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eCigarette Credit Card Processing
Obtaining an e-cigarette merchant account for online sales can be challenging unless you collaborate with a dependable high-risk credit card processor. Businesses in this sector often encounter reluctance from acquiring banks due to the perceived risks of fraud and chargebacks associated with online transactions. Fortunately, some credit card processors specialize in serving vape and e-cigarette merchants. These high-risk payment processors recognize the significant global demand for vaping products, attracting a sizable customer base.
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The Origins of Modern Vaping
Despite its contemporary reputation, vaping has ancient roots dating back to Ancient Egypt. During that time, the use of vape herbs and hot stones was prevalent. Furthermore, the concept of shisha originated thousands of years ago in India.
The techniques we recognize today stem from Joseph Robinson, who devised them in 1927. However, the first smokeless cigarette, devoid of tobacco, was invented by Herbert Gilbert, marking a significant milestone in vaping history.
However, it wasn’t until 2004 that Hon Lik, a Chinese pharmacist, introduced the very first modern e-cigarette, shaping the vape industry as we know it today.
Why Opt for Selling Vape and E-Cigarettes with an E Cig Merchant Account
The vape industry continues to thrive despite legal challenges, remaining immensely popular worldwide. The number of vape and e-cigarette users is steadily increasing.
Last year alone, the e-cigarette industry generated over $3.6 billion in the U.S. The largest markets include Japan, the UK, and the US, where users spent nearly $16.3 billion in 2016.
Challenges of Selling Vape and E-Cigs Online
There is a substantial global interest in vaping and smokeless cigarettes, presenting lucrative business opportunities. However, the main challenge lies in obtaining a vape merchant account due to the reluctance of most credit card processors.
Getting approved for a vape merchant account can be a lengthy process, often resulting in application denials. This delay in transactions can significantly impact business operations. Therefore, having a reliable vape payment processor that offers hassle-free merchant account services is crucial.
Credit card processors typically avoid vape and e-cig sellers for several reasons:
- Federal regulations govern the sale of these products.
- Age restrictions apply to e-cig and related products.
- Vape and e-cigarettes are entangled in political controversies.
The combination of regulatory hurdles and political sensitivities makes it challenging for credit card processors to cater to vape merchants’ needs. Many are unwilling to invest the resources required for underwriting and processing such accounts, given the perceived risks and controversies surrounding the industry.