Card Processing Solution And ECigarette Merchant Account In Europe
E-Cigs, which is also known to be as electronic cigarettes, Vaporizers and e-cigarettes, is widely popular across the globe. It provides a better alternative to tobacco, and this makes it more beneficial for those who are addicted to cigarettes. The best part of E-cigs is that it provides the same effect of generating water vapors with nicotine rather than the harmful smoke. According to statistical research, it is concluded that the e-cigarettes and Vape industry is worth 3.5 billion dollars. This has made the European market to have more vape shops and high demand for ecigarette merchant account or credit card processing solution for vapes.
Why Do You Need An ECigarette Merchant Account?
A new or small businesses owner that wants to sell hookahs, vaporizers and electronic cigarettes require to have an ecig merchant account. This is very much vital to get it because most of the traditional financial institutions and banks do not support e-cigs or vape selling businesses. This is because of the high-risk category that this business comes in and the several rules and regulations to control the products and services related to vapes, e-cigarettes or hookahs that contain nicotine. These businesses are also much prone to a higher number of chargebacks that makes it a risky move for a bank to provide the merchant account solution. That is why you need a credit card processing for e-cig or a ecigarette merchant account solution for your electronic cigs business from Quadrapay.
What Are The Fees Associated With ECigarette Merchant Accounts?
We at Quadrapay provide affordable payment processing solutions for e-cigarette businesses. We perform an in-depth analysis of the business requirements and then look for an adequate processor that will fulfil all the business needs. In terms of the charges or fees associated with a ecigarette merchant account can vary according to the case to case. It totally depends on your processing history records, how long you are operating, the physical location of the business and the bank and a lot more factors.
Some of the fees that are associated with a card processing solution for e-cigs are as follows:
- Per-Transaction Fee
- Chargeback Fee
- Monthly Statement Fee
- Merchant Account Setup Fee
- Discount Rate
- Merchant Account Registration Fee
- Refund Fee
What Are The Requirements To Get A Merchant Account For ECigarettes?
Just like other high-risk businesses, an ecigarette selling business owner needs to provide some KYC documents to get it verified and approved under the underwriting team of the bank. Providing all the required documents with the application form makes the whole process easier and faster to get approved and get the live account to accept payments for your ecigarette merchant services and vape online selling website.
Some of the KYC documents that are necessary to have are as follows:
- Completely filled And Signed Application Form with all correct details of business registration, owner details and estimated processing volume.
- Copy of Government Approved Identity (Passport or Driving License)
- Proof of Business Registration Or License for selling Ecigarettes in Europe
- Copy of Recent Acquiring Bank Account Statements with full business registered name.
- Copy of Recent Business Processing Statements Showing All Transactions, Returns and Chargebacks.
According to recent new regulations and guidelines, approval of an application for an ecig merchant processing account is completely under the bank’s underwriting team. That is why we recommend you to also get an Echeck services/ ACH payments solution for your business so that you can quickly start and accept payments online for your website.
For more information on ecigarette merchant account, you can mail us at [email protected].