Online dating is very popular these days and there are too many sites on the internet. Nowadays due to lack of time and the advancement in technology people use to find their friends, and even soul mate online on dating websites. We think this is really a great time to get into the industry for money maker and a people pleaser both.
Every dating business relies totally on Online Dating Merchant Accounts for debit and credit card payments or payment processing. Many major banks and financial institutions are not ready to do business with online dating industry because the online dating industry also considered as “high-risk”, they considered as high risk because of higher risk of having fraudulent activities occur. But this actually is not the reason that these businesses should not have access to a merchant account.
IPAYTOTAL is expert in giving Best high risk merchant account so high risk industries have no need to worry to get your merchant account for further expansion of your business. If you look for a dating website then there are numerous dating websites and applications like Tinder, eHarmony, and JDate.
Those looking for new business to start this is great to start for, but the problem comes when you start looking for an online merchant account for your business. If you already have an online business then you may also face some difficulties in getting your online merchant account and you know that business merchant accounts are essential for accepting credit card payments-which is very essential for online dating websites. High Risk industry means that it is at a higher risk of chargebacks, which is very bad for business and the chargebacks are one of the main reason of harming the growth of the business.
Dating merchant accounts are established as adult-oriented services so they are also called “ADULT MERCHANT ACCOUNTS” and the content into it also not so Family oriented or family friendly. The reason by which some provider does not want to work with dating companies is high chargeback ratio, reputation damage and the tendency of some fake merchants to use it as a miscoded solution.
There are so many dating websites in the market; some of them are as follows:
- Compatibility websites
- Geographic locations
- Dating websites for seniors
- Specific races, culture
- Religious dating websites
- Niche dating websites
- Adult dating website
Do I Need an Online Dating Merchant Account Before I Start My Online Dating Website?
If you are planning to start an online dating website, then getting a merchant account is an extensive process of underwriting. The underwriting team analyses your business as per the documents and applications provided by you to the underwriting team of any provider or to the acquiring bank.
Before applying for an online merchant account you should keep in mind that business must be active and the official website of your business, which shows the information of your product and services, clearly should be available.
How to Get a Dating Website Payment Gateway?
Merchants who are in online dating services or having their own applications and websites can apply to a payment processor by sending a filled merchant account application form with the required documents. Once the provider’s team approved your merchant account application, then you are able to integrate the website with the payment gateway and start accepting credit and debit card transactions. It also helps you to integrate your descriptor with chargeback alert and notification services. Working with a payment service provider also helps your business in reducing the return ratio as well as chargeback ratio.
Why do You Need a Merchant Account?
If you are in the dating industry then you have to know that the dating industry is a high volume niche industry that can generate incredible profits. When you take your online dating merchant account from any domestic and international banks then they charge exorbitant fees because of their more conservative approach to your merchant account.
However, we do not judge you what risks you are associated with your business so if you want to start your dating website apply for an online dating merchant account with ipaytotal, we are expertise in high-risk businesses and we have the tools and solutions to provide you ideal payment processing solutions for your business with low rates and pricing.
Obstacles In the Online Dating Industry
Dating industry is the growing industry because of the busy schedule of the generation and they find online dating websites easy to find their soul mate. You must have seen a huge growth in the dating industry but still, banks and major financial institutions continue to see adult-oriented nature of online dating as a risk. Many financial institutions have labeled adult online dating businesses as high-risk due to following reasons:
- High-chargeback rates
- Adult-themed content
- Strict laws and regulations
- Buyer’s remorse
Chargebacks can occur when the customer using a website forgot to cancel a subscription, doesn’t find a suitable match or anyone suitable in dating pool or compatible match. Some illegal activities like money laundering or promote illegal prostitution is also another risk for merchants and for the person who is using their websites. For any online industry, chargebacks are common so as for online dating business also for several reasons.
The most common reason is when the customer is not able to find the right compatible choice what they are looking for and therefore they file the chargebacks with their credit card brand for the failure of delivery. Rather than unmarried customers, married customers are most active or use online dating websites and one the spouse often discover the other on a dating site, who in turn denies the involvement and files chargebacks with their card issuer which harms or damage the business of dating industry.
For merchants seeking an Online Dating Merchant Account, iPayTotal can offer stellar solutions and fast approvals. Regardless, we are always up for a discussion with like-minded merchants about payment processing possibilities. Speak one-on-one with a live merchant account manager at +(44) 800 776 5988. You can also fill a short form and one of our representatives will contact you within 24 hours during the weekdays to assist you further regarding the same. write us at [email protected]
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