Online Dating Services Merchant Accounts
Online dating is a thriving industry. In today’s heavily technologically driven world, people have very little time or patience for looking for dates by spending time at bars, clubs, or other expensive and unsavory dives. When you can scan profiles and begin safely chatting with someone online- hanging out in some gin soaked bar seems downright medieval!
Naturally, due to the electronic nature of online dating, you need to secure safe and reliable online dating credit card processing before you can even think about doing business. This is important because one; you will be holding a lot of the personal information of your clients- personal information that is attached to their bank accounts and credit scores, and two; because your sales are going to happen almost exclusively online.
Unfortunately, because your business is considered as high-risk by financial institutions, gaining access to safe, robust, and reliable dating services credit card processing can be a challenge.
What is a High Risk Industry in Merchant Services?
A high-risk industry is one that traditional credit card processing and other financial organizations are reluctant to provide merchant accounts to as a result of high chargeback rates, recurring payment plans, high tickets and potential fraud. Another major barrier to getting your dating services merchant account can be the stigma attached to your business. This is especially true if you cater to specific niche demographics or promote sexual encounters or fetishes. This is an unfortunate reality in the world we live in, where most banking solutions that credit card processors partner with are extremely sensitive to public relations issues.
You may be an upstanding business owner with a sterling credit score, bank statements, processing history and great customer relations with a dedication to protecting the safety and privacy of your customers. But, if you are considered to be high risk, the big financial institutions and credit processors will most likely refuse to work with you.
Accept Credit Cards with an Online Dating Merchant Account
Over the last several years, online dating services has become one of the quickest growing industries. With 24% of young adults and many older groups claiming to use apps such as Tinder, it’s easy to see why the industry brings in over $2 billion in revenue every year with 5% growth every year for the last 5 years. Now, more so than ever before, entrepreneurs have been seeking to invest and develop businesses inside the adult dating industry. Contact Leap Payments to manage your adult dating merchant account if you have wanted to start up in the online dating industry. Leap Payments offers complete online dating merchant accounts that are specifically designed for credit card processing options for online, in-app, or even at a brick and mortar location.
Obstacles Facing the Online Dating Industry
Although the industry has seen huge growth, banks and lenders continue to see the adult oriented nature of online dating as a risk. Just like adult dating service companies have rules and regulations, so do the providers of merchant accounts. Even if you are established with lots of transaction history, finding a processor that has a bank willing to work with a high-risk business can prove difficult. Financial institutions have labeled adult online dating businesses as high risk for reasons including:
- High Chargeback Rates
- Adult Themed Content
- Strict Laws and Regulations
- Buyer’s Remorse
Chargebacks and disputes can occur when a customer forgets to cancel a subscription, doesn’t find anyone in the dating pool or after they find a compatible match. Other risks include merchants who use their website as a front for money laundering or even to promote illegal prostitution. Leap Payments can get your account started quick and easy, regardless of the tendency for institutions to lean away from this online industry.
Leap Payments Approves Adult Dating Merchant Accounts
Signing up for an adult dating merchant account at Leap Payments is simple. You can rest assured that your rates will never increase for the entire lifetime of your partnership at Leap Payments with our Lifetime Rate Lock guarantee. Get customized credit card processing solutions specifically to meet your business needs. Help reduce the risk of chargebacks to your online dating company with safe and secure gateways.
Here at Leap Payments, we work with many so-called “high risk” merchants and businesses every day. We built our organization around the belief that even high risk businesses like yours should have the right to access credit card processing just like any other business. That means you can get your dating app merchant account and reliable, secure, and high quality dating app payment processing services without the hassle and the run around that the other credit card processing services subject you to.
When you submit your contact form, we will assign you to a high risk merchant account specialist to get you approved in as fast as 24 hours. We will work with you to make sure you dot every ‘i’ and cross every ‘t’. We’ll help you make sure your application is in the best shape it can be before submitting it. That way, you have the best possible chance of being approved.
Our 100% U.S. based customer support team is ready to help you, one on one, whenever you need us. Get assistance with account questions, advice on credit card readers and to set up your online credit card processing account. Learn more by contacting a Leap Payments online dating representative today.
But Don’t These Merchant Service Providers Want My Business?
The truth is they do want your business. So while they may want your business, they don’t have a valid processing solution for your online dating business. This conflict can cause headaches and cost merchants time and money. Some merchant service providers will attempt to board your account despite their bank having your industry on their blacklist. Their hope is that your application might slip through if the underwriter at the bank is new, unexperienced or lazy or just to pad their own numbers for sales quotas.
What’s worse, companies that do this can take several weeks or even up to a month stringing you along on a wild goose chase for an approval that will never come. All of this and in the end, you will not have a payment processing account.