This month Fort Point Payments is featuring Innovations Group USA under the ownership of Alberto Olivares. Innovations Group USA specializes in the wholesale of name brand e-cigarette products such as KangerTech, Aspire, Innokin and Vision. When we first spoke with Alberto he was running into some difficulty with his current provider.
Having an online e-cigarette store is one thing but keeping the merchant account up and running is another. E-cigarette sales in an online environment isn’t exactly the lowest risk business and companies currently processing transactions are dropping these accounts in an effort to lower the risk on their portfolios. Without notice merchant providers like PayPal and Chase Paymentech are terminating online e-cigarette accounts, holding merchant’s funds or instituting reserves.
You would imagine operating a high risk business would hinder your sales and performance but not for Alberto. Operating for only eleven months he has experienced explosive growth month over month; just a couple sales easily progressed into a couple thousand up to $30,000 - $50,000. When the business first came to us Innovations Group USA was running 45K in monthly volume and the end of the merchant account would completely derail the business.
Alberto came to Fort Point Payments with one request – that upon creating a merchant account he wouldn’t experience holds, reserves or termination. Without many options available we were able to save Alberto some of his processing cost and supply him with an account living up to his monthly volumes. Alberto is an absolute pleasure to work with; he’s calm, respective of the process and understanding when it comes to financial institutions and their risk tolerance.
Not only has he continued the consistency of his sales but he’s proved himself such a steady business his deposit times have been lowered 24 hours which has increased cash flow to repeat the wholesale cycle. If you’re in the market to purchase e-cigarette supplies for your business don’t hesitate to visit www.innovationsgroupUSA.com.