E-Cigarettes Merchant Account secures with the risk
In today’s scenario, the most specific thing that comes to a merchant’s mind is the Payment Gateway Solution which can enhance your business on a huge level. There are industries are never out of trend & market. Cigars include a long and interesting history. After, introducing the e-cigarette tradition of the cigar has taken a new face. Let’s take a deep look into this industry. E-Cigarettes Merchant Account can facilitate your business with highly advanced services to lead your business on heights effectively.
What is E- Cigarette?
To use an e-cigarette is commonly specified as Vaping. An e-cigarette is basically a more beneficial solution rather than smoking. It is a healthier alternative to the tar & carcinogen laden habit of smoking cigarettes. So, you must get an E-Cigarette Account which can help in the expansion of your business.
E-CIGARETTE INDUSTRY
The E-Cigarette industry is growing like weeds. The number of vapers is increasing immediately from about seven million in 2011 to approximately thirty-eight million in 2017. Through the market research, there is estimation that the number of adults whom vape will reach near around 55 million by 2021. The e-cigarettes market is running on an expansion level. E-Cig market share is on a fragmentation, with an industry leader who enjoys controlling 32%. This means that 41% of sales are getting to the company’s account which makes about 1% of the total market. The e-cigarettes market has grown dramatically in recent years, especially targeting young female consumers.
Talking about the United States, there are approximately 45,000,000 smokers who are vape smokers. Only 7% of adults have tried using a vape device. Now, there are 3,500 retail vaping shops in the United States. E-Cigarette Merchant Account removes the risk determinants of high chargebacks.
The E-Cigarette industry is expected to grow by 25% through 2018, while tobacco sales have shrunken down by 30% over the last decade & a half. E-Cig sales are expected to exceed sales by 2026.
Instead of the massive success of the vaping industry, still, financial institutions have failed to recognize the immense opportunity. They could have planned to take advantage of providing E-Cigarette Merchant Account.
E-CIGARETTE MERCHANT ACCOUNT
The E-Cigarette Merchant Account is like a bank account that allows your business to accept payments by debit or credit cards. Retailer, a merchant & payment processor can make the settlement of the credit card/debit card transactions through an agreement that gets completed by them for a merchant account. To run & operate a business takes a lot of tolls with the owner in the form of focus, to plan to become successful which applies to the case of the e-cigarette industry. This is because of the balance between customer satisfaction & to comply with the strict laws the government makes which. You will require a secure payment gateway for your website to receive an E-Cigarette Merchant Account. The credit card comes under the most common mode of payment in this industry. Vape merchants require a partner for online credit card processing on their websites to ensure timely payments & that the customers receive the products they require with no delay. Instead of this that the electric cigarette industry is expanding on a parabolic graph but the truth can’t be ignored that this industry deals with High Risk. So, you must get an E-Cigarette Merchant Account.
Why the E-Cigarette industry is considered as High-Risk?
• The banks which credit card processors & merchant services providers process through are highly sensitive to anything which affects their public image. This is the major reason we consider this industry as “high risk” by the merchant services provision community is in reality high risk merchant account.
• When the credit firms like VISA & American express imagine working with certain retailers harms their public image, firearms dealers, alcohol distributors, & retailers who sell & distribute vaping supplies and industries.
• There lie uncertainties of this business as still; it is a new concept for the market & government which has not cleared the laws to govern regarding how the e-cigarettes can be stable in the market. How it can be consumed this scares banks & processors
This industry deals with a lot of risks & therefore it is making this business running with challenges. Even besides the FDA (Food & Drug Administration) regulation makes it hard too. It is difficult to make an assumption regarding the E-Cigarette Merchant Account which leads to high chargebacks & fraud transactions with the upcoming future.