For a small answer, a Tobacco Merchant Account is a merchant account for the high-risk business of Tobacco selling. It helps to accept online payments and store them in your account.
However, it is more than that. Online Tobacco Selling is a high-risk business and conventional banks repel them. Due to various parameters of chargebacks, frauds, and business type as well. The high-risk sector needs to acquire a bank and third-party service provider for getting the merchant account.
Though there are multiple MSPs (Merchant Service Providers) that offer services to high-risk businesses, not all of them are reliable and secure.
What should be the alternative to it?
You need to familiarise yourself with certain requirements and what you need from an MSP.
- Check for Reliability: It is important for your business to get a reliable MSP. Check the MSP in regards to their track record and hidden charges. Look at its clientele and know for sure if this is the one for you. Every service provider has merits and demerits but it is up to your business to select one of the many.
- Security offerings: What security protocols are they following? In other words, whether they are PCI DSS Compliant or not. Compliance is necessary but it can be avoided with a fee to pay. If there is an offshore merchant account available for you then check the bank they are offering you. What are the funds’ security conditions and what will be covered?
- Approval Time: How much time they will take shows them how big and connected they are. Thus, ask them for the approval time. And completely check their website if they are contradicting any of the information that is specified on the website. It will tell you how credible they are and you can make a better decision with it.
- Assistance and Support: Just like you are the master of your business, so are the MSPs. If there is any issue in the business you can handle it. However, if there is an issue with the payment processing then you need the aid of the service provider. Thus, check whether they will provide assistance while you get your merchant account approved or not. Also, check for the support they will provide when you need them.
- Transparency: A great requirement that the service provider needs to fulfill. Transparency for all the credentials and the information regarding the charges is important. You should go through all the terms and conditions while getting a merchant account for the service provider.
These are the former checks that you need to undertake for choosing the merchant account provider for your tobacco business. These parameters will duly help you to choose a better service provider and get the necessary support.
What will be the benefits of choosing a good Merchant Service Provider?
At the most basic level, getting an appropriate merchant service provider supports your business via the payment processing solution. There are exclusive benefits from different service providers that will be a better aid to your business and grant your consumers ease of payment.
A reliable service provider will tell you that a merchant account is not enough to start the payments online. You need a payment gateway as well. Here are some of the benefits of a payment gateway.
- Shopping Cart Integration: The online business of tobacco needs a website with the products displayed. Therefore, integrating a shopping cart on your website will allow the consumers to add the products to the cart. Which in turn will bring convenience to the payments.
- Easy Checkout: The ease of payments is directly associated with the payment processing channel and the window of payment. In other words, redirections are an annoying part of the payment. Thus, a payment gateway that processes the payments needs to have a single-window formation for the payment processing,
- Global Card Saving: A great convenience feature that allows return customers to get a better experience. Saving the transaction details for future use brings the consumers close to the business.
- Currencies and languages: Allow the consumers to pay in their local currencies and read in their local languages. This brings a sense of connectedness to the business as you are allowing them the convenience they need.
- Quick integration and Instant Approval: Choosing the correct service provider means you get a better approval time for the merchant account. Secondly, your website will be integrated with the payment gateway quickly as well. This will give you a better uptime for the business.
A Little About eMerchantPro
eMerchantPro is a Merchant Service Provider as well as a Payment Service Provider. We help high-risk businesses to get a merchant account. Tobacco Merchant Account and payment gateway are complementary to each other. Therefore, we take utmost care of the merchants.
All the benefits that you need and the checks we discussed are completely available to us. Furthermore, there is a huge clientele and success rate that follows our works. Therefore you may reach us for complete merchant assistance and get an instant approval for the merchant account with the acquiring bank.