Online dating services are one of the quickest growing high risk merchant industries. The reason online dating services are classified as “high risk” is because of the adult nature of the services offered to help adults find a compatible romantic match. Just like other adult-oriented businesses, they are considered high risk for many of the same reasons, making obtaining an online dating merchant account difficult. These reasons include:
- Potential of High Chargeback Rates
- Buyer’s Remorse
- Adult Themed Content
- Specific Laws, Regulations, and Guidelines
Even with these risks, online dating services are booming businesses, particularly with millennials aged 18 to 25. This subset of their generation grew up with technology, computers, and the internet. They are very familiar with online chat, texting, and other communication features mainly done online or through an app on their smartphone.
As such, they are prime users of online dating services and dating services apps. They find being able to swipe left or right is a quick and easy way to meet someone they might share common interests with using the popular app Tinder. There are also similar apps for the LGBT community, as well as other online dating services for other age groups.
One particular age group that has been starting to see some growth is the one with adults aged 55 and older. As the baby boomers are retiring and entering their golden years, many have lost their husbands and wives and do not want to be alone. While boomers may not be as savvy when it comes to smartphone apps, they do know how to get online and use the internet to make online connections through dating services.
Another reason dating service usage is growing is because of its ability to connect people globally. Some apps and services can be used worldwide, which is beneficial for people traveling alone who just want to have someone to talk to and to make a new friend in a foreign country.
Over the next decade, online dating services will continue to grow and expand, so it can be a great time to start your own service or launch your own app. Just keep in mind, you will need a merchant account in order to accept debit and credit card payments.
Finding the Best Online Dating Merchant Account Solution
- What expertise does the provider have navigating the high risk industry?
- What is their approval rates for high-risk merchant accounts?
- Are there any hidden fees?
- What rates do they offer?
- Do they offer chargeback protection and 24/7 customer support
Here at Leap Payments, we are considered the “High Risk Experts” and know how to get your online dating merchant account approved. With our accounts, there are no hidden fees, and we offer the lowest rates for high risk businesses. Plus, you can take advantage of our 24/7 customer support and chargeback protection.
To learn more about these features and our high risk merchant accounts for online dating services or other high risk businesses,
Please Complete This Form or Contact Us At
(800) 993-6300 Today!