How to get a Merchant Account for an Online Dating Site
June 10, 2020 | High Risk Merchant Account | Dustin
In 2019 the online dating industry yielded over $2 billion dollars. There is clearly a market for this type of business, money to be made from mainstream and niche dating services alike. So how do you get your online dating business set up for payment processing that is reliable and secure so that your customer can easily submit their debit or credit card information?
The short answer is this: you need a high risk merchant account that specializes in payment processing for online dating merchants.
The even shorter answer is PayKings. We are here to help you reach your full potential with secure and dependable payment processing for your online dating merchant account.
As web-based companies offer convenient and efficient ways of handling a growing customer base, it comes as no surprise that matchmaking sites have become increasingly more popular in recent years. With people moving for work or college to big cities where they have limited social resources, connecting online provides them with a way of reaching out to like-minded and compatible peers.
Some online dating websites are designed for singles seeking partners who share their religious or ethnic background. On the other hand, others invite prospective matches to bond over mutually shared hobbies, interests, and passions. Factors like these are an excellent way to help customers widdle down the dating pool and better their odds of finding that special someone. The prevalence of hobbies and intimate affinities is the reason why online dating websites are springing up daily.
How do I Choose a Payment Processing Company?
Choosing the wrong company or aggregate for your payment processing can be quite detrimental to the success of your business. If your merchant account is frozen or terminated altogether for being a high risk merchant, your payments may get put on hold. If your cash flow is dropped, it won’t rebound until payment processing is back up and running smoothly again.
Not all high risk merchant account providers are created equal. When considering your options for an online dating merchant account, think about the specific demands of your business. Then, try to find a supplier that meets those requirements. If your website has a global customer base, you may need the ability to process several different kinds of currencies.
Some processing providers will supply you with payment gateways that will make it easier to reach your prospective customers.
Your needs are as unique as your organization, so don’t be afraid to ask questions when approaching a credit card processing provider about high risk merchant accounts.
While it may be a little more difficult to acquire an online dating merchant account than for other business types, accepting credit card and debit payments from your customers is essential in the world today, and PayKings can get you right where you need to be.
Why are Online Dating Merchant Accounts Considered High Risk?
There are a few core reasons that online dating merchant accounts are considered high risk. The first is chargebacks. These can come from members or clients who decide to subscribe to your service and end up not finding their “perfect match”. If you don’t offer an immediate refund, they may call their credit card company to file a chargeback claiming that you didn’t deliver the services they were promised.
Another big issue that underwriters come across for online dating merchant accounts is website intent. Sometimes the website is a front for another (typically illegal) business like an escort or prostitution service. This can easily be avoided if the underwriters at the bank or payment processing company thoroughly vet the website affiliated with the online dating merchant account before approving their application.
Many times the biggest hurdle on the road to success for dating businesses is acquiring credit card processing. In its simplest form, any successful company needs to earn cash, which means it needs a method for accepting payments from clients.
For businesses like yours that are only online and rely exclusively on ecommerce, an online dating merchant account is essential. It gives you the ability to accept debit and credit cards as your primary form of payment processing.
Despite the highly profitable nature of online dating websites, most banks will turn away a business owner seeking to open an account. Because of the nature of the market, these companies are at a higher risk for chargebacks and fraudulent activity by clients than the normal merchant.
Luckily, not all payment processing companies are quite so hesitant. Companies like PayKings specialize in catering to the specific needs of online dating merchants and those in industries deemed as high risk.
There are minimum requirements for opening an account. For example, you may require a cash reserve to cover the cost of potential chargebacks.
However, industry knowledge and experience can help soften the blow of these potential pitfalls.
As they say – knowledge is power, so don’t get caught off guard or stuck with excessive payment processing fees. Do the research and choose a company with top-tier customer service and competitive rates.
PayKings has everything you need for the longevity and success of your online dating merchant account. Contact us to learn more and to start accepting credit card payments in as little as 5 days.
June 10, 2020 | High Risk Merchant Account | Dustin