Smoke Shop Merchants
The banking industry, as well as the government, are heavily involved in the licensing and regulation of this sector. Because of this, starting an internet business in this industry is more expensive and difficult for merchants. Having difficulty selling online is a problem for even retailers that already have retail merchant accounts set up.
Merchant accounts should take payments in a variety of methods, which include the following: POS systems, which accept credit cards, are the major form of payment. Another technique is to employ payment gateways that are incorporated into a merchant's website's shopping cart.
Finding a reputable smoke shop merchant services supplier that can supply you with cost-effective and hassle-free solutions is all that is required of you. As one of the few payment processors that accepts smoke shop merchants, connected is a unique and valuable resource.
How Does a Merchant Account Work?
Because of the apparent convenience factor, consumers all over the world prefer to use credit and debit cards rather than cash when making purchases. It will be required for the firm to work together on this project with a payment processor and establish a merchant account in order to take payments. Payments are processed through the use of a virtual credit card terminal. The integration of the payment gateway into the shopping cart on the merchant's ecommerce website is an alternate solution. Transactions completed through the merchant account are subject to a fee charged by the credit card processing firm.
Why is it so difficult to get accepted or to get denied?
A firm is often labelled high risk if it exhibits the following characteristics:
a high chargeback ratio
It keeps track of a huge number of fictitious transactions.
It offers things that are only suitable for people of a certain age.
In addition, it participates in dubious commercial tactics.
It is a segment of a sector that is governed by a set of tight rules and regulations.
Because of the materials they offer, smoke shops and head shops are frequently scrutinized by law enforcement. As a result, they are at danger of "reputational harm." One of the most serious risks is the unethical buying of items by children. Such transactions are often carried out without the approval of the parents and made possible by the use of a stolen credit or debit card. It is hard for the merchant to verify the identity of the consumer when the transaction takes place online or through card not present. A high chargeback ratio is also a result of this, which is one of the most significant factors.
Smoke Shop – Merchant Account with Connected.co
Connected.co is well aware of the difficulties that firms who sell tobacco, cigarettes, cigars, pipes, and other tobacco products have while conducting business online. We are well-versed in many of the rules that apply to your sector, and we can help you develop a merchant banking and payments processing plan that can re-ignite or push your business to the next level.
Our major purpose is to be of service to you in identifying a dependable merchant banking solution. One that will provide you with competitive prices as well as the ability to expand as your company grows. Why? Because once you've established a rock-solid banking framework, it's much easier to grow your company on top of that foundation.
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).