$2 Billion Online Dating Industry Goes On Expanding

Mar 17, 2016

Some online dating sites target certain religious and ethnic groups. Others are developed to match couples with specific interests. Popular mass audience websites include eHarmony, Match.com, etc. Niche sites succeed by focusing on singles being in quest of something specific.

Modern Online Dating Market

The online dating industry has been expanding at 3.5% annually since 2008. Today, it counts for $2.1 billion. Analyses show the market is going to further expand over the years to come. Naturally, the online dating market seems quite attractive to investors.

According to a report (fall 2015) by business research firm IBISWorld, nearly 3.900 companies are running online dating sites. About 100 companies per year are expected to start their online dating business within the upcoming 4 years.

Jeremy Edwards, analyst at IBISWorld, notes that in order to survive the fierce competition, the mentioned businesses will need to try new marketing strategies. Those that aim at niche markets boast higher rates of membership growth.

Online dating businesses are categorized as high risk. Merchants running an adult or online dating site should turn only to highly reliable processors in the field. Reputable companies like EMB offer exceptional payment processing services to high-risk businesses. If you’re in need of a safe and secure online dating merchant account, consider turning to EMB.

How Did the Online Dating Business Develop?

The number of people getting online all the time is growing with rapid advances. Modern online dating apps greatly contribute to the grow of the number of online daters. According to IBISWorld, over 80% of the population will be using a smartphone by 2018.

More than 1/3 of 19.000 couples married between 2005-2012 met on an online dating site. This is according to the Proceedings of the National Academy of Sciences study.

Based on research conducted by market research company Nielsen, in December 2015, over 1 in 10 American adults used dating sites. On average, they spent there more than 1 hour per day.

According to the Census Bureau, in 1970, 28% of American adults were single. Today, they count for 47%. The unknown number of married people visiting the mentioned sites isn’t included.

Baby Boomers ranging from 50 to 64 years old add to the competition in the industry to a great extent. This is according to IBISWorld. The reason is that their Internet use is expanding. Also, they are found to be single more than in the past.

Interestingly, the Proceedings of the National Academy of Sciences study showed that couples who met online and got married were slightly less likely to get divorced than others.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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