Today, the E-cigarette industry is more than $3.5 billion, and its credit goes to the increased popularity of e-juices, hookahs, and vaping. Most customers found that E-cigarette is a healthier alternative to traditional cigarette. According to the National Center for Health Statistics – 3.2% of customers who try e-cigarettes never smoke a regular cigarette.
Customers now have a vast selection of styles and tastes thanks to the increasing number of electronic cigarette products hitting the market. Rechargeable batteries, inhaler inhalers with LED technology, and built-in "cartomizer" cartridges are all features of e-cigarettes. Batteries are used in vapes to convert liquid contents into inhalable vapor. According to recent surveys, ten new e-cigarette brand launches occur monthly.
So, investing in the online E-cigarette industry now is the best time. But, the first thing is first. E-cigarette businesses are high-risk businesses; it is pretty challenging to find E-cigarette merchant accounts.
Here, in this blog, we will learn basic things about E-cigarette merchant accounts, the documents required, etc. So, let's start.
What Is An e-Cigarettes Merchant Account?
Once you decide to host an online E-cigarette platform, you need to accept online payment from your customers. You ought to require a merchant account to accept online payment, but it is not an easy task.
The E-cigarette industry is considered high-risk; hence, finding suitable merchant accounts and payment processing solutions is challenging. No doubt that E-cigarette businesses are booming nowadays all over the world but also place themselves in a gray area.
The effective way to grow your business is by improving your online presence and dealing with a suitable merchant account provider with experience in the same industries.
Why are E-cigarettes Businesses Considered As High-risk?
The use of electronic cigarettes is expanding day by day. Even Nevertheless, payment processors frequently classify these companies as high risk due to the following reasons:
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The legality and safety of still-relatively-new items, such as CBD gummies and hemp products, are uncertain.
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Study on the long- and short-term consequences of e-cigarettes on health.
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The majority of states lack laws for the developing industry.
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Additional management, underwriting expertise, and procedures are essential for products with age restrictions.
As E-cigarette enterprises are considered high-risk businesses, merchants ought to need high-risk E-cigarette merchant accounts. A high-risk merchant account brings a few more tools than a standard merchant account which help them to rise their business. As a high-risk merchant, you need an E-cigarette merchant account with the following services :
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Anti-fraud and anti-chargeback tools
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Age verification systems
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High-risk payment solutions.
E-cigarettes Merchant Account Application Required -
Nowadays, the merchant can apply for the E-cigarettes Merchant Account online. You must fill out the online application forms and prepare some documents. These documents are -
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Government ID cards
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Letter from the bank
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Last three months of bank statements
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Last three months of credit card processing statements
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SSN or EIN (SSN stands for Social Security Number, and EIN stands for Employer identification number)
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Chargeback ratio under 2%
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URL of your online websites
The above list varies from one service provider to another. Generally, a merchant service provider takes 3 to 7 working days to approve your accounts with proper documents.
Why Choose WebPays As Your e-Cigarettes Merchant Account Provider
As you know, E-cigarette enterprises are considered high-risk businesses, so not all service provider offer their services to these industries. Only a few service providers are compatible with online E-cigarette businesses. One of them is WebPays.
WebPays is one of the world's leading and best service providers for high-risk businesses. It offers many benefits to the merchant. Some of its benefits are -
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It is an all-in-one solution. You can get a merchant account, E-cigarette Credit Card Processing, and E-cigarette payment gateway.
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Cover all the issues of PCI DSS. Also, include anti-fraud and anti-chargeback tools.
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Allow merchants to receive payment in multiple currencies from all over the world.
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Offer various payment modes, including alternative payment modes.
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Approve the merchant account within 3 to 5 working days with proper documents.
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Easy to integrate on sites.
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Offer a powerful dashboard.
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24*7 customer support
Final Thoughts -
Once you establish your online E-cigarette business, you ought to need an E-cigarette merchant account and an E-cigarette credit card processing. But, due to the high-risk nature, the service provider denies offering their services. In this case, the merchant has to look for a service provider compatible with high-risk businesses like e-cigarettes and has experience.
We recommend you choose web pays as your merchant service provider. With WebPays, you can get all-in-one solutions. WebPays has experience dealing with the E-cigarette industry so you can trust us completely. You can also get many benefits with us.
You can contact our expert team to shake your hand with us. We are always ready to serve you.
