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In a surprise move, online payment processor Paypal banned payments made towards vaping products. This move will lock out vaping product suppliers out of their accounts for 180 days.
The entire vaping industry has been hit hard by this sudden move from the world’s largest payment processing company. In these times of pandemic adversely affecting businesses, this move has dealt a severe blow to the already impacted vaping businesses.
Initially, the company stated that it was merely complying with the terms rolled out by other payment processors. But surprisingly, post the ban, their terms have now been updated to this effect. They now say that it is due to their updated policy.
But there are more options for you, so you don’t need to panic.
In this article, we discuss the top 3 payment methods for online vape businesses, if not Paypal in Australia.
Zip is an app-based buy now, pay later platform that can be used both in-store and online. It claims to be “the good guys” who do things “better than the banks”. But do they really?
ZipPay is more like a line of credit. There’s a flexible payment schedule and more time to pay back money borrowed for each purchase.
Customers can choose between weekly, fortnightly or monthly repayment schedules, but there’s a minimum payment of $40 per month. Your balance is interest-free, however, a $7.95 monthly fee applies after 60 days. If you don’t want to pay the monthly fee, you’ll need to pay off your purchase in full by the end of the month you receive your statement.
There’s also a $5 late fee if you don’t make a payment for 21 days after the initial fee-free period.
You can choose to sign up for direct debit so that payments are taken automatically from your bank account or credit card. But with the fee structure of ZipPay, it’s worth running the numbers to see if you could end up paying the same or more as you would with a credit card.
For vape wholesale buyers, this payment gateway has an added advantage, as you can place an order and pay later, provided the other conditions are met.
And if you are making repayments from your credit card, you could end up getting hit with fees twice if you’re not transferring money to meet the instalments.
Lay buy is a payment platform based in New Zealand. It is designed to make it convenient for shoppers to initiate online and in-store purchases. It also doesn’t require any charges on interest and allows you to pay for your purchase through weekly instalments for up to six weeks. Lay buy created a big impact in its native New Zealand, claiming it signed up 200,000 users and partnered with 2,750 stores in just 18 months.
Its policies do allow vapor supply wholesale buyers in NZ and Australia to place their orders seamlessly.
The firm says it is putting a modern twist on the antipodean practice of the ‘lay by’, where shoppers pay for goods in instalments and receive them upon the completion of the payment.
With Lay buy, however, shoppers get the item upfront and then pay it off in instalments.
Six of them to be precise, one of which is taken at the time of the item’s purchase, while the rest are taken automatically in subsequent weeks.
Having provided financing for over millions of consumers worldwide today, Laterbuy is zero interest like another buy now pay later scheme that allows consumers to spend beyond their budget with selected retail providers. Consumers pay a certain amount as a deposit of the purchase price up-front and pay the remaining payments over a certain period of weeks.
You have the option of signing up to Lay buy either from Lay buy’s website or when you shop at one of its retail partners and select Lay buy as the payment option. Before your account is verified and approved, Lay buy will have to carry out a credit check.
Once your account has been created, you’ll be given a limit based on your credit score. Then, you’ll be able to use Laybuy to make purchases through any of its approved retailers up to the limit. After you’ve made any purchases, you’ll be expected to pay Lay buy back over six, equal weekly payments. The first payment will be taken after you place your order and the five remaining payments will follow each week.
Founded seven years ago, Afterpay is one of the most recognisable and trusted pay later systems in Australia. It allows its buyers to purchase items online or in stores and pay for them in instalments. PayItLater is a relatively new pay later system that serves the same function. They operate by extending a line of credit to their buyers on behalf of the store.
Signing up for it is quick and easy. All that is required is a valid credit or debit card and you are on your way. PayItLater works much the same way. You simply select Pay It Later at checkout, create your account or sign in, and agree to their terms and payment schedule.
PayItLater then makes on-the-spot credit approvals without you needing to fill out any tedious paperwork. Its easy navigation makes it easier to set up the payment gateway on any vape shop Australia. Also, it never charges any setup fees or interest. Where they make their money is through late fees.
One con of this payment gateway is that if you miss a payment and 24 hours pass, both systems charge $10. Should 7 days go by without any payment, PayItLater charges another $10. So be a bit careful while you place orders and don’t miss the time limit.
So these are the top few companies who have made their payment services available to local Australian vape stores.
Without these businesses, your access to a variety of vapor liquids, vapour devices and competitive prices would go up in smoke!