The online dating industry is huge and very profitable. Online dating site Bumble is valued at $3 billion. Match Group, which owns sites like Tinder and Match.com reported $1.7 billion in revenue in 2018 alone. Without a doubt, love is big business.
Why the Online Dating Industry is High Risk
Despite its profitability, however, online dating is considered high risk by traditional lenders. One of the biggest reasons for this is the nature of the business and the risks involved. For example, every year thousands of people are catfished online. It not only takes a toll financially but emotionally as well. (“Catfish” refers to someone who creates a false online identity with the intent of defrauding someone or committing identity theft.)
Online dating scams are the highest total reported scams, according to the Federal Trade Commission. In 2016, $220 million dollars were stolen by criminals in the U.S. In 2018, $143 million dollars were reported lost. And that’s just what was reported.
This – along with many other factors – has pushed adult businesses into the high risk classification. In turn, this high risk label makes it incredibly challenging for online dating sites to get the necessary payment processing or merchant account services for their businesses. Traditional banks and most processors are simply unwilling to work with the adult sector. As a result, the adult sector has turned elsewhere to secure merchant accounts.
EMB Offers an Online Dating Merchant Account
Adult merchants that offer online dating services should consider turning to an alternative provider like eMerchantbroker.com. Merchants can get approved for an adult merchant account without major challenges. As long as your chargeback rate is below 3%, EMB can help you quickly secure the proper credit card processing account you need for your business.
EMB has years of experience in the high risk field and understands all the ins and outs of what a high risk business faces. EMB is voted the #1 high risk payment processor in the U.S. and boasts an A+ rating with the BBB. EMB is also rated A by Card Payment Options and was named one of Inc. 500’s Fastest Growing Companies of 2016. With EMB, merchants gain access to the best merchant account services, including the lowest possible rates, in the industry.
EMB offers:
- A variety of payment gateways (including EMB’s own gateway)
- Efficient processing
- Easy application process
- Speedy signup
- Experienced staff
- Proven platform
- Unmatched chargeback prevention services
- iCheck
If you need merchant services to easily process your customers’ payments and keep their information safe, consider partnering with EMB. eMerchantBroker is not only a respectable high risk payment processor but also a reputable business funding provider. Get an adult merchant account and access to funding in as little as 48 hours.