The fantasy of finding someone whose lifestyle, mindset or beliefs matches yours is a dream comes. And such fantasy can now be found via online dating.
And with online dating is getting more popular these days, love is no longer in the air and rather found on the internet. Numerous online dating apps, as well as websites, have become so popular that they are populating the internet nowadays.
And while people are busy finding their soulmates online using these websites and apps, the money-minded entrepreneurs have found that online dating is a lucrative business to catch.
Kinds of Dating Websites
Most amateur entrepreneurs are nor turning towards the online dating hype and setting their foot in this industry. And with the rise of such interest in dating websites and apps, you can find almost every kind of dating app you can think of. These include:
- Adult dating websites
- Dating websites for seniors
- Religious dating website
- Geographic locations
- Niche dating websites
- Compatibility websites
All kinds of dating websites are good so you should have no trouble in choosing the category for your online dating website. The problem only comes when it is time for you to acquire an online merchant account for your online dating website business.
Do I Really Need An Online Dating Merchant Account?
While most newbies don’t know the importance of a merchant account, every experienced entrepreneur and business owners knows how crucial for a business to have one, especially for the e-commerce sectors.
An online dating merchant account allows your business to accept credit card payments, giving your customers a broad choice of payment method.
You should know that the online dating industry is actually a high volume niche that generates huge profits. And when you have a merchant account for your online dating business, especially with international merchant accounts, you get a broader audience and more customers to pay for your services.
And like any business, obtaining a merchant account involves an extensive process of underwriting to analyze your business, applications and supporting documentation.
And while most common businesses can easily acquire a merchant account, most merchants with an online dating business experience denied merchant account applications. This is because online dating services actually fall under the high-risk category.
Why Getting An Online Dating Merchant Account is Difficult?
AS mentioned before, the online dating industry is on the high-risk category. And getting a merchant account can be quite difficult with merchants experiencing rejections every now and then. Here’s why:
First, an online dating business is considered high risk because of its higher rates of fraud. Some people use stolen cards to pay for online dating services. With the rightful owner disputing the transaction and filing charges when they found out in order to get their lost funds back.
Online dating businesses also have a high ratio of chargeback. When a customer is not satisfied with the service or does not find their so-called soul mate on the website, they will turn in filing chargebacks in order to take back their money.
The online dating industry can also damage a financial institution’s reputation. Some users of online dating websites are married and searching for an extramarital affair. This results in a reliable and established provider to reject and shy away from such companies.
The good news is that there’s a way to still acquire a merchant account for your online dating website.
iPayTotal Can Help You!
iPayTotal, as an experienced high-risk merchant account providers for years, can help you in acquiring a reliable merchant account and credit card payment processing solutions easily. We have a completely streamlined and flexible process of evaluations. We do not judge your business according to the risk associated with doing business with and only evaluate your potential in the industry of your choice.
Applying for a merchant account for your online dating business with iPaytotal means that you also have access to their advanced services and tools to help deal with fraudulent activities and managing chargebacks. They provide you with the right credit card payment processing solution for your business at competitive rates.
So, if you’re tired of the constant rejections and going through the hassle of the application problems because of your high-risk label, then consider heading directly to iPayTotal. Apply now and get amazing solutions with fast approvals. We shall provide you with only the best favorable and possible solutions for your business without being embarrassed about your high-risk label and chargeback ratios that your business offers.