While e-cigarettes have catapulted into a billion dollar industry, now is the time to launch your e-cigarette business and take it online to maximize your sales.
But first things first.
E-Cigarettes are considered a high risk industry, however, and credit card processing solutions can be difficult to find. However, with Instabill’s e-cigarette merchant accounts, you can find the exact payment processing services you need to make your business succeed.
Instabill named among best e-cigarette merchant account providers
Back in March, Instabill was named among the best credit card processors for e-cigarette merchant accounts by CardPaymentOptions.com, a credit card processing review website. Instabill received the plaudits for a number of reasons:
- Debit and credit card processing
- Payment Processing in 160 currencies
- Direct customer support
How do I get an e-cigarette merchant account?
It’s easy. Click the button, select the live chat option below or call us direct at 1-800-318-2713. Instabill offers numerous payment processing solutions for e-cig merchants separated into four categories:
Domestic E-Cigarette Merchant Accounts
- Full application packet
- Owner’s identification
- Voided check or letter from your business bank
- 3 months of business banking statements showing company name, total chargebacks, refunds, returns and sales
- Incorporation documents
- Approvals: As little as 3-10 business days
Offshore E-Cigarette Merchant Accounts (with payment processing history):
- 3-6 months of payment processing statements with company name outlining total sales, returns, refunds and chargebacks.
- 3 months of business banking statements
- Approvals: 5 business days to 2 weeks
Offshore Startup E-Cigarette Merchant Accounts
- 3 months of business banking statements or a letter from your business bank
- If no business banking statements, 3 months of personal banking statements
- Approvals: 5 business days to two weeks
Virtual Check and ACH Solutions for E-Cigarette Merchants
- Owner’s identification
- Voided check or business bank letter
- Articles of association
- Approvals: 2-3 business days
New FDA rules on e-cigarettes: What merchants should know
In May of 2016, the U.S. Food and Drug Administration imposed new regulations for e-cigarette merchants and products, to take effect Aug. 4, 2016. The new FDA rules on e-cigarettes impact areas such as age limits; registering with the FDA and providing information on manufacturing and products; a ban on offering free samples and inspections among other regulations.
Why are e-cigarettes considered a high risk industry?
There has been a long-standing debate on whether vaping is safer than traditional cigarettes. A recent study by Public Health England, however, determined that e-cigarettes are 95 percent less harmful than traditional cigarettes.
E-cigarettes are considered a high risk industry for health reasons, and high risk merchants will encounter challenges when searching for adequate credit card processing services. However, there’s a way you can accept payments from Visa, MasterCard, American Express, and Discover credit cards—an Instabill merchant account.
Instabill partners with a wide range of domestic, international offshore acquiring banks, allowing us to provide customizable solutions for your business. We’ll work hard to get your business processing payments fast.
Own a retail e-cigarette store?
Our e-cigarette merchant accounts don’t stop at e-commerce. We provide solutions for those looking to sell e-cigarettes and nicotine products out of their storefront vape shops. Retail merchant accounts from Instabill also give you access to the latest POS systems and pay terminals, assuring you have what you need to accept credit card payments in-store.
E-Cigarette merchant account fees
Instabill offers competitive and industry-affordable e-cigarette merchant account fees. Our merchant account managers match you with the best acquiring banking partner that knows the e-cigarette payment processing industry. Once matched, the bank will process your application and determine your merchant account fees.
Since banks determine fees on a case-by-case basis, we cannot provide you with exact fees until the underwriting process is complete. However, types of fees are noted below:
- Chargeback Fee
- Discount Rate
- Merchant Account Fee
- Merchant Account Registration Fee
- Monthly Statement Fee
- Refund Fee
- Transaction Fee
Approval timetable for e-cigarette merchant accounts
The time it takes for e-cigarette merchant account approvals is contingent upon the type of solution we offer:
- Domestic e-cigarette merchant account: 3-10 business days
- Offshore e-cigarette merchant account with payment processing history: 5 business days to 2 weeks
- Offshore startup adult merchant accounts: 5 business days to 2 weeks
- Adult virtual check solution: 2-3 business days