Tier 1 Quality Hookah Merchant Account.
A hookah merchant account is a credit card processing account used by merchants who sell hookah or operate hookah parlors. This type of merchant account is utilized across the hookah industry to facilitate credit card transactions. Hookah merchant accounts come in two types: online ecommerce hookah merchant accounts and retail hookah credit card terminals. QuadraPay offers all kinds of credit card processing solutions for hookah merchants. We support ecommerce and retail transactions for hookah businesses. Merchants can obtain brand new credit card terminals on a rental or one-time purchase basis. With a hookah credit card account businesses can easily expand their customer base and sales revenue.
The hookah industry is considered high risk due to several factors. Firstly, the product itself is deemed high risk because of its potential impact on health. Additionally, varying legislations from state to state and country to country make the underwriting of a hookah merchant account significantly difficult. Merchants in the hookah industry often experience seasonal business, which is not favorable according to merchant account underwriters.
Furthermore, the industry has traditionally experienced high chargebacks due to the fragile nature of the product. The risk of fines and potential penalties also makes this industry very challenging when it comes to underwriting accounts. To mitigate risk and process credit card transactions in the industry, underwriters must thoroughly inspect the merchant profile to ensure compliance with all recommended guidelines.
Benefits of Hookah Merchant Accounts
With the hookah merchant account, businesses can easily accept credit and debit card payments from local customers. Additionally, our international payment processing solutions allow merchants to accept payments from customers in various nations. This feature helps increase the reach of any e-commerce company that sells hookahs, bongs, or any other paraphernalia items.
Merchants understand the paying behavior patterns of customers and offer a convenient way of making payments, which directly translates into increased sales and better profit margins. Digital payments also help merchants expand the average ticket size, resulting in better growth of the e-commerce business.
With a partner like QuadraPay, businesses can experience a very fast setup of a hookah merchant account, enabling them to quickly start accepting credit card payments.
Offering multiple payment methods to customers brings a competitive edge to your business. This competitive advantage can attract a larger customer base to your company, as customers respond to the much-needed flexibility in payment processing, which is generally not offered by others.
Pricing for Hookah Credit Card Processing Accounts
We have multiple pricing models for hookah merchants. The most common pricing model used across the hookah processing industry is a fixed rate model. In this pricing model, the merchant pays a fixed transaction fee for each order. This fee is a percentage that merchants pay on each order.
For merchants who are confident about the progression of their business, they may also qualify for a tiered pricing model where the transaction rates can decrease based on the milestones achieved by the merchant.
Another pricing model that works for hookah merchants is the interchange-plus pricing model, where the merchant pays a small percentage above the interchange prices depending on the card type used by the customer. This kind of model can be a little confusing for startups, which is why we recommend hookah merchants to prefer a fixed pricing model.
KYC & website compliance for Hookah payment processing
The KYC and website compliance requirements for hookah businesses are a little stricter than those for merchants in regular industries. A hookah merchant must submit basic documents, including a valid government ID, bank statement, recent processing statement, a letter from the bank confirming the details of the bank account, social security number, company registration documents, and proof of stock and inventory.
Additionally, businesses in the hookah industry must have a working website if they want to accept e-commerce transactions. It’s important to note that compliance requirements can vary depending on the country of registration of the hookah merchant and the country where the merchant wants to sell the products. Merchants must ensure that they fully comply and implement regulations, including factors such as importing the product properly, packaging the product, and advertising the product as per compliance standards.
Hookah Payment Processor Application Process
At QuadraPay, the application process for a hookah merchant account starts immediately once you apply on our website. Initially, we require very limited information from you. These basic details help us understand your requirements and also enable us to match the right payment solution provider for your needs. Once we receive these details from you, we get in touch with you and guide you about the next steps, which generally include collecting the KYC documents.
Once you send us all these KYC documents, we ask the underwriting team to evaluate your application. If everything works well, you can start accepting card transactions in as little as three to four working days. However, keep in mind that the approval timeframe can vary depending on multiple factors. We prioritize getting you approved within a week’s time.
QuadraPay is Your Hookah Payment Processing Partner.
QuadraPay is the only hookah payment processing partner that you will ever need. Our solutions are extremely beneficial for hookah merchants of all sizes. You must take advantage of our free application process, which will allow you to access low-cost credit card processing for your hookah business. Our solutions are powered with multiple payment gateway options, which enable you to choose the payment gateway that fits your unique requirements. An experienced solution provider can ensure that you remain compliant with various regulatory requirements.
With QuadraPay, you will gain access to a higher monthly sales volume without worrying about settlement issues. We work with domestic acquiring banks that offer very fast settlement for hookah merchants, sometimes even as quick as next-day settlement.
Domestic acquiring banks help businesses improve the conversion ratio and reduce cart abandonment. It’s time for you to say goodbye to the merchant account stress. QuadraPay is your partner that will work hand in hand with you. Apply now.
