a huge research hub in the Raleigh-Durham area, the University of North Carolina at Chapel Hill has been designated as the site of two government-sponsored research centers that will be providing much-needed data on the physical effects of inhaling vapor as well as on the psychological dimensions of e-cigarette marketing.

Electronic cigarettes are becoming more and more accepted on social networks. Pubs, bars, and nightclubs that had to ban tobacco use now are able to allow e-cig puffing. Since this satisfies the clientele, more previous smokers who left the scene with the tobacco ban are now returning. Another benefit to the e-cig user and the site with an e-cig merchant account is that these ‘smokes’ are not included in the huge federal and state tax levies. On a ‘cigarette to vapor’ comparison, the e-cigs are much less expensive.

Yet with all this good news for the industry, e-cig merchant accounts are still labeled as high risk. Many processors and banks will not even touch this type of merchant. Those who hint they will work with high-risk merchants will charge outrageous application fees, set-up fees, and monthly processing fees. Those wanting to open an e-cig merchant account should look to the leader in opening high-risk accounts. Never settle for less than the best.

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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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