Have you been rejected by multiple payment processors?
You’re not alone. You’d think accepting payments would be the easy part of opening a vape shop, but unfortunately, you’re in the high-risk bracket. And even if you do find a payment processor that will help, you’ll probably have to pay high transaction fees.
Add high-risk payment processing to sourcing quality products and managing your store, and you might start feeling overwhelmed.
The good news is, there’s another option! There are systems that integrate high-risk payment processing and take the pressure off. These systems can manage your business, too!
When you’re in the process of opening your vape shop, your most important step isn’t inventory management or hiring staff — it’s getting all the legal stuff signed off so you can legally and safely sell to the public.
Unfortunately, vape shops have the dubious honor of being labeled as “high-risk merchants.” When it comes to banking and payment processing, there are a couple of reasons you’re deemed high-risk:
The high-risk label might lead to high processing fees smoking your profit margins, could lead to sudden account reviews, and generally makes it difficult to get approved for payment processing.
In other words, you need a high-risk payment solution for your vape shop. Instead of just finding a high-risk payment processor, wouldn’t your life be easier if your point of sale (POS) provider partners with one?
Related Read: High-Risk POS for Vape: 3 Top Smoke Shop Providers
Hint: Yes. And we have some of the top providers to choose from.
Before we dive into the top high-risk POS providers, what features should you look for? POS systems feature specialized software and hardware to process transactions both online and in your physical store.
But it’s not just a cash register alternative. Today’s leading tobacco-specific POS systems offer vape shops a complete retail management package, including:
Not all POS providers are the same, however. Some POS providers won’t take on the risk. The last thing you need is to be left open to fines, theft, and regulatory issues. You also don’t need a generic POS system that can’t handle your complex inventory.
Let’s look at three top providers.
Cigars POS, designed specifically for tobacco and vape shops, equips your store with a suite of tools to run operations and customer engagement. Our feature-rich POS system handles:
Other features include built-in reporting and analytics, mobile compatibility, barcode and label printing, and more!
As an all-in-one solution, Cigars POS helps vape shops improve customer interactions, secure financial transactions, and stay compliant with industry regulations.
Pricing: Use our build and price feature to create your custom setup.
Although they work with various industries and verticals, KORONA POS is a strong option for vape shops.
Among the features are promotions and loyalty programs to win repeat customers, inventory management with mass editing and automatic ordering, user-friendly interfaces for fast transactions, and a cloud-based architecture that lets you access your data from anywhere.
There’s also an e-commerce integration, age verification, payment options, and around-the-clock customer support. KORONA highlights that it focuses on dispensaries.
Pricing: The advanced plan starts at $69/month.
POS Nation offers a POS system tailored for tobacco stores, with software, hardware, training, 24/7 support, and payment processing specifically designed for this industry.
Trusted by over 10,000 customers, POS Nation provides a range of features essential for tobacco and vape shops, such as carton-pack inventory tracking, age verification, sales reporting, and analysis tools.
Additional functionalities include scan data reporting with mix and match pricing, kit building for vape products, and built-in security features to reduce retail shrinkage.
Pricing: POS Nation offers flexible pricing plans, including a monthly subscription, a hardware bundle with a touchscreen PC and accessories, and custom build options.
You’re sold on investing in a POS system that partners with high-risk payment processors. You even have three top options to choose from. But how do you choose? It’s best to speak to each provider, schedule a demo of their system, and make an informed decision.
Just make sure you have the right questions ready to ask:
These questions will help evaluate potential providers. At Cigars POS, we’re proud to work with vape, cigar, and smoke shop owners. We exclusively serve the tobacco industry, and our feature-rich POS system will help increase profits, check out customers faster, and streamline your operations.
Again, don’t take our word for it! Schedule a demo today and see why we’re the best fit for you.