The employees of Easy Pay Direct are high risk merchant account experts. EPD will make the process of finding a merchant processor for your company easy. All you need to do is make sure during the application process you are as transparent as possible when it comes to the products you are selling. The regulatory legislation is a tough process to understand and go through when trying to get your business on its feet. EPD will help you navigate this gray area and get you the services your business needs.
Individuals who want to pay in person can do so in a number of ways using Helcim. 100% transparent pricing is available to Helcim users. With one Helcim account, you will have unlimited access to all of the tools you need for seamless payment processing. Your business is covered and every question you have will be answered by their amazing customer service. There are no monthly fees when working with Helcim.
EMerchantBroker is the #1 provider of merchant accounts for the e-cigarette industry. E-cig merchant accounts struggle with finding a merchant provider due to the fact regular banks refuse to work with them due to the increased risk of chargebacks or fraud. EMB offers amazing protection against fraud and chargebacks. EMB is a high risk merchant account processor that has your back in the world of e-cigarettes.
PaymentCloud is another great high risk merchant processor that could be perfect for your e-cig business. PaymentCloud will give you the opportunity to have your application approved immediately. As a high risk business that is rare. They may require a large number of documents to really be sure they can provide you with what your business needs in the world of payment processing.
Dharma offers low rates with no hidden fees. They also offer 24 hour priority funding and 24 hour tech support. With Dharma, you can take payments anytime, anywhere whether it's in store, online, or through a mobile device. You will have all of the tools you need in order to seamlessly process credit card transactions by working with Dharma.
It makes no difference if you have a physical store or only sell electronic cigarettes online. It is critical to accept credit card payments. With e-cigarette merchant services, there are numerous ways to accomplish this. Payment processors that work with e-cigarette companies like yours can be difficult to find.
We can help you find the best one for your company's requirements, but it can be difficult. If you own a business, you should get in touch with us to discuss the best credit card processing companies for your e-cigarette venture.
Businesses must open a special type of bank account known as an e-cigarette merchant account in order to accept credit cards and other forms of payment. Your merchant account is not the same as your business bank account. The two are linked once you've configured your services. Some merchant account providers only offer merchant accounts, whereas others also offer payment processing services. Here's how the money-taking procedure works:
Making money is a time-consuming and difficult task. That is why it is critical to work with a merchant services company that has worked with vape shops in the past. This will streamline the process from start to finish.
Vape shops, whether online or in-person, must accept credit cards, debit cards, and other payment methods. Online e-cigarette retailers would be unable to operate without this service, and other retailers would be forced to accept only cash from customers.
This is especially true if your competitors have established payment processing services. This could be harmful to your vape shop, especially if it already has them. Users of credit cards appreciate how simple it is to pay.
E-cigarette retailers accept a variety of payment methods. It all depends on the type of business and whether or not they intend to expand.
Vape shops with physical locations need a way to accept in-person payments. This is typically done with a point of sale system or a credit card terminal, but there are other options. Customers can swipe, tap, or dip their payment cards at both point-of-sale systems and cash registers. They have the option of paying with a PIN or a credit card.
Many business owners value the extra features that modern point-of-sale systems include. On a daily basis, they can be used to manage payroll, inventory, and a variety of other tasks.
While employees in e-cigarette shops may not use mobile card readers as frequently as they used to, many business owners may prefer this option due to its small size. Individuals who use this type of hardware can track sales and perform other tasks with it. One of these options could be useful for any vape shop owner who wants to sell products in person but not within the confines of their store.
A virtual terminal is similar to a POS system, but there are some key differences. A virtual terminal, as opposed to physical hardware such as a point-of-sale (POS), allows payment via a website. This means that the website can be accessed from any desktop computer, laptop, or other devices with an internet connection.
While virtual terminals require customers to manually enter their payment information, they can also be outfitted with card readers. A virtual terminal allows your company to process payments for orders placed over the phone or through the mail more easily and conveniently.
If you run your e-cigarette business online, you'll need a payment gateway to process your transactions. Every single person who has ever made an online or mobile purchase has used a payment gateway at some point. That is exactly what this type of software does. It integrates with your website's shopping cart.
If you own a business, you can have payment gateways that look exactly like yours. This ensures that your customers' purchases and personal information are safe.
