eCigarette Merchant Accounts & Credit Card Processing
Ecigarette merchant accounts are difficult to open with most banks since they are deemed high risk. Only a handful of processors and banks will handle this industry because it is seen by underwriters and banks as comparable to tobacco, a highly regulated product. The merchant is left having to find one of these processors to open an account with if they wish to accept card payments, but this is easier said than done. Dozens of payment agents on the internet will claim they accept ecig merchants but most will not be able to secure approval for their clients, while others will have an approval but the account will be closed months later. Ecigarette merchants must find a true high risk processor if they wish to process cards for the life of their business.
Global Pay provides high risk merchant accounts to ecigarette businesses of all sizes. Every ecig merchant knows how difficult it is to find a reputable high risk processor that will ensure easy approval and long term processing without any disruptions. Most ecigarette payment companies describe themselves as high risk however; the solutions provided are normally no different than services offered to their low risk retail merchants. You might be approved but your account will never stay up for more than a couple months. In the low risk merchant processing trade, the banks make it a priority to approve nearly every account that is submitted in order to be competitive and not lose any deals. This is great for the sales person however the banks will perform formal underwriting on the accounts within the following weeks as well as normal audits on their books. Once the underwriting procedure has been completed, only the low risk accounts stay and anything medium or high risk is closed. It is imperative that ecig merchants work with a high risk processor from the beginning in order to avoid having their merchant account closed and their funds frozen (normally for six months) to make sure there are no chargebacks.
Global Pay offers a complete high risk ecigarette processing solution to their merchants, based both online and offline. Upon account approval, companies will have access to the online payment gateway, allowing for easy integration with nearly every shopping cart program. Your customers will have the option of easily purchasing directly off your website or calling in to order. For email and phone orders, ecig merchants will be able to use the virtual terminal located within the payment gateway. After a payment has been submitted and approved, the money will be automatically deposited into the merchant’s bank account in only 24 – 48 hours. Payment approvals and declines are done in real-time; within only tenths of a second. It couldn’t be any easier!
Global Pay works with a network of US based and offshore banks that process payments specifically for high risk businesses. Contact our office today and speak with one of our knowledgeable account representatives about setting up a merchant account for your ecigarette business.