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Tobacco Merchant Accounts
A tobacco merchant account allows retailers to accept payments via credit and debit cards for their tobacco products. However, due to the high-risk nature of the tobacco industry, obtaining such an account can be challenging. At Mega Payments, our representatives are experts in the tobacco sector and are equipped to help you secure a merchant account. We offer payment solutions that are tailored to the specific needs and operations of your business, ensuring that you receive the most effective and compliant service possible.
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Read what our satisfied clients have to say about their experiences with us.
Great service. Worked directly with Donovan and received great rates and customer service. Highly recommended business.
nicole shammamiJanuary 15, 2024
Montana helped me switch my merchant services to Midwest. Couldn’t be happier, no more credit card fees! Also, love my new clover system works great and super easy to use. What I love about the company is getting support from a real local person not like my old company when I would have to speak to someone from a foreign country that I couldn’t understand. Highly recommended, if you’re considering do yourself a favor and make the switch
Vincent CholaghJanuary 15, 2024
Best of the best hands down highly recommend they will take care of you !!
Majd SakouApril 15, 2023
Types of Cigars & Tobacco Businesses We Support
At Midwest Merchant Services, we cater to a diverse range of tobacco-related businesses. Our expertise extends to various sectors within the industry, ensuring that whether you specialize in traditional products or explore niche markets, we can provide the right payment solutions for you. Here are the types of cigars and tobacco businesses we support:
- Cigars: Both premium and everyday cigars for aficionados and casual smokers.
- Loose Leaf Tobacco: Specialty tobaccos for rolling or pipe smoking.
- Chewing Tobacco: Smokeless tobacco products in various forms.
- Hookah: Shisha tobacco and related products for hookah lounges and retailers.
- Nicotine: Including nicotine gums, patches, and other alternatives aimed at helping users manage nicotine cravings.
Our goal is to facilitate seamless payment processes for these businesses, enhancing their ability to serve customers efficiently and compliantly.
Why Are Tobacco Merchants Considered High Risk?
Tobacco merchants are considered high risk for several reasons, primarily due to health concerns related to their products, their addictive nature, and the stringent governmental regulations governing their sale. These factors contribute to a higher reputational risk, making financial institutions wary of providing services due to potential legal and financial liabilities.
Despite these challenges, Midwest Merchant Services excels in connecting businesses within high-risk industries, including tobacco, with reliable merchant accounts. We are dedicated to providing robust credit card processing solutions tailored to meet the specific needs of your business, ensuring compliance and operational efficiency no matter the industry challenges.
Requirements for a Cigar & Tobacco Merchant Account
For a cigar and tobacco merchant account, underwriting involves reviewing specific documentation to assess the financial health and regulatory compliance of your business. Here is a checklist of the required documents:
- Tobacco License
- Photo ID & SSN
- Voided check or bank letter
- Articles of incorporation
- Employer identification number (EIN)
- Registration fees with Mastercard and VISA
- A legal opinion letter signed by an attorney, affirming compliance with Mastercard and Visa regulations
- Age verification on your eCommerce website
- Identification verification upon delivery
Ensuring you have these items in order will streamline the application process for your merchant account.
Benefits Of Our Tobacco Merchant Services
Navigating the challenges of the tobacco industry requires strategic choices to maximize revenue. One of the most effective strategies is to accept credit card payments. This not only eliminates common sales barriers, enhancing your ability to close more transactions, but it also opens up your business to the broader online marketplace.
By accepting credit cards, both established and new tobacco businesses can access a wider customer base, tapping into the lucrative potential of online sales. This move can significantly expand your market reach and drive higher sales volumes, ensuring your business thrives despite the external pressures on the tobacco industry.
