Where to Find Vape and E-Cig Payment Processing Solutions

Nov 02, 2020

With vape shops popping up all over the country and in more and more towns, it’s probably not surprising that the demand for vape merchant services is on the rise. And this trend won’t be slowing down any time soon. In fact, industry experts and researchers have estimated that the vape industry will easily be worth over $8.26 billion by 2025.

Seeing numbers like these, it makes sense that a great number of aspiring entrepreneurs would begin to flock to the opportunities these businesses represent. But many quickly find that breaking into this high risk industry is sometimes easier said than done. With heavy government regulations, vaping and e-cigarette shops have their own unique set of challenges. One of the largest is finding a merchant account provider.

This growing need has led many alternative providers like eMerchantBroker.com to offer services specifically tailored to vape merchants’ needs. A vape merchant account, for example, allows vape shops to secure the payment processing services they need to operate smoothly – services traditional lenders won’t provide, due to the “high risk” label.

Why is the Vape Industry High Risk?

There are several reasons why traditional acquiring banks question and keep vape merchants at arm’s length. First and foremost, there is a reputational risk. Increasing government regulations and attention is also a big concern. These factors greatly affect a business’ ability to secure a merchant account for their payment processing needs, chargeback protection services and payment gateway.

Find Vape and E-cig Payment Processing Solutions

The solution to this problem? A high risk specialist. As a high risk merchant, you will need (and want) to turn to an account provider that has the expertise and skills to handle the challenges that these businesses face, like EMB. Since these alternative providers are so familiar with the obstacles that come with vape and e-cigarette businesses, you are also more likely to be approved.

While there are many high risk providers and processors out there today, keep in mind they are not all created equal. It’s important to compare each of your options, and ensure you are partnering with an industry-leading provider. Find out all the details, big and small. From monthly processing volume caps and fraud protection to payment gateway and fees and limitations, every detail matters. Find out everything you can about customer complaints and reviews before you move forward and sign a contract.

What to Expect – Application Requirements

eMerchantBroker.com (EMB) is a high-risk merchant account provider that has helped many companies find e-cigarette merchant accounts with reasonable terms that allow them to grow and expand. Boasting an “A+” rating with the BBB, EMB is known for making the application process simple and hassle-free. An online application can be completed in a matter of minutes, and limited documentation is required.

With EMB, even merchants with less than stellar credit, limited time in business and those with high chargeback rates are approved. Your business will hear back and have an account set up in as little as 72 hours. There are no application fees. Merchants not only receive access to chargeback protection and prevention programs, but also multiple secure payment gateway options and competitive rates.

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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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