Merchant Account For Vapes And Ecig
Credit Card Processing has become very challenging for merchants in this industry. This is primarily because of regular updation in legal requirements. We can still try to help you finding a reliable ACH and echeck processors for this industry. The rules vary depending on the geography of the merchant and buyers . Its common to find vape shops in UK and online e-cigarette sales websites in the USA. We suggest these merchants to use Virtual terminal enableds ACH Payment processing option.
Why Is It Tough To Get A Merchant Account For Ecig And Vape Shop?
The answer to this question is quite extensive but we will try to look at few vital pointers.
Health Concerns: The Government is trying to find the ways to reduce the number of cancer patients. yes we all know that Cigarette is a known cause of cancer. It is highly addictive and a very small percentage of smokers quit. The govt has a responsibility to provide better health facilities to the citizens. When someone suffers from cancer then there are 2 major downsides to it. The Patient suffers and spends all his savings. Second, the patients highly valuable human resources come to an end.
Sales to Minors: Yes that right. Sales to minors is also a concern of the Governments all across the world. When it comes to online sales it becomes more challenging. Minors may start with ecig but later may start smoking regular tobacco cigarettes. The Govt is trying to make sure that any nicotine substance is not accessible to the minors. This is a good step and should be appreciated. If you are searching for high risk merchant account for tobacco sales in EU then you may get lucky. One of our processing partner is open about evaluating application from these industries.
Has the ecig and vape business come to an end? Well, there are still many companies that offer merchant services for high risk businesses. Merchants who follow all the guidelines of Government and other legal agencies can try alternative forms of payment processing. This can be Echeck and ACH.
Note :- We are unable to support ecig merchants for card processing. We can only recommend ACH and echeck solutions.
High Risk Merchant Account for Ecig and Vape Shops.
Update : Nov 23/2018. We currently are unable to make any recommendations for this industry for card processing. We recommend merchants to evaluate Echeck as an alternative mode of payment processing.
Merchants can also evaluate ACH for this industry
It is becoming extremely challenging to get credit card processing solutions for ecig and vape products.
As per our understanding presently Credit card processing solutions are not available for merchants from this Industries. Most of the domestic acquirers and payment service providers do not like to touch this industry.
Echeck Payment Gateway For Vape Shops
Process echeck payments starting at a rate of 5%*. Yes merchants facing challenges in getting a credit card processing account can certainly take the advantage of Echeck and ACH payment gateway.
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].
