In the world of electronic cigarettes, vaporizers, and other cigarette alternatives, merchant accounts can be difficult to obtain. Why?
“Even when a vape store is doing card present, face-to-face business, they are still considered high risk,” Alexis King, Director of Sales Support, explains. “Oftentimes this trending business type offers products that contain tobacco, which has age and location restrictions associated with it.”
Vaporizers and e-cigarettes have also received criticism and counteraction from regulating government bodies, who aim to ban the sale of these products.
These reasons, among others, cause this merchant type to be labeled high risk, which can make it increasingly difficult for these businesses to obtain a merchant account and begin processing credit and debit card transactions.
“Despite the risk associated with the business type, these merchants can in fact get an approved merchant account,” Ms. King says. “National Merchants Association is equipped with the tools that allow us to mitigate the risk associated with vape and ecig merchants, and allow them to process credit cards successfully.”
Through implementation of the policies and procedures laid out by the regulating government bodies, the Electronic Transactions Association, the card brands, and acquiring banks, National Merchants Association underwrites and monitors any risk associated with each merchant.
High risk? DONE.
And done RIGHT.
To learn more about how you can get your merchant account approved, check us out here!