Tobacco Merchant Account for allowing higher efficiency in the tobacco business
Tobacco business is a high-risk industry that is getting a huge volume of profits yearly. The growing popularity of the business is enrolling huge people irrespective of their ages. The people have developed a habit of enjoying tobacco and cigarettes regularly. It has become a new trend for youths to have a cigarette. The industry has been successful in churning out the huge income from it. The industry will continue to grow even more in the years to come. Since a lot of people are getting associated with this industry. Hence, the industry is supposed to have high-risk associated with the business. High-risk business is also considered to have higher chargebacks. They require an efficient process that will help the merchant in getting smooth and flexible payment transactions. We intend to provide Tobacco Merchant Account services to businesses so that they can have better chargeback prevention mechanism to prevent higher chargebacks.
High-Risk Merchant Account is the best solution when it comes to online business. The two factors are considered to be common with the high-risk industry first is huge profit and other is high-risk. You will find these two things associated with every high-risk industry. Though the merchants are still not sure of getting the merchant account facility. Mostly, a domestic and home-based business can have the flexibility to obtain a merchant account. Though it is a bit difficult task for economically unstable companies to get a merchant account. Tobacco industry or other high-risk industry many a time these companies are in bad credit so the merchant owners got worried with for these bad credits. Some businesses get into a harmful situation they got trauma and all but they need not worry that much since the service provider may provide you with the bad credit account that will fill in the funds that were reserved for such economic conditions.
Tobacco merchants can have much higher benefit by availing the payment gateway facility. One of the instant benefits that it provides is access to all the credit card through the internet. All the major credit cards such as UnionPay, Discover, American Express, Maestro, and Visa are allowed to make online payments. Customer with any of this card can make an online payment. There are a lot of financial institutions and companies that are providing services on expensive charges. The different service provider may vary from each other. One of the primary reasons in asking the fees it that by providing services to you their account becomes case sensitive. Hence it is not easy to get a high-risk merchant account facility. If you have already enrolled in it you will be subjected to pay extra charges on processing your credit card. Since these companies are expected to have a bulky transaction. There are huge chances that they may also get fraud transaction. Hence a payment processor is required to provide them with the efficient PSP. We at HRG allow you to have Tobacco Merchant Account solutions that can provide them with safe and secure payment transactions.
How to get a Tobacco merchant Account?
If you are planning to have a merchant account to expand your business. Then it is a good idea to have a merchant account. But it can be risky to obtain a payment gateway. Certain banks and the financial institution may not be able to provide you with the merchant account facility since they will ensure first that you are connected to any sort of ill-legal business. When they will get to know that your business is legitimate then they will provide you with the payment processor facility. For tobacco merchants, it is not easy to get a tobacco business account. But you need not worry about getting it. Some service providers can help you get the merchant account facility. They have proper resources and network of banks and another facility that can help you avail a PSP for your business. There are certain documents required at the time of availing a PSP. Hence you are supposed to these documents with you. Here is the list of some documents.
- A director’s KYC profile is required for authentication
- A government authorized voter ID card, Driving Licence, or any other proof
- If you have used any processor before than 3 months processing history is needed
- 3 month’s history of your bank statement is required
- Chargeback up to 2%
You can have the PSP within 5 to 7 business days.
HRG is one of the leading payment gateway service providers that are helping high-risk business to stabilize their chargeback mechanism. We have years of experience in getting the best services to merchant irrespective of their high or low volume businesses. Get a payment processor that can provide you with efficient business transactions. We also provide Tobacco Merchant Account facility to allow Tobacco merchants to have higher business profit.