Tobacco Merchant Account Will Boost your High-risk Tobacco Business

 Are you looking for the best Tobacco Merchant Account? If your answer is yes, you are at the right destination.

Today, most customers are losing interest in checks and cash, even though many businesses still utilize them extensively. However, credit cards, debit cards, and online transactions are increasingly popular. Due to this reason, most enterprises are moving online and allowing their customers to make online payments and receive online payments. Merchants’ ought to need a merchant account and payment gateways.

In the same way, tobacco businesses also need a tobacco merchant account and tobacco payment gateways to sell Tobacco online. According to the Statista report – The tobacco market size will reach US$912.30 billion by the end of 2022, and the market is anticipated to increase by 2.64% yearly (CAGR 2022-2027).

In terms of the European market size, the market for tobacco products will reach US $261.60 billion in 2022 and expand by 2.57% a year (CAGR 2022-2027). With this figure, you can imagine the popularity of the tobacco industry. It is one of the evergreen and profitable businesses.

This blog will discuss the importance of using the tobacco merchant account and which service provider is best for tobacco businesses. So, let’s start.

What is Tobacco Merchant Account?

A merchant account is a business bank account responsible for processing and receiving payments. For instance, online businesses should require a merchant account to collect credit/debit card payments and other online payments.

Similarly, a tobacco merchant account is used to receive consumer payments online. Through an online tobacco payment gateway, tobacco merchants collect funds.

Transactions can go quickly as soon as the customer enters their account information. At this time, the sale is either approved or denied. The merchant receives the texts in each scenario. The merchant’s bank handles the settlement of authorized funds into the merchant’s account. Between 24 and 48 hours are needed to finish the process.

Top 5 Reasons Why Tobacco Merchant Account is Important?

Now, you know that the Tobacco industry comes under high-risk businesses, so traditional service providers never work with this industry. A high-risk service provider with experience in the tobacco industry is best for your business. Let’s check why choosing the Tobacco service provider for your tobacco merchant account is essential.

Global Coverage

A tobacco merchant account is a high-risk merchant account, and most high-risk merchant account has access to the global markets. It indicates that your business can function in every nation on Earth and accept various currencies. Your customers can pay for your goods and services in their currency hassle-free manner. It also allows domestic and international clients to access your goods and services.

But remember that only some high-risk merchant account providers offer these services, so you have to look for one with these services. The best example of a reliable payment service provider is WebPays.

WebPays service providers allow you to accept payment in various currencies worldwide and offer you the best tobacco merchant account.

Increase Security and Chargeback Protections 

There are good chances that the client data in the card is protected if you engage with a trustworthy and dependable service provider like WebPays to obtain a merchant account. It is completely certified, which necessitates adhering to specific security standards.

Customers’ debit card and credit card information is always secure because they use the latest technology to prevent fraud.

When you open a Tobacco merchant account for your tobacco business with WebPays, you automatically protect your businesses from chargebacks. It helps you put your merchant account in good condition and maintain your chargeback rates. The chargeback rates must be below 2%.

Allow to Accept Debit/Credit Cards Payments –

A tobacco merchant account allows the merchant to accept credit/debit cards payment from all over the world. As you know, today, most customers from all over the world depend on card payments. WebPays allow you to accept the majority of credit cards worldwide. These features of the WebPays will skyrocket the tobacco businesses.

Along with debit/credit card payments, WebPays also allows you to accept other alternative payment modes, including eWallets, mobile payments, local payment methods, etc., which help Tobacco merchant boost their businesses.

Better money management 

You can manage transactions more efficiently by accepting credit cards and switching to online payments. Electronic payments provide for better cash flow management and forecasting. Most of the service providers can send monthly statements for all the transactions. This statement also shows the payment methods and in which currency payment is made. It helps you to manage the taxes.
With WebPays, you can easily manage all the payment activities.

Customer Satisfactions 

A tobacco merchant account can lead to happy customers by allowing customers a flexible and pleasant payment experience. Customer satisfaction will increase if your merchant account supports local currency exchange, credit, and debit card payments and expand security.
Customers with a positive payment experience are more inclined to recommend your company to others.

Conclusion 

As you know, Tobacco is a high-risk business, so you must look for a service provider with experience in dealing with high-risk enterprises, especially Tobacco. Traditional merchant accounts never support your high-risk industry. It is necessary for the tobacco merchant to obtain a high-risk tobacco merchant account, as it offers many benefits to the merchant, which we already discussed above.

Nowadays, you can get many service providers, but you must look for one who fulfills all your business requirements. One such type of service provider is WebPays. It offers many benefits which help you boost your tobacco business to skyrocket.

Contact the expert team to learn more about the WebPays tobacco merchant account.