The spread and popularity of the internet are increasing the number of social media and dating site consumers by 15% per year.
Back in 2018, the global internet dating industry was valued at 3 billion USD. Other statistics show that an average online dater uses more than 200 USD per year on dating sites, so entrepreneurs must pay close attention to their payment acceptance to ensure optimal profits.
Dating firms that handle cardless transactions require a dating merchant account and a dependable payment processor to safeguard the business from scammers and fraudsters.
This post will ease the process of acquiring a dating merchant account.
Things to consider before acquiring an online dating merchant account
When choosing the ideal merchant account for your dating platform, try to consider the following aspects:
- The Merchant Category Code
Depending on mainstream content, chargeback ratio, and acquirer’s preference, your business may fall under different Merchant category codes. The MMCs may increase or reduce processing fees and currency conversion rates.
- Adoption and integration of technology
Proper technology is the cornerstone of any successful payment solution. However, you don’t necessarily need a solution that’s difficult to integrate into the dating site. It would be best to acquire a dating merchant account that comes with complete API control.
- The customer experience
Online users always want a simple, hassle-free experience; no one wants to be redirected to another webpage or service to pay or checkout. Online dating sites should use merchant accounts that allow for easy tracking and monitoring of customer payments.
- Security issues
On average, one out of three online dating sites is plagued with security and fraud issues. To avoid being part of this statistic, partner with high-security payment solutions with proactive anti-scam tools.
How to acquire a dating merchant account today
Before applying for a merchant, you must fulfill several requirements.
First, a merchant must prepare the following documents: Incorporation and shareholders’ certificates, the institutional structure organization, processing history, premium user test credentials, and photocopies of the shareholder’s utility bills.
Next, you need to prepare the dating website and ensure it meets the set website compliance regulations