Because of the stringent regulations that characterize the retailing of tobacco and marijuana products, head shops usually find it challenging to acquire payment processing services. Only a few companies accept, let alone specialize in head shop merchant accounts. And of those that do, even fewer will give you the option to choose the payment solutions you need.
So, are you interested in electronic payment processing for your online smoke shop? Here are a few pointers that will help.
Do some research
The last thing you will want to do is to jump head-first into a contract without weighing your options. Many headshop owners succumb to the frustrations of fruitlessly looking for payment services and get into business with the first firm that offers them a deal.
To ensure your business is getting the best service, take some time and evaluate potential processors. If you have a friend that’s already in the business, reach out to them and ask what solutions they use.
The best company is that which can prove it understands your business entirely and is ready to cater to your specific needs.
Comply with the application requirements
Once you’ve found the right processor, the hard part is over, and you can proceed to send your request. Headshop specialists like eMerchantBroker offer an easy online-based application process for new merchants, which only takes a few minutes to complete.
However, just because you’ve found a suitable high-risk company with a high merchant acceptance rate doesn’t mean you’re guaranteed a merchant account. You will still need to adhere to the requirements of the application. These may include presenting financial statements, recent sales records, and credit report.
You may also want to accompany your application with a well-written cover letter, explaining the nature of your business, and why you need a headshop merchant account.
Go through the contract carefully
Because high-risk processors know just how much you need payment services, it’s likely that they will try to take advantage. Therefore, pay attention to the terms and conditions of your agreement to pinpoint any red flags that may be hidden in the fine print.
You can also request the processor some time to consult with an experienced merchant before committing. Remember, if a deal sounds too good to be true, it’s probably not.
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