Get an e-Cig and Vape Merchant Account

July 17, 2019 | High Risk Merchant Account | PayKings

Get E-Cig and Vape Merchant Account

Selling eCigs and vape retail online is no doubt a profitable business model, but is also a venture you can’t take on without an vape merchant account – and not just any account, but a high risk merchant account.

Because of the highly regulated nature of the business and the potentially high level of chargebacks, you’ll be required to get merchant accounts with a high risk payment processing company. Most conventional banks favor low risk merchant accounts. High risk payment processors are more likely to approve your business application for a vape merchant account.

Unlike every other low risk business, you cannot just walk into your regional bank and get readily approved, and the same goes with aggregate payment processors like PayPal and Stripe, you’ll need to consider applying for an vape or eCig merchant account with a high risk payment processor, like PayKings.

Moreover, vape and eCig merchant accounts normally have costs that are comparable to low risk merchant accounts. Based on the status of your company, specifically, it might incur a couple of additional constraints like a monthly processing volume cap, a rolling reserve, or funding delay. That said, if you demonstrate that you can effectively process credit cards, the majority of these constraints can be lifted within the first 3 months.

Application Requirements for an eCig and Vape Merchant Account

With PayKings, you can apply for an eCig and vape merchant account and be approved as soon as today. Most high risk merchant account providers have a simple online application process.

To ensure a quick and easy process, prepare yourself with the following items:

  • A Valid ID, like a Driver’s License
  • Printed Voided Check or Bank Letter
  • Latest Bank Statements

The Process of Applying for a Vape Merchant Account

01. First and foremost, confirm whether the high risk merchant account credit card processor works with eCig and vape retailers.

02. After that, submit an application together with the aforementioned documents. The payment processing company will then go through your application and other credentials.

03. Your records may be also reviewed by the underwriting team, who might need to ask a couple of questions.

04. Lastly, the payment processor will inform you if you have been approved for an eCig and vape merchant account (under certain terms and requirements) or if your application has been rejected.

Assuming that you have been approved with a reputable and experienced payment processing company like PayKings, you will then have your payment gateway installment or processing gear shipped to you (should you need to accept swipe, card-present payments).

And just like that, you and your vape merchant account are good to go.

As a recap, avoid trying your luck with traditional banks and aggregate payment processors who have strict regulations that prohibit them from accepting your vape and eCig merchant account, as it’ll prove to be an incredible waste of time. The best and only choice you have is to seek out a high risk  vape merchant account and go with a knowledgeable and credible high risk credit card payment processor.

July 17, 2019 | High Risk Merchant Account | PayKings