Get an e-Cig and Vape Merchant Account
May 16, 2023
Selling eCigs and vape retail online is a profitable business model. Because of the nature of this industry, these companies need a bongs merchant account. It is a venture you can’t take on without proper payment processing solutions. And vape business owners must be aware of the regulations that come along with being in a high risk industry.
Because of the high regulations in 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.
New Solutions for Chinese and Imported Products
In recent years, banks and importation laws were strict regarding vape products. However, with a changing landscape, PayKings has solutions for vape businesses who source products abroad. This often equates to lower costs and sometimes higher shipping times, but the benefit to your business can be substantial. If you are an international importer for your vape store, we have the merchant account you’ll need.
Bongs Merchant Account Basics
Unlike low risk businesses, a high risk business cannot just walk into a regional bank and get readily approved. The same goes with aggregate payment processors like PayPal and Stripe. You’ll need to consider applying for a 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, it might incur some additional constraints like a monthly processing volume cap, rolling reserve, or funding delay.
That said, if you demonstrate that you can effectively process credit cards, most of these constraints can be lifted within the first 3 months.
Application Requirements for an eCig and Vape Merchant Account
With PayKings’ merchant services, you can apply for an eCig and bongs merchant account. You can be approved as soon as today! As a high risk merchant account provider, PayKings has 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 Smoking Accessory Merchant Account
01. First and foremost, confirm whether the high risk merchant account credit card processor works with a smoking accessory merchant account.
02. After that, submit an application together with the proper 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. These underwriters might need to ask a couple of questions.
04. Lastly, the payment processor will inform you if you have been approved for a bong merchant account. Under certain terms and requirements, your application can be rejected or approved.
The Status and Types of Smoking Devices
The vaping and e cigarette market has opened doors for products in a similar category. Glass pipes and dab rigs have increasingly gained in popularity. As a result, vaping and the consumption of electronic cigarettes have also increased as customers frequent online smoke shops more often.
There are many types of hookahs, bongs, and smoking devices on the market. Meanwhile the number of new smoking inventions being sold over the internet grows. To illustrate the great opportunity, we compiled a list of some of the most common bong types and accessories:
- Straight Tube
- Round Base
- Multi Chamber
- Travel Pipes
- Mini Bongs
- 3-piece Grinders
- Scientific Glass
- Gravity Bongs
- Dab Rigs
- Bong Cleaner
- Bong Slides
- Glass Bowls
- Pull-Stem Bowl
- Cone Filler
- Silicone Downstem
- Diffused Downstem
- Honeycomb Screen
- Ash Catcher
- Flower Bowl
- Rolling Machine
- Rolling Tray
- Hemp Lighter
Choosing a Smoking Accessory Merchant Payment Processor
When you have been approved with a reputable and experienced vape credit card processing company like PayKings, you will have a payment gateway. This allows the business to begin accepting credit cards. Because of the increased accessibility to your products, the quality your customer service goes up. Your vape shop payment processing can now sustain the potential business on its way.
And just like that, you and your bongs merchant account are good to go.
As a recap, avoid trying your luck with traditional banks. Aggregate payment processors have strict regulations that prohibit them from accepting your vape and eCig merchant account. This will prove to be an incredible waste of time. Your best choice is to seek out high risk merchant accounts. Choose a knowledgeable and credible high risk credit card payment processor like PayKings.
May 16, 2023 | High Risk Merchant Account | Guest Post