Cash and credit cards are the two most common ways for your vape shop to accept credit cards. Using a merchant account provider or a payment service can help you earn money for your business. They are also referred to as payment service providers. You're probably familiar with them if you're familiar with PayPal, Stripe, and Square.
In this group, they are all grouped together. Payment aggregators are a wise investment for some business owners. They provide numerous advantages, and it makes sense for some people to collaborate with them. They have the following, among other things:
Payment service providers do not work with e-cigarette businesses as of this writing. To get around this, they invent clever names for their products or hide what they sell in their stores. This is a bad idea because the business's account may be frozen if the lie is discovered. They risk losing all of their money or even having to close their business.
As a result, many vape shops have been added to the MATCH blacklist. Once you're on the MATCH list, it's difficult, if not impossible, to get off.
E-cigarette businesses are extremely risky, so MSPs that only work with low-risk businesses will not work with them. Some MSPs with a high risk profile will. Before deciding to work with one, it's critical to understand what to look for. They are not, however, all the same.
This is extremely important. Before agreeing to work with any vape-friendly merchant account provider, make sure to carefully read the contract. You may be required to sign two contracts: one for your merchant account and payment processing, and another for any business equipment.
You should never sign a contract or lease agreement for any type of hardware, according to the best payment processing experts. This could end up costing you a lot of money in the long run. The equipment would have cost around $500 if you had purchased it outright.
Additionally, before signing, carefully read the contract's terms. What if you decide you no longer need the service? Will you face any consequences if you cancel the class? It's critical to understand the cancellation fee associated with high-risk payment processors ahead of time, because you never know when it'll happen.
When someone refuses to pay for something, this is referred to as a chargeback. Customers can request a refund six months after the date of purchase. Chargebacks can be harmful to your business in the long run if they occur frequently. Your merchant account may be frozen while an investigation is conducted, which could take months. It's possible that this will happen to you.
Chargeback prevention services are extremely useful and can save you money. This service is offered by a number of merchant account providers and can be quite beneficial. If MSPs do not want the chargeback to go forward, they can work with the customer to arrange for a refund. You avoid paying merchant account fees when you use this method.
Payment processing is typically charged in the majority of cases, and even more so for "high risk" businesses. It's critical to understand the various types of transaction fees and how they affect your business.
There are also surcharge and cash discount programs that can significantly reduce payment processing costs. However, finding MSPs that provide them for vape shops may be difficult.
There are a few things you should think about before selecting an e-cigarette merchant account provider.
You are mistaken if you believe that technology has made your life easier. It will not always be successful. It's critical to know that someone will be there to help you if and when you need it. Make sure you know how to contact customer service and look for multiple channels of communication. You should be able to reach out to a customer service representative by phone or email. You should also be able to communicate with them online.
It is also advisable to inquire about the availability of technical support. Many merchant account providers and payment processors provide 24-hour customer service.
Worst-case scenario: you set up a payment processor but are unable to use their equipment or website. You may be able to arrange for a demo to ensure that a company's system works as you expect it to.
Furthermore, this allows you to ask questions about the software and learn more about how it works. You should not have to think about how you will be compensated when running a business.
You must consult your contract to find out. You might not be aware of all the fees levied by a payment processor at first. Inquire about all of the monthly and annual fees that will be charged to you. If you are bound by a contract, make sure the fees are clear.
Your vape shop may be currently operating as a physical location. That is a great question. But, what do you want to be? Do you intend to establish an online presence in the near future? If you want, you can work with a processor that can grow with your company.
If you want to go online next year, a company that specializes in POS systems may be unable to help you. In order to do so, you may have to violate your contract. In the long run, this could add up to a sizable sum of money.
Our advice is to look for an MSP who can help you grow. You'll be glad you did, and you'll thank yourself later.
To cover chargebacks, most high-risk businesses will need to keep a "rolling reserve." To cover this type of expense, a portion of your sales will be retained. This is what is known as a "rolling reserve." In most cases, the term is six months.
After six months, your business bank account will be credited with one month's sales. This process will continue until the provider determines that you no longer require it. However, for many people, this is an unbreakable rule.
Having a variety of activities available to customers is one of the things they value the most. People are more likely to use Apple Pay and Google Pay because they are more user-friendly. The more payment options you have, the better. People will increasingly use mobile wallets to pay in the future, so you should implement that technology right away.