Even though the E-cigarette market has grown to be worth $ billion, now is the best time to establish your E-cigarette business and move it online to increase sales.
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.
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.