Online Dating Merchant Accounts – Everything You Need To Know
The online dating industry is worth $5.8 billion. For merchants who want to build a business in this niche, the profit potential is enormous. But to be successful, they need to acquire online dating merchant accounts. SecureGlobalPay provides high-risk merchant accounts and online dating merchant services for both seasoned online dating businesses and start-ups.
The benefits of high-risk merchant accounts make it possible for the owners of hard-to-place businesses to process card payments. For most businesses, it is relatively easy to get one; but for online dating services, it isn’t always easy to get an account.
You should know that many traditional banks and payment processors refuse to partner with dating site merchants for two main reasons – chargebacks and fraud. Therefore, online dating merchant services are considered high-risk.
In this article, we will discuss why it is necessary to sign up for online dating merchant accounts, how to get one approved fast, and how to select an account provider.
Before we get started, SecureGlobalPay is a trusted online dating merchant services provider that is very familiar with dealing with high-risk businesses. We provide aggregated and dedicated merchant accounts and process card payments through our state-of-the-art payment gateway for high-risk business.
Are Online Dating Merchant Accounts High-Risk?
Yes! These are the primary reasons why you need a high-risk merchant account.
Process card payments
The main reason your online dating website needs a merchant account is to accept credit and debit card payments from customers.
Most internet users prefer to pay using their credit cards and debit cards because of the convenience and perceived safety. No one wants to spend several minutes filling out a form to pay by bank deposit or wire transfer.
Having an active, high-risk merchant account increases payment options.
Affordable transaction fees and proper placement
Even if traditional banks agree to approve online dating merchant accounts, customers will always have to pay a higher discount and transaction fee than those businesses deemed low-risk.
When you get a high-risk online merchant bank account with a top-notch payment provider, you can pay the same or slightly higher transaction fees without the risk of getting shut down or your monies held.
Working with an experienced, high-risk merchant account provider will save you time and money in the long run.
Fair transaction policies
Online dating merchant accounts for high-risk businesses offer you a fairer and more suitable policy than a traditional low-risk merchant account.
A high-risk merchant account will allow you to process higher volumes of transactions, allowing you to expand your business suitably. They have more relaxed reserve requirements and chargeback ratio policies.
High-risk merchant providers offer easy flexibility, often allowing you to initially get an aggregate account and switch over to a dedicated version when you please.
Access to international customers
Processing card payments in different currencies give your business access to the world. Anyone can sign up for a dating account and quickly pay you with their preferred local currency.
This often leads to an increase in your customer base and therefore increases in revenue.
How Do I Get Online Dating Merchant Accounts Approved?
To get your account approved quickly, you must have the relevant documents ready. Some of them include certificates of business ownership and bank statements from the previous three months.
It would also help if you allowed underwriters access to the backend of your website to familiarize themselves with what your customers would see. Your online dating site should always provide several layers of authentication for payment processing.
Having this in place and quickly responding to underwriting requests will speed up the approval of your high-risk merchant account.
How Do I Select the Right Online Dating Merchant Provider?
Selecting the right provider for an adult dating merchant account is not an easy thing to do. Especially when you don’t know what to consider. Before you sign a contract with a payment processing company, these are the primary criteria to check:
Favorable Chargeback Ratio Policy
The average online dating site processes a high volume of transactions. Many of those are bound to end in chargebacks, from customers who have buyer’s remorse to those charged accidentally.
If your account provider understands this and is willing to put up with a considerable number of chargebacks, your business is in good hands.
Secure and easy to use Payment Gateway for Online Dating Merchant Accounts
Your merchant account provider should have a separate payment gateway that is at least PC1 compliant. If not, you will be fined thousands of dollars for any data or security breach.
If your integration redirects you to a separate site, customers may feel insecure or view it as inconvenient. A robust secure payment gateway has various integration methods to satisfy the most technical requirements needed when processing payments.
A long list of satisfied customers
Ensure that your credit card processing solution has a long track record of working with high-risk businesses and satisfying their current customers. Compare recent reviews of multiple processors.
Thorough vetting of processing history
You’re in safe hands when the merchant account provider is very concerned with making sure that only legit businesses are approved. This means online dating payment processing will not shut down for non-compliance.
Great customer support
A worthwhile merchant account provider must offer 24/7 customer support. It is possible that your website’s payment processing can run into any problem at any time. Your merchant account provider must be available to help at any time.
SecureGlobalPay has worked with thousands of satisfied merchants, many of whom run high-risk businesses. When you apply for a merchant account for online dating with SecureGlobalPay, your application is processed in a few days as long as your documents are complete.
Join the ranks of merchants currently enjoying the dedicated merchant and payment services provided by Secure Global Pay.