Electronic Cigarettes, popularly known as E-Cigs, are a game-changer in the tobacco smoking industry. E-cigarettes are not only safer but also cheaper, making them a preferred choice for cigar smokers. If you own an e-cig business, setting up a merchant account is the best way to receive payments. Unfortunately, most merchants shy away from these accounts due to the stringent guidelines. In this article, we will explore how to set up an e-cig merchant account, highlighting the steps to follow, and the benefits you stand to gain by doing so.
Understand the Requirements – Setting up an E-Cig Merchant account requires a deep understanding of the requirements. First, be aware that e-cigarettes fall under the high-risk category, expectedly with the health risks involved. Before starting, you will need to compile essential documents such as tax returns, business licenses, product catalogs, and your bank statements, among others. Once you have all your documents in order, proceed to find a reliable payment provider. You will need a provider that is experienced in dealing with high-risk accounts, such as e-cig merchant accounts. Your provider should have a solid reputation for supporting various payment options such as debit cards, credit cards, and e-checks.
Meet Compliance Requirements – E-cig merchant account providers operate under strict compliance requirements to ensure safe and secure transactions. Your provider must comply with all the regulatory requirements, including Verification requirements, and Anti-Money Laundering Compliance. Ensure you understand these requirements before proceeding with the set-up process. Verify your identity, business, and bank details to pass the compliance check. This process involves providing supporting documents, such as government-issued identification and bank account information.
Integrate Your Payment Gateway – After setting up your merchant account, you will need to integrate your payment gateway with your website or online store. Integrate your payment gateway with your online store carefully to ensure secure transactions. Ensure that the payment gateway is compatible with your site, particularly if you have a preferred shopping cart, and that the payment gateway supports the payment methods you require. Also, ensure that the gateway is PCI- DSS (Payment Card Industry Data Security Standard) compliant.
Offer Customer Support – Setting up a merchant account is only half the work. You need to offer customer support to your clients who use your payment gateway. Provide a direct customer support line that ensures prompt responses from clients. Ensure that your customer support representatives have deep knowledge of the payment gateway and its processes. The customer support system should also include a clear dispute resolution mechanism. A strong and prompt dispute resolution mechanism can keep your customers coming back.
Setting up an E-Cig Merchant account can be challenging, but it is an essential component of the e-cigarette business. You need a reliable partner to help you navigate the regulatory requirements and integrate your payment gateway with your online store. Having an e-cig merchant account will enable you to accept various forms of payments and offer a seamless checkout experience to your customers. Additionally, reliable customer support will ensure that your clients receive prompt assistance whenever necessary. Setting up an e-cig merchant account is a crucial step that will help take your business to the next level.