E-Cigarette & Vape Merchant Accounts
Vaping; It was invented for one reason, to give cigarette smokers a healthier alternative to the tar and carcinogen laden habit of smoking cigarettes. The risks of inhaling vaporized syrup that is impregnated with nicotine are as much as 97% less dangerous to the person using it. For those who inhale it second hand, the effects are entirely indistinguishable from those of everyday air pollution.
Nevertheless, there is an emotional connection between cigarettes and vaping in the minds of those who have rightly learned to fear cigarette smoke. What’s more, the actions of a few have caused vaping to be associated with marijuana use.
The result is a sharp stigma placed on those who use vaporizers and mods for enjoyment and recreation- as well as those who sell e-cig and vaping products. Vapers are forced to use their vaporizers outdoors in most establishments as few people understand that the only pollution being caused is a fruity smelling steam. This stigma has, predictably, spilled over into the realm of credit card processors. E-cig merchants are often subjected to unfair limitations and poor service.
The banks that credit card processors and merchant services providers process through are exceedingly sensitive to anything that might affect their public image. For this reason, any industry that is considered “high risk” by the merchant services provision community, becomes truly high risk.
When credit firms like Visa and American Express believe that working with certain types of retailers harms their public image, they often withdraw support. It’s a common occurrence that affects tobacco merchants, firearms dealers, alcohol distributors, and of course, retailers who sell and distribute vaping supplies and equipment.
Payment Processing For A Rapidly Growing Industry
The e-cigarettes and vaping market has grown dramatically in recent years, especially among younger female consumers.
- In the US, there are over 45,000,000 smokers, but just 2,750,000 vape smokers.
- Just 7% of adults have tried using a vape device.
- Vape sales grew by 285% from 2013 to 2015.
- E-cig market share is fragmented, with industry leader Njoy controlling 32% of the market. Krave controls 16%. After these leaders, the largest three manufacturers combined control just 11% of the market. That means, 41% of sales are going to companies that make up about 1% of the total market as a whole.
- Today over 3,500 retail vaping shops exist in the US.
- Vape sales are expected to grow by 25% through 2018, while tobacco sales have shrunk by 30% over the last decade and a half. E-cig sales are expected to exceed tobacco sales by 2026.
In spite of the massive success of the vaping industry, still, financial institutions fail to recognize the immense opportunity they could take advantage of by providing e-cigarette merchant accounts.
Accept Credit Cards with A Vape Merchant Account
Running and operating a business requires a large amount of focus and planning to become successful. In no other industry is this proven more true than for e-cigarette, vape and e-juice companies. This is due to the difficult to juggle tasks of satisfying customer needs while still maintaining full compliance of industry laws and regulations. Vape merchants often rely on credit cards from customers as payment to make revenue and continue to grow. To ensure timely payments and that customers get the products they need without delay, vape merchants need a partner for online credit card processing on their websites. Custom tailored e-cigarette merchant accounts are available from Leap Payments.
Getting Approved in a High-Risk Industry
The very nature of the vape industry makes operating a business inside the space challenging for their owners. In addition to FDA and age regulations put on various products, there are also rules for merchant account providers that they must follow before working with any companies. The future of the vapor industry is unclear legally, which can potentially lead to higher rates of chargebacks than normally intended or allowed. Because of these many challenges, finding a processor that will agree to giving a merchant account to a vape company is extremely difficult.
Banks and lenders often label vapor and e-liquid companies as high risk for a variety of reasons. Often, financial institutions might not fully grasp how the vape industry works and this results in a lot of denials just because they do not want to take a chance. Leap Payments is here to help if you’ve had trouble acquiring online credit card processing or if you’ve been told your business is too high risk. We understand the vape and e-cigarette industry and we’ll develop a customized solution that meets your unique business needs.
Leap Payments Can Get You a Vape Merchant Account
As a vapor merchant, having a card processing partner that keeps your best interests in mind lets you get back to focusing on what is most important – your business. Leap Payments makes it easy to set up a merchant account and our pricing plans are designed to give you the flexibility to run your company all while paying the lowest possible rates with fast funding. Easy to integrate online processing into your pre-existing system on nearly every website shopping cart so your customers can continue to conveniently place orders. All transactions are completed safe and secured so you will have a lower risk of fraudulent incidences that end up costing you more. Contact Leap Payments today and speak to a vape merchant account specialist for more information.
We Provide Vape Merchant Services When Others Won’t
Here at Leap Payments, we’re in the business of serving e-cigarette and vapor merchants whom traditional merchant account providers and other financial institutions won’t. At Leap Payments, you will receive;
- E-cigarette Credit Card Processing
- Instant, Same Day or Next Day Funding
- Retail and Online Vape Payment Processing
- Gateway and Terminal Integration
- E-Cig & Vape Merchant Accounts
- 24/7 US Based Customer Support
We understand the difficulties you’ve experienced working in an industry that has continuously been labeled as high risk. We make the application process easy and hassle-free, no hidden fees, low interchange plus pricing and offer the best vape credit card processing customer service available.
Get in touch today to learn more about Leap Payments and get the e-juice payment processing and vapor merchant services you deserve and have been denied elsewhere. A merchant account processing professional is standing by to help you get started.