As more people are becoming health-concerned and understanding of the hazards of smoking tobacco. However, options are carried to the market to handle this requirement.
Even though e-cigarettes have been on the market for a little over ten years. However, there is still much controversy about the effects of health hazards. Given the conceivable health issues assessed with the use of e-cigarettes, the FDA handed a rule back in 2009 to control the production, allocation, and marketing of these specific products.
So, let us flip all the sides of an e-cigarette business and how to get an e-cigarette merchant account in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.) for your business.
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Both e-cigarette products come under the sort of high risk. Why? There are many causes. Even though e-cigarettes and vaping products do not actually comprise tobacco, various state, and municipal nations have provided rulings in order to inflict tariffs on them.
These products also have some restrictions from being selling to minors. Many governments and state governments limit the use of cigarette products in specified public zones. There are also higher incidences of chargebacks, fraud, and other legal consequences assessed with this sort of business. It is these, and most of the reasons stated above that standard payment gateway providers simply do not like to accomplish business with these sorts of merchants.
Since these products are regarded as high-risk, most standard payment providers will not deliver merchants with a merchant account. Since rules and regulations are subject to vary and are always adjusting. Moreover, standard payment processors would simply instead not take any risk.
Furthermore, since these products are high-risk, they require to partner up with a high-risk merchant account provider. So that they will have access to standard I-fraud and chargeback reduction tools.
What is equally essential about associating with a high-risk merchant account provider is that they are more probable to be up-to-date with all of the rules and lawmaking assessed in this industry.
With the e-cigarette industry exploding globally. So, there are multiple merchant account providers than ever that are willing to help you. Yet, not every payment provider that contends to have all the solutions you require will be a suitable fit for your high-risk business.
Before selecting a payment service provider, make sure that they at least deliver the following characteristics as a portion of their payment solution:
Relying on the payment service provider you prefer. Moreover, they might ask that you will have to ready with the following documents:
A powerful track history will provide underwriters with a better glance at your financial risk. Acquiring a financial history that is not punctured with debt and missed transactions will ideally position you to get your merchant account authorized.
At the end of the day, your payment processor likes to assure that. Not only can you conduct credit and debit card payments securely and reliably. But by accomplishing so, your online business has an increased possibility of development.
Relying on the specific payment processor, there will be a requirement for determining details and documents to be provided along with the application form. The more comprehensive your details. However, the quicker you can get your merchant account established.
Here are only a few things you may have to present to your payment processor:
Truthfulness can really create a difference when going to apply for a high-risk merchant account.
This is specifically authentic in the vape and e-cigarette industry. For all “customer-commenced” chargebacks, deliver a detailed description. Also, deliver evidence of processing a compatible cost of online payments.
When going to apply for a merchant account, specifically for the vaping industry. You must assure that you show your merchant category code. The MCC codes specify the sort of business you operate, the products or services that you deal with, and the possible risk they present for customer-commenced chargebacks.
The dealing of vapes and e-cigarettes is an admiringly prohibited industry and hence must concede with all the rules and restrictions as imposed by the FDA.
One of the regulations allocated previously on January 2020, was that it is prohibited for a retail business to sell any tobacco products (this comprised e-cigarettes) to any buyer under the years of 21. There are also some vape stores that may include “legal obligations” as merchants and manufacturers of tobacco products.
After all of the aforesaid has been prepared, the next move will be to proceed to your provider’s website and try to get a merchant account through their online application. Complete the application form to the most satisfactory of your knowledge, penetrating all the mandatory details entirely and truthfully.
Once done, you will then present your online application, along with all of the necessary documentation. When accepted, an underwriter will comprehensively examine the application.
Also assuring that all details and existing business activities are legal. You should listen back with a judgment within some days.
Upon approval, you will get support in establishing your merchant account setup, along with e-Cigarette credit card processing. Then you will be all set to take and process credit, debit, and payments made by digital wallets, if relevant.
The e-cigarette industry is increasing in prevalence globally. So, performing this is a favorably profitable industry. Yet, a business is only as fine as its merchant account provider. Not just any payment provider will accomplish this. It must have experience in the high-risk industry, specifically e-cigarette structure.
There are many rules and limitations assessed by the FDA that a payment provider must be acquainted with to assist the merchant stays in observation. Do your remaining persistence and find a payment gateway provider. That can also deliver anti-fraud and chargeback reduction resources to assist your business climate with the problems that could occur. With some important documentation and a concluded online application. However, this is all you actually require to get an e-cigarette merchant account.
WebPays is a high-risk merchant account provider that has assisted many businesses in finding e-cigarette merchant accounts in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.) with fair terms that let them expand and develop globally.