You’ve decided to set up an adult dating site and you need a way to get your credit and debit cards processed. Your next step will be to find the best merchant account servicer you can find. You will be sifting through thousands of places and you must know, that the industry you have chosen to go into, is lucrative, but also in the high-risk pool for merchant accounts. So, be prepared for a lot of questions and a lot of paperwork to prove that you are in business and that you are really you.
Adult dating merchant account
Your goal is to find a merchant account that will service your cards without running you out of business. Since you are in the high-risk end of the servicing industry, you will have fees that other accounts don’t have. Do not fret; they are not discriminating against you. You are not alone with those fees, even the theater pays those. High risk only means that you may have a large number of chargebacks from your customers. Meaning, those that want their money back.
Compare
Take the time to do some comparison shopping. Most sites will have fees, and your job now is to find the one with the most reasonable ones, and if they have hidden fees. Always look for the fine print.
Signing up
The easy part will be filling out the paperwork and sending it back to them. Most do it electronically and can have an answer within forty-eight hours. They work with banks that are not necessarily on-shore and in the United States, making their rules a bit more flexible than others. Do your research and make sure that you feel comfortable about where your money is going and how soon you will have access to it.
Hold back
As a new business, they may have a holdback amount on your charges. This will go on for the first three to six months because you are a high-risk account and you are new to the industry. Keep in mind, that you will get all your money back. If you are consistent with the way you run your business and your chargebacks are low to none, your holdback may be delivered to you earlier than in the contract. But, don’t expect it any earlier than three months.
Negotiate
Remember that you are in business, and it’s not against the rules to work out deals with your merchant account servicer. It behooves you to get the best deal you can that works for your account. With an adult dating merchant account, you sit in the high-risk pool and you have a lot of unknowns for the future. Ask questions, be inquisitive and work hard to uphold your good reputation. That will get you where you want to be in the business world. BE consistent and firm on your business plan and you will rise above the bottom and continue with a great income.