As the muddy regulatory process for the vaporizer industry sluggishly proceeds, we have found many reasons to support the businesses that work within the industry. Our vaping merchants and suppliers enjoy low chargebacks, and provide excellent products and services to their clients. Performance Card Service continues to develop new relationships to benefit suppliers and merchants in the vaping industry in hopes that some day we will see a voluntary eradication of burned tobacco usage.
Depending on the age of the business, prior processing history and marketing methods, our clients can pick from a handful of resources to assist them in accepting payments from their clients and customers. Credit card and eCheck processing remain the most popular ways to pay, but there are options aside from those traditional methods. Most of our U.S. clients find themselves with domestic payment options that include very competitive rates and terms, but each business is looked at individually to ensure we find the right payment relationship.
The #1 reason for chargebacks, higher rates and other payment account complications stems from poor fulfillment practices of businesses in this space. It is something that needs to be rock solid, or the business will suffer in general, and specifically regarding their payment accounts because of chargebacks. Additionally, marketing practices can often be troublesome. Opt-out and subscription models tend to be higher in customer complaints, so having a concise explanation of the way the business will charge their customers, and having a proactive refund policy in place serves businesses well.
We also encourage — and often require — merchants to utilize respected secure payment gateways that will ensure the protection of cardholder data and limit the liability for our clients. These gateways not only provide an excellent security layer, but often have reporting and features that our clients prefer to rely on for running their business over the actual financial institution’s resources.
It should be noted that vape merchants who target consumers in American states where cannabis has been legalized for medical or relationship uses might have a harder time with approval. Some banks and processors have been slow to adapt to a swiftly growing market. Regarding bank approval, we have seen restrictions on types of vape products, how they are marketed, and even what logos or branding is being used. Performance Card Service will help merchants navigate merchant provider requirements to ensure the best chance at approval.
As businesses that thrive in the vaporizer space look to provide their clients a healthier alternative to smoking, we work hard to provide a “healthier” payment processing solution that allows our clients to flourish.