Yes, DigiPay welcomes vaping and e-cigarette merchants. By working with knowledgeable processing partners, e-cigarette companies can save time and money, improve efficiencies and attract and retain more customers and followers.Ĭan DigiPay acquire Vaping and E-Cigarette merchant accounts? Payment processing sales representatives who are not familiar with e-cigarette products, services and terminology may be less effective at managing relationships, due to their learning curves. DigiPay’s expanded network of banking relationships accepts the vaping and e-cigarette business category and provides competitive rates, terms and conditions.Į-cigarette and vaping business owners find it advantageous to work with processing partners who are familiar with their industry, jargon and common business practices. E-cigarettes and vapes are considered high-risk business categories, making industry product and service providers ineligible for merchant accounts at numerous sponsoring banks. How do I create an eCommerce merchant account?Įstablishing a merchant account to process payments is the first step in enabling ecommerce. Industry analysts have warned the costly application process may potentially put smaller manufacturers out of business. government approval for each individual product sold. Recently introduced FDA guidelines require e-cigarette manufacturers to obtain U.S. market, 49 percent of respondents said they would go back to smoking combustible tobacco products, 28 percent would stop consuming nicotine or tobacco products of any kind, and 17 percent said they would use some method of smoking cessation, such as nicotine patches, mints or gum.
Two-thirds of the survey respondents agreed that moderate regulation would help the industry maintain consistent quality standards and thereby protect consumers. V2, a leading provider of electronic cigarette and vaporizer products, surveyed 300 adult “vapers” in the United States between May 16-20, 2016. There have also been reports of batteries exploding and burning end-users. Experts say e-cigarettes can be useful for people who are trying to quit smoking but warn against their potentially dangerous and addictive characteristics. The American Cancer Society has acknowledged that e-cigarettes are probably less harmful than traditional cigarettes, but warns that vapes contain nicotine, which can be both addictive and harmful when ingested for prolonged periods. The WHO is concerned that e-cigarettes, particularly those that have fruit flavors, may serve as a gateway drug to minors and is calling for additional restrictions.īecause vapes and e-cigarettes have only recently entered the market, scientists have not had sufficient time to study their health benefits and hazards. The World Health Organization (WHO) noted that 59 countries have regulated the sale and use of e-cigarettes. regulators proposed treating e-cigarettes as tobacco products, making it illegal to sell to minors under 18 and requiring manufacturers to post warning labels on e-cigarette products. While there are ample opportunities to market and sell electronic cigarettes on the internet, business analysts expect the relatively young vaping and e-cigarette industry to face continuing government scrutiny and regulatory oversight. The cannabis industry has cited vaporizer pens as an efficient marijuana delivery system, which may open additional markets for manufacturers of vape products and accessories as various states legalize medical and recreational marijuana.Į-cigarettes have been marketed and sold in Europe and North America since 2007 and contain fewer harmful chemicals than traditional cigarettes. Lorillard’s acquisition of e-cigarette maker Blu for $135m and British American Tobacco’s phased takeover of American tobacco company RJ Reynolds ( VUSE) are recent examples additional mergers and acquisitions are expected. There is also growing consolidation in the space. Other e-cigarette manufacturers are reportedly seeing triple digit growth rates, researchers have found. Analysts predict sales in the retail vaporizer industry to reach 47 billion by 2025. Growing use of heat-not-burn and reduced risk products (RRP) are fueling the nascent industry’s growth.Ĭanadian online retailer Namaste Industries expects to reach $15.7 million Canadian ($11.7 million USD) in 2017 and $24.9 million ($18.5 million USD) in 2018, sustaining a year-over-year 35 percent increase until 2020. The United States, United Kingdom and China are among the most profitable e-cigarette markets. Industry analysts predict global e-cigarette revenues will exceed $50 billion by 2025, with sustained growth from emerging markets in APAC and Europe. The Vaping Industry: An Economic Overview
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