Trading in tobacco is very lucrative yet heavily regulated. Merchant providers processing high-risk payment processing consider tobacco to be high risk due to government and banking restrictions. The few payment service providers that approve high-risk tobacco merchant processing do so willingly, but it will cost you.
Most businesses in the industry try to use different approaches to survive, including completely foregoing credit card payments and accepting high-risk eChecks as an alternative. At SecureGlobalPay, we understand the challenges you may encounter and we have solutions for you.
It is critical that we all have an understanding of what high-risk tobacco merchant account processing means. A merchant is an account that makes it possible for businesses to accept customer payments via credit and debit cards. As you may be aware, these payment cards are routed through payment networks like Visa, Mastercard, American Express, and Discover.
Visa and Mastercard are the most widely accepted cards, both domestically (in the U.S.) and abroad, and internationally.
The tobacco industry is made of a variety of products that are principally made from tobacco. Globally, tobacco payment sales account for an enormous $750 billion industry, with 20% of the global adult population actively using tobacco products. The industry encompasses numerous products that are not illegal but nonetheless face restrictions.
The use of tobacco products is linked to various health problems, which attracts campaigns against their use. The ongoing control of online sales of tobacco products seeks to stop the following:
Some of the core products you may transact with your tobacco merchant processing account include the following:
A particular downside associated with the regulations of high-risk tobacco payment processing is the increased merchant fees. In some cases, the fees associated with high-risk tobacco merchant accounts may have a significant impact on the costs of your tobacco business.
Your key concern is to ensure that your business thrives, regardless of the challenges with payment processing. Please understand that forgoing credit card processing cannot be an option since it will eliminate most of your potential customers. SecureGlobalPay merchant services provide payment processing solutions dedicated to the needs of high-risk and hard-to-place merchant accounts. Accept tobacco payments via a virtual terminal, payment gateway, point of sale, or via a mobile app.
SecureGlobalPay has made it possible for businesses in high-risk industries to accept payments of all types. We have developed the necessary infrastructure to streamline tobacco merchant processing services. You will be able to accept credit card payments regardless of the specific tobacco product you sell.
Some of the features and benefits you stand to achieve with SecureGlobalPay include:
We are sure that opening an account with us will bring you success. You do not have to go through confusion, lost business, and rigorous underwriting because your payment processor has shut you down. Apply today and accept online card payments for your tobacco products.