Vape Merchant Account - ePayment Solutions

Vaping is a $20 billion industry that grows each year as more and more people turn to vape instead of traditional cigarettes.

The UK E-Cigarette and vape market passed the $2 billion mark in 2021 and will continue to grow each year as new brands are released.

Vaping can be seen as an alternative to smoking and being available in thousands of different flavours vape really gives consumers a different option to the traditional cigarette, this is a contributing fact to the emergence in vape shops on the high street.

Some vapes are also available with CBD ingredients also, these websites will be harder to place and must go through the CBD underwriting process rather than traditional vape.

Standard vape websites are very popular in 2022 with millions of users choosing to purchase their vape online.

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Merchant accounts for Vape stores are a little tricky to obtain in some cases, and in 2021 PayPal had a massive cull of Vape stores which terminated thousands of stores in one swoop leaving them unable to process payments for their vape website.

Luckily ePayment Solutions were on hand to help out these merchants that were terminated and could find them a suitable payment gateway for their vape business to enable them to start taking payments again.

Again, acquirers see vape merchant accounts as a high risk and tier one acquirers traditionally don’t like to board vape businesses due to reputational management reasons.

However, ePayment Solutions have access to several acquirers that can support you in taking payments for your vape business and advise you on what merchant account would be the best fit for your business in order to start accepting Visa and Mastercard payments.

But before we can get you set up with your vape merchant account there are a few things that you should be aware of before you start:

Allow time for your merchant account for vape processing to be approved, these are classed as high-risk applications and therefore can take a lot of negotiations over a period of 6/8 weeks.

Your vape merchant account will likely be approved with a rolling reserve; this means that the bank will retain 10% of your funds and keep them for a period of 180 days to protect them on chargebacks. After a period of 3 months the bank will usually negotiate these terms for you.

There is a high risk registration fee of $500 to Mastercard for your merchant account as vape is on the high risk list with MC – this is payable by the merchant after they are live.

The Modern World set up fee is only payable once you have accepted an offer from our acquirer for your vape merchant account.

We can offer chip and pin and Ecommerce solutions for your vape merchant account, meaning you can take all types of payments.

Make sure that all your documentation is in place in order for us to get you a merchant account approved quickly, we will need the following: *Invoices for stock and lab reports *Proof of ID *Proof of bank account *Acquiring statements *Proof of trading address *Website logins

If you are a start-up vape business, we will require the extra documents below: *Cash flow forecast *CV of business owner *Business plan *Proof of funds

You will need to ensure that if you are after a payment gateway for your vape merchant account then the gateway that we can provide is compatible with the platform you are using to build your vape business, it’s important to check this before starting the application process.

Settlements for your payments from your merchant account will usually be weekly for your vape business, this can be negotiated after time.

The rates that the acquirer issues for Vape businesses is usually based on IC++ this means the bank’s margin is always protected over interchange fees. Rates are usually between 1 and 4% depending on your history.

Obtaining a payment gateway and merchant account for your E-Cigarette or vape business is not easy, however over the last 24 months we have helped many businesses with the perfect solution.

We can only help businesses based within Europe and the director must reside in the EU also for us to support merchant accounts for vape businesses.

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Email us

naveed@epaymentsolutions.co.uk

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+44 7469 753122