When looking for payment processing for your online dating merchant account, T1 Payments is the perfect match. We offer chargeback protection services that can quickly spot and stop suspicious transactions that could result in chargebacks and/or financial loss for merchants Online Dating Merchant Account, Payment Processing & Payment Gateway for Online Dating. Online Dating Merchant Accounts & Payments. Get pre-approved merchant account in 48 hours & start with competitive rates tailored to your dating business and volume · We facilitate online dating merchant solutions including online dating payment getaways, online merchant accounts, and online dating credit card processing. You can get your payment getaway, and credit card processing instantly when you use our services
Online Dating Merchant Account, Credit Card Processing
There are no two ways about it. Merchant account providers view online dating sites as high risk. This post will walk you through the reasons why many customer actions have tarnished this industry before laying out a strategy for obtaining an online dating merchant account so you can process those all-important credit card payments as well as other online payment methods.
Before the coronavirus forever altered our lives, online dating and dating apps were suffering. It appeared online dating fatigue was taking hold as downloads for the top 15 matchmaking apps continued to shrink globally into the start of However, that all changed when the pandemic struck in March Suddenly, with everyone forced to remain indoors under stay-at-home and shelter-in-place orders, the need for companionship and intimacy trumped the drawbacks of online dating that many sighted.
Suddenly dating companies witnessed huge swells in the number of users. For apps, the launch of video chat technology revolutionized their offering. Suddenly there were none of the usual worries surrounding the first date. There was no anxiety over whether to split the bill or kiss their perfect match, for example, online dating merchant processing.
Users could suddenly schedule an evening of several dates, changing the online dating offering entirely. As a result of the events ofthe size of the global online dating market is expected to grow at an improved Compound Annual Growth Rate CAGR of 8. The favorable market conditions have caused a huge spike in the number of businesses launching online dating websites. But the process is not easy. The industry suffers from several pitfalls that have seen it labeled as higher risk by underwriters and risk assessors working for acquiring financial institutions.
There are plenty of myths circulating in the online dating industry. However, what has been proven is that chargebacks are high in this industry. Catfishing, ghosting, bots, and even reports of dates attacking one another are just a few of the reasons behind the soaring chargeback rates. Other issues include the monthly rebilling business model that so many of these sites favor. Churning customers often issue chargebacks out of laziness and convenience rather online dating merchant processing canceling their subscriptions in the proper manner.
Online dating sites are often used by married men and women, presenting a huge chargeback risk. When a spouse discovers online dating charges on credit card bills or debit account statements, online dating merchant processing, the cheating spouse will claim fraud and initiate a chargeback to avoid being caught.
High-risk businesses in any vertical are already closely monitored for high chargebacks. Despite being a lucrative market, new online dating businesses can all but forget securing a merchant account through traditional providers.
Instead, they have to work with specialist high-risk merchant account providers to obtain credit card processing solutions for their e-commerce sites.
Do you operate an adult dating site or hookup app? Want to know how to protect and improve online dating merchant processing payment processing options? Then read our ultimate payments guide for adult dating and hookup sites! Despite being a tricky industry to secure payment processing in, online dating merchant processing, there are several steps you can take to impress merchant account providers assessing your application.
The first of which is building up your processing history. The best way to convince financial institutions and underwriters assessing your business that processing your payments is worth the risk is by handing over your processing accounts. A long and detailed processing history will allow them to perform a deep analysis. Impressive sales figures will also tempt those evaluating your business for risk. One of the best ways to build up a processing history without a credit card processing solution is to utilize alternative payment methods such as ACH and eCheck.
This allows you to build up a processing history without incurring a track record of high chargebacks. One of the biggest issues leading to chargebacks is pricing. Different online dating businesses fall into different categories. Some offer a monthly subscription for matchmaking, online dating merchant processing, whereas other charge an upfront fee for dating coaching.
Both business types have issues. Monthly rebill businesses often start with a free trial that causes issues with freeloaders looking to use the service with no intention of ever paying.
When the trial runs out, and they get charged, rather than approach you and ask for a refund, they usually issue a chargeback out of anger. They are often red flags to acquirers operating in this niche. Similarly, can you bundle monthly payments into one reasonable upfront fee to avoid the well-known chargeback issues associated with subscription business models?
For dating products and services that charge large upfront fees, can you think of a way to offer a lower first payment for a product or service with a smaller scope? Once you have built trust with the client, you can then charge much more for the full program or service.
Online and adult dating apps need to put compliance at the top of their priority list. Especially given what is at stake. As highlighted already, many of your customers will be using your products and services secretly.
Failure to encrypt and protect their data could lead to a fatal wave of complaints and chargebacks. Next, online dating merchant processing, you need to ensure that both the personal and financial data you collect is safe from outside interference. This means ensuring your website is PCI DSS compliant.
Many payment gateway solutions will take this burden off your shoulders, and you can check with your web developer what the best solution is for your specific site. Remember that dating is strictly plus, which means you need to have the procedures in place to satisfy acquirers that you are running a reputable online dating business. Asking for a scan of a governmental ID is a great practice. Firstly, it proves a customer is of appropriate age. Secondly, when a customer uploads their ID in order to access your service, it makes it much harder for a customer to issue a fraudulent chargeback.
Similarly, another great practice to reduce chargebacks is to offer simple terms for cancelation. A customer should be online dating merchant processing to cancel their subscription within a few clicks of the home page.
Ambiguous refund policies and making it difficult to leave your online dating service will lead to high chargebacks from frustrated customers. There are many tools you can use to lower your chargeback and fraud levels down to acceptable levels. Firstly, talk to your payment gateway provider about implementing 3DS2, online dating merchant processing. This new version of anti-fraud software analyses hundreds of data points in less than a second to decipher whether a transaction is likely fraudulent.
You can sign up for additional services such as Ethoca and Verifi to help to stop fraudulent chargebacks in their tracks before appearing on your merchant account. The online dating industry has received a shot in the arm and will continue to online dating merchant processing rapidly beyond However, securing a dating merchant account is not easy.
Here at DirectPayNet, we are the high-risk merchant account experts. We have helped hundreds of merchants in the high-risk dating niche secure better online dating merchant processing processing, lower fees, and lower reserves, online dating merchant processing.
We take our decades of industry knowledge, apply it to your business, and secure solutions online dating merchant processing help your business scale in high-risk industries. So what are you waiting for? Online dating merchant processing a member of our friendly team to arrange an initial consultation for your high-risk dating business today! As President of DirectPayNet, I make it my mission to help merchants find the best payment solutions for their online business, especially if they are categorized as high-risk merchants, online dating merchant processing.
I help setup localized payments online dating merchant processing and have tons of other tricks to increase sales! Prior to starting DirectPayNet, I was a Director at MANSEF Inc.
now known as MindGeekwhere I led a team dedicated to managing merchant accounts for hundreds of product lines as well as customer service and secondary revenue sources. I am an avid traveler, conference speaker and love to attend any event that allows me to learn about technology. I am fascinated by anything related to digital currency especially Bitcoin and the Blockchain.
Share HIDE. Maria Sparagis As President of DirectPayNet, I make it online dating merchant processing mission to help merchants find the best payment solutions for their online business, online dating merchant processing, especially if they are categorized as high-risk merchants. FAQ Friday-Part 2: Risks VS Benefits for Private Label and Drop Ship Supplement Models. Negative Reviews: How They Affect Your Merchant Account and What to Do About Them.
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Online Dating Merchant Account, Payment Processing & Payment Gateway for Online Dating
When looking for payment processing for your online dating merchant account, T1 Payments is the perfect match. We offer chargeback protection services that can quickly spot and stop suspicious transactions that could result in chargebacks and/or financial loss for merchants Online Dating Merchant Account, Payment Processing & Payment Gateway for Online Dating. Online Dating Merchant Accounts & Payments. Get pre-approved merchant account in 48 hours & start with competitive rates tailored to your dating business and volume Performance Card Service specializes in high risk payment solutions, including online dating credit card processing and other forms of payment used in this business. With more than 20 years of experience helping online dating companies select and implement an online dating merchant account, we help you propel your business to the next level
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