The E-cigarette industry is ever-growing and is worth more than $3.5 billion. The e-cigarette industry is rapidly growing due to the increased popularity of e-juices, hookahs and vapes. Smokers find e-cigarettes a healthier alternative for traditional tobacco-containing cigarettes and therefore, the demand for these cigarettes is growing rapidly. Many people are into vaping, especially those who have never smoked a traditional cigarette before.
As the industry is growing, the entrepreneurs are also taking advantage of it. However, it’s a little difficult for the small business in the e-cig industry to get the credit card transactions as the bank isn’t much cooperative. The vaping and e-cigarettes industry is considered high risk; therefore, the vaping and e-cigarettes industry has been labelled as a high-rank business for many merchants and service providers.
Being a high-risk business means you have to pay higher fees for payment processing, and it can be a big problem for the small business owners. The small owners must have large cash reserves to maintain a partnership with a payment processor, limiting the cash flow of the business.
Why are vape and e-cigarettes business a high-risk business?
There are several reasons behind the e-cig industry being high-risk. One of the top reasons is the legality and safety of the new products to the public. The e-cigs and vapes are new to the market, and most states don’t have regulations in place concerning them.
Many states do not have laws in place concerning e-cigs and vapes, and therefore, it becomes difficult for the small owners to get the credit card payment, processing providers.
While choosing the payment processor, you should always be honest with potential payment processing partners. There are several options available for payment gateways in Shopify, and you must choose the one which works the best for your business.
Which are the best and secure payment gateways in the vape industry for Shopify?
For the electrical cigarette industry, there are several eCommerce payment solutions at competitive rates. We will talk about a few of the popular payment gateways you can use in vape and e-cig industries for Shopify.
Let’s talk about the best high-risk payment gateway on Shopify that you can use for your e-cigarette industry.
Sagepay is a product of the Sage group, which is a European payment service leader. It is one of the most trusted payment gateways for Shopify and for the high-risk vape industry.
Sage pay processes more than 4 billion online payment successfully. SagePay prevents frauds and keeps the customer’s data secure. Thus, you can trust SagePay for your vape industry.
The eMerchant brokers payment gateway also works well for a high-risk business. It is time-saving and straightforward for them to connect with the eMerchants brokers as it enables the customers to continue their shops with CBD products.
With this payment gateway, every high-risk merchant will be accepted with low rates, and the Shopify store owners will get full customization of fraud management like fraud defence tools.
Many Shopify stores have DigiPay as their payment gateway because, with this gateway, the online sellers are supported with the hemp CBD payment processing.
For high-risk eCommerce businesses like e-cigarettes, this payment gateway will help the users with various advantages. With DigiPay, the payment will be less with more solutions because of the extensive network. This payment gateway also saves a lot of time on managing frauds and chargebacks.
Paykings is yet another payment gateway that specializes in providing the payment services for the high-risk e-cigarette industry.
Paykings supports multiple other sectors as well such as adult, dating, debt collection, etc. one of the fantastic features of this payment gateway is that it supports international merchant services so that the online sellers can expand and grow their business. Lastly, paykings offers various payment methods such as VISA, Discover, MasterCard, and debit cards.
PaymentCloud is the company which designed the Authorize.net payment gateway. When it comes to high-risk businesses, this payment gateway is helpful.
This payment gateway has a network of third-party processors, which helps the merchants dealing in high-risk industries. In spite of Authorize.net being a payment gateway, it is compatible with third-party gateways as well.
2checkout is one payment gateway you can’t miss out. This payment gateway can help you tackle the complexities of digital commerce globally.
This payment gateway is created to meet the dynamic needs of a Shopify store or website such as global payments, subscription billing, risk management and compliance, etc. You must keep this payment option in mind for your e-cig industry.
Tons of people use PaySimple as their payment gateway as it helps with recurring billing, accepting credit cards and debit cards and PCI compliance.
Businesses usually choose Paysimple when they are looking for a better way to receive payments.
PayCertify is a California based eCommerce payments platform which offers proprietary revenue enhancement tools with a complete fraud prevention system.
This is another eCommerce payment gateway that you can use for your high-risk business. With the TSYS payment solution, the merchants can accept the payments anytime and anywhere.
The best thing about TSYS is that it delivers everything you require in an electronic payment gateway.
10. Incom Direct
Incom direct was founded in 2002. It is a uniquely positioned player in the industry. Incom direct is the right choice for vape and other high-risk industries. Incom obtains competitive bids from several processors and assists merchants in making the best choice for their business.
Incom Direct has relationships with all four processors and has access to many different rates and programs.
11. Payment Cloud
PaymentCloud is among the top-rated payment processor for simple, secure and safe credit card payments. It is a high-risk payment gateway that fits your business needs.
By integrating Payment Cloud for your merchant account, you will be able to establish a banking channel for funds that will be securely processed. You can definitely go for this payment gateway if your primary concern is the security of the funds.
These are some of the popular and widely used Shopify payment gateways you can use for high-risk businesses such as vape and e-cig industries. These payment gateways are secure and helpful for the existing companies and those merchants who are planning to start their e-cigarette business.
If you plan to have your Shopify store for the vape industry, you can keep in mind the payment gateways we have mentioned above.
To know more about the Shopify Store Development for vape and e-cigarette industry and payment gateways for high-risk business, feel free to contact us. Our Shopify team will get back to you super soon.