I finally received approval for a merchant service account for a new PV and web store concept. That's the good news.
After months of preparation, I was ready select a credit card processing company. Frankly, I thought this was going to be the easy part. Boy was I wrong!
I quickly learned that the "e-cigs" are categorized as "high risk" and that very few companies are even accepting applications. The rates and reserves are extremely high. You either just suck it up and pay, or try to find an off shore provider....but the terms and rates are not much better off shore.
It's an unfortunate reality. The merchant service company I am working with confirmed that several merchants are getting closed down by there existing providers. This is a real issue, that will have a trickle down effect on us consumers. For example, higher prices and less innovation because it's become a more difficult business to get into. It's a shame!