Smoking Accessories

Merchant Account for Smoking Accessory Business

The global tobacco market, along with the smoking industry itself, had an estimated value of over $10 billion. This enormous amount takes into account the incredible steady growth the industry has seen year after year for the past decade. With it being a profitable industry, it should come as no shock that loads of people are looking to sell smoking accessories to customers needing such products, both online and in-store.

Having a company that provides smoking accessories such as pipes, bongs, and other paraphernalia, means it is imperative to process credit and debit cards. When you accept credit and debit cards for payment, it affords you never missing out on opportunities for possible sales like for those who may not have cash on hand. Reasons like this are why it is critical to have a merchant account for your smoking accessories. It’s 2020 and far past the time to enter the arena of eCommerce.

When you own a company that offers smoking accessories, securing merchant services for your smoking supplies is the first step before the beginning of sales generated for your company. Receiving credit card processing from a typical payment processor can result in unforeseen freezing and/or termination of your business account due to the selling of high-risk items like smoking accessories and supplies and its delicate nature.

Selling Smoking Accessories is Considered High-Risk Because

The smoking accessory industry is still treated as high-risk in many states, sadly in part to the varied legislatures that are in order. Even though selling smoking supplies may not be illegal itself, some jurisdictions or states give these operations the high-risk connotation. Businesses may be flagged as high-risk on account of their affiliation with substances that on a federal level might not necessarily be legal.

Taking advantage of a smoking paraphernalia credit card processing service is a great way to make sure you are completing and fulfilling orders with no issues. Having a merchant account that is made for payment processing of smoking paraphernalia will give you the peace of mind knowing that you get to keep doing business as usual with no interruptions.

Smoking Paraphernalia Credit Card Processing is Important

If you apply for a typical merchant account using Stripe, PayPal, or Braintree it could result in denial or acceptance of your smoking accessory outfit. Nevertheless, this oftentimes results in severe risks for you as a business owner. Even if you get an okay for a merchant account, the following is always at risk of happening:

When you are selling smoking supplies like pipes or bongs, your account could still get flagged. That’s because selling paraphernalia is treated as illegal and frowned upon in various states, depending on the legislation of the location.

If you happen to for any reason, get your account flagged, it could also get frozen as well. Frozen accounts could call for a manual review from the payment processor you have now. Having your merchant account frozen means you cannot accept or process payments until their review is over. Not only that, oftentimes your money will be taken by the processor while they put your account under investigation.

Typical payment processors like Stripe reserve the option to cancel your account at any time they wish. No matter if they first agreed to provide you with a merchant account (check the Terms & Conditions), they could deem your supply or content as high-risk and disqualify you. Having your account canceled, will mean you will automatically lose your ability to make sales and process payments.

Why You Should Use a Payment Gateway for Smoking Accessories

If you apply for a typical merchant account using Stripe, PayPal, or Braintree it could result in denial or acceptance of your smoking accessory outfit. Nevertheless, this oftentimes results in severe risks for you as a business owner. Even if you get an okay for a merchant account, the following is always at risk of happening:

Offering other methods of payment for your customers can increase your sales dramatically. Companies can go from being a cash-only operation to one that is proud to accept all major credit and debit cards.

Payment processors for smoking accessories accept the stock of your inventory, authorizing you to process payments with no problems. Want to drastically reduce your risk of having a flagged, frozen, locked, or terminated account? Then get the perfect processor on your team.

Smoking accessory payment processors know the hazards of chargebacks and how they affect your business. They gladly work with businesses flagged as high-risk, no matter the chargeback rates, which can sometimes be higher than 3% which is the industry standard.

Information Required When Applying for a Smoking Accessories Merchant Account

Securing a merchant account that’s built for smoke accessory businesses is a fantastic way to keep business operating without complications. Finding a smoking supplies payment processor that fits your needs gives your customers better freedom when interacting with your merchandise, simultaneously providing you solace that your operation will stay up and running.

  • Personal Information: You’re required to provide your name, your physical and mailing address, phone number, and SSN (social security number) to have your application completed. You’re also required to submit your official government-issued ID or driver’s license.
  • Bank Account Details: Personal and business banking details are needed for your high-risk merchant account getting approval. Account and routing numbers will be asked of you. Also, you could be asked to produce banking statements, at least 3 months worth, to give a potential processor a chance to go through your finances fully.
  • Business Model: Your business model or revenue plan could also be required if you’ve yet to have your business established. Having proof to show sales and earned revenue, can help speed up your process for approval.
  • Online Presence: Some instances require providing your company’s official website’s URL and the online presence of social media for your company. This information is associated with your image and may be needed. Providing your company’s online presence is a fantastic way to show proof of its legitimacy and activity.

Team with a Trustworthy Credit Card Processor

Many times, merchants contact us because their outfit has been previously ceased by a tier-one processor. This can happen at any time, but it mostly happens after doing months of business, accepting and processing credit cards like any other time. Suddenly, and with no acceptable warning, your account is gone. Luckily, Vector Payments is built to accept businesses that find themselves in an array of industries that would be denied by traditional processors normally. When specializing in high-risk markets, like supplying merchant accounts for smoking accessories, we make sure to have what you require to get your business operational and profiting.

Our amazing staff of dedicated account specialists are available each and every day to help answer your questions and provide unparalleled support. All questions about the acceptance process, either before, during, or after go directly to a specialist who recognizes what’s vital for your company to succeed. Having our merchants fully satisfied is a large focus on the way we do business here Vector Payments each and every day.