Statistics show that Online Dating industry is changing perceptions and elements inside social norms regarding Online Dating and connections among adults. Consequently, online dating websites are developing ubiquity and also benefit in today’s world. The as a matter of first importance prerequisite for the task of your business is the requirement for a merchant account.
However, finding a merchant account for your business can be the difficult task as your business falls under a high-risk business category. As a result, It doesn’t matter which one you choose. If you get too many charge-backs your merchant account will be closed no matter what you do and you won’t be able to get a new merchant account.
Businesses that have high refunds and returns lead to charge-backs are considered high-risk businesses. The main issue is that Visa and MasterCard have such strict guidelines regarding the maximum number of charge-backs a merchant can have per month.
Exceeding these limitations puts merchant in a special monitoring program of the card company and the acquiring bank. Such “special” treatment leads to the penalties and ends up with a termination of the merchant account.
THE REASON YOUR BUSINESS FALLS UNDER A HIGH-RISK CATEGORY LIKE ONLINE DATING IS:
High Charge-backs: In the adult Online Dating industry there is a higher probability of charge-backs. Therefore, this is the most critical factor for conventional banks. Especially when they consider an application for such a high-risk business.
Most of acquiring banks, payment gateway providers deny giving merchant account to Online Dating business because merchant accounts that take too much charge-backs are a higher risk for them.
Stability: Online dating Industry has instability issues that makes it high risk. This industry has shown rapid growth in past few years but has the stability issues with it, as a result, this industry a high-risk industry.
Perception: Regardless of your website, how honest your business is this industry carries the risk of association with the escort services. Association with escorts can lead to cases against business and no business, merchant account provider wants unnecessary reputation risk to them.
So, when people pay for love but they don’t find out, they ask for their money back. With more than 2.1 billion in annual revenue. There is huge profit-making potential in this industry. But securing against some of the riskier aspects of the business is going to be crucial to securing a payment processing partner. With due process and research, you can find an adult merchant account for your adult dating website.
Merchant account aforementioned benefits, the guarantee of honesty, accountability, and transparency. If you want to more help then call us at +1 (888) 622-6875 or email to info@merchantstronghold.com.
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