High Risk Vape & E-Cigarette Merchant Account
Most businesses have a pretty easy time setting up their merchant accounts for processing credit and debit cards. And since three in 10 Americans say Many businesses have an simple time setting up their merchant accounts to process debit and credit card transactions. Since three out of 10 Americans claim that they do not buy anything with cash at any time during the week, having an efficient card processing is essential for conducting business.
However, the situation is somewhat more complicated for businesses that sell vape products. They are regarded as high-risk just like CBD retailers, which means conventional financial institutions and banks are generally not willing to offer them merchant accounts.
What’s a vape proprietor to think about? Accepting cash only isn’t an option anymore, since increasing numbers of customers who want to be convenient and contactless are able to find alternatives. It is essential to locate a vape and E-cigarette merchant account as well as a credit card processing company which is capable of working with businesses that are high-risk. With a knowledgeable and reliable company for payment solutions will be able to elevate your business to the next stage.
At Binary Gateways, we are happy to provide merchant accounts for the following businesses in the vaping industry
- Vape pens
- Vape juices
- Vape cartridges
- Vape tanks
- Rechargeable e-cigs
- Vaporizer accessories
- Drip Tips
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Payment Solutions for a Modern Vape & E-Cigarette Business
If you own one of the most risky businesses, like the vape shop, you’ll need certain items you’ll require in terms for merchant-related services.
Merchant accounts are where the money you earn on sales go. It’s not exactly the same as a bank account for business because you have no the ability to control it. It’s just a account that holds your money until they’re settled. If you are facing any charges or returns that require funds, they will be withdrawn from the account. Merchant accounts are essential to accept electronic payments. Without them, you’ll not be able to accept debit or credit cards.
Card processing is the term used for the process of handling transactions made with debit or credit cards. Your card processor is intermediary between your banks and terminal. It also oversees interaction with card associations that are involved like Visa as well as MasterCard. The company responsible for this actually transfers funds from the bank of the customer to the merchant’s account.
A payment gateway can be comparable with the processor, but specifically refers to the technology used. The payment gateway connects merchants to banks and payment processors that allow merchants to accept debit or credit card transactions from customers. It is usually tablets, terminals or app that lets you capture credit card details and then transmit the information to the proper parties.
Vaping Industry Chargebacks
Chargebacks are a common occurrence in the vaping industry. They can be triggered by various reasons, such as if the customer’s dissatisfaction with the taste of the liquid or electronic vape pen.
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If the client uses CBD vapes, they can also file a chargeback or dispute by just stating that the product’s effectiveness was not satisfactory and left the customer unhappy.
If your company is subject to a lot of chargebacks, your costs may increase and you may lose accounts with merchants.
How To Apply For A High-Risk Vape & E-Cigarette Merchant Account?
In order to apply for a vape and E-cigarette merchant account, the merchant must provide specific details for their processing.
When you submit an application for Binary Gateways, our underwriters will conduct a thorough examination of your application to verify that you’re running a legitimate company.
Underwriters will conduct an investigation on merchants to establish a clear picture about their operations. Bank balances that are not paid, unpaid bill balances, late payments and a record of chargebacks frequently occurring are all things that make your company somewhat more risky than other businesses.
When you apply for your merchant account, you’ll require a secure site.
The process of applying for vaping/e-cigarette payment processing is a thrilling choice, because your payment processor is likely to remain with you for the duration of your contract.
Here is all you need to know before you apply for your vaping accounts. The more information you give, the quicker you’ll have your account up and up and running.
- Proof of SSL website
- Voided check
- Social Security Number
- A valid government I.D.
- Six months of processing statements (To show chargeback ratios)
Choose Binary Gateways For Vape & E-Cigarette Merchant Account
Binary Gateways understands the complexities of the vaping business and the steps to improve your payment processing and take it up to the next step.
We have developed numerous personal relationships with banks that acquire customers We can open your vape and E-cigarette merchant accounts and begin processing payments in no time, without worrying about losing your merchant account.
If you’re looking for lower costs, more chargeback assistance, and 24 hour customer service , check out how Binary Gateways can do for your business of vaping.