Being able to process Credit Cards online is essential for any business.
Considering the "High Risk" deeming of anything and everything vape related online, what are some successful strategies, resources, Banks, Merchant Processors etc. that business owners utilize to get a reliable merchant processor to accept credit cards via eCommerce?
Personally, I've talked to 180+ banks and processors in multiple countries for the past year, and for a number of reasons, none of them want to touch anything related to the vape industry.
It's been said by multiple agents and reps I've spoken with, that "it would be easier to set you up with merchant processing for cannabis or adult content than for vape related products".
If you have a B&M Shop, it's much easier to get processing.
For online only shops, it seems extremely challenging thus far, as we're considered the highest risk profile of all in their systems.
Currently I've got two applications in with the top guys that have gotten me the farthest in this process.
I've also heard back from Shopify, which recommended a few banks that say they are accepting vape related business accounts, though no response from them either way yet.
I know I'm not the only one facing this challenge, so a thread on this will be helpful for anyone coming across this issue in building and launching their own eCommerce business related to anything in the vape industry, from mods to juice to accessories and beyond.
Preferably "White Hat" recommendations, as anyone can go with a shady processor out of another country, though many people don't know that if you don't follow the "rules" of the merchant processing world, there is a risk of being put on a global blacklist with banks, meaning it'll be extremely challenging to ever get approved for another merchant account in any business you're involved with.
As a multi-business entrepreneur, I believe having the ability to open new merchant processing accounts to be able to complete transactions using the primary method most people purchase products to be a fairly important opportunity to not screw up
Rates are another issue, and obviously expected to be higher than most industries given everything in the politics and government tensions surrounding the industry overall. Even still, negotiating rates can be done, and I'm curious to know what rates online vape businesses are getting.
Anything you'd be willing to share from your own experience, I'd greatly appreciate, and feel it will be a valuable resource for fellow Vapreneurs getting into the game to have some valuable input on from people who've "been there, done that, got the MID".
Also, I'm happy to share more resources and updates along my own journey in this critical piece of building my business.