The United States is the world’s fourth-largest producer of tobacco harvesting more than 533 million pounds of tobacco per year. In 2019, manufacturers sold around 126 million pounds of smokeless tobacco to wholesalers and retailers in the United States.
These numbers are sufficient to demonstrate the scope of the tobacco market in the United States. In order to garner benefits from tobacco business merchants should have Online Tobacco Merchant Account in order to process payments.
The tobacco industry has a lot of potentials. It’s one of the hottest industries right now, and merchants are reaping the rewards. Not only will partnering with the appropriate payment provider increase sales, but it will also protect you from chargebacks and online fraud.
What’s good with Online Tobacco Merchant Account?
Merchants that couldn’t sell their products directly turned to the internet to run and expand their businesses. As a result, they were able to expand their search for things that could be offered online. Selling Tobacco online is a fantastic idea. Merchants are making millions of dollars over such opportunities.
Due to serious health concerns around the world, tobacco sales are prohibited in some areas, but there are no such restrictions over the internet. As a result, the demand for such products has grown drastically. Online sale has seen tremendous growth over last decade. Merchant’s business has flourished greatly as far as risk is associated with the business.
Online Tobacco Merchant Account facilitates such businesses to accept payments for their sales. It approves the customer’s payments and helps in settling them into the merchant’s account.
Selling Tobacco worldwide is only possible with the merchant account. It knows no boundaries. Volume processing of payments in variables currencies is one of its prime features.
It has got all features that a merchant requires to trade all over the globe.
Why is it considered as High-Risk Merchant Account?
There are two major reasons for considering it as High-Risk by Acquirers.
- Strict Laws associated with the selling of Tobacco
- Chargebacks and frauds with online business
Laws may vary for every country but more or less they are strict about selling tobacco. Any change in rules can lead to instant shut down of business leading to huge financial loss. Similarly, Merchants having online stores face a lot of chargebacks and online frauds. People may find smarter ways to get refunds for services even after availing of the benefits. This can damage the seller’s business.
However, they may consider the application of merchants that have an exemplary credit history.
How to get Instant Approval for an Online Tobacco Merchant Account?
Having the right payment service provider for any online payment service is essential. They not only facilitate merchants with easy approval of merchant account but also provide payment gateways with the finest credit card processing.
Approval will require documents like
- Business Formation Document
- Tax ID
- Business office documents
- Owners personal ID with photo
- Bank Details
- Bank Statement for 3-6 months
- Chargeback and refunds information, etc
These are some of the documents that are required in order to get approval for the new merchant account. Acquirers may hesitate in case of merchants having a low credit history or financial stability. Huge chargebacks and refunds indicate your way of business thus this should be low in case of faster approval.
Get your application right by justifying all reasons for you to have a merchant account will help you get easy and faster approval.
Benefits of Credit card processing
A good Credit card processing service can be a key player in your growth. Credit cards are the only payment methods that are universally accepted worldwide by customers as well as merchants.
The credit card has got several unique features
- Widely Accepted: This feature has got great benefits. Having a credit card will encourage transactions from customers even where no other means of payment are unavailable.
- Credit line Feature: Credit line means balance limit that can be paid later within a certain time limit. This permits customers to use credit cards in case having no money in their account. Customers can shop hassle-free without worrying about their balance.
- Safer and quicker to pay: Merchants offering goods or services usually have credit card processing support so that they can accept payments from major of the customers willing to pay them. This is because it is not only safer but also quicker to pay with credit cards. Offering a Non-3D payment gateway with no authentication can change user experience over payments.
Wide acceptance promotes wider use. Integrating the payment gateway with credit card processing will service encouraging customers to pay with their credit cards and hence increased payments will directly benefit merchants.
A merchant should always associate with such a payment service provider that offers the best credit card processing. This will encourage more customers to pay via credit cards.
How can we help you get Payment Services?
Getting an online tobacco merchant account isn’t easy. There are severe restrictions against the selling of smokeless tobacco or loose-leaf tobacco. As a result, acquirers are wary of merchant applications. However, associating with us will never let you down.
When it comes to Merchant Account Approval, we are a well-known name in the industry. Merchants who contact us will not have to wait as long for approval and a payment gateway.
All you need is the right information on how to be accepted quickly. Documentation along with any assurer like us who can assure them of your business is mandatory for Online Tobacco Merchant Account.
Many Vendors may claim Instant Approval but as already said there is no such thing as getting a Merchant Account for business. It requires time for Banks to authenticate the documents. However, if the documents are well organized and presented as per their requirement this process can be easier.
Our experts will help in getting your documents in the right order as well as writing a cover page that highlights your company’s strengths, experience, and potential for growth.
We not only advantage merchants with the approval but also endow them with payment gateways that can serve your business in a much greater way.
Online Tobacco Merchant account is specialized for accepting global payments for tobacco sales. Faster approval is only possible with authentic payment service providers. Their guidance can let you know the right acquirer that can easily process your request without any thorough considerations. Apply now to partner with us for the fastest approval of an Online Tobacco Merchant Account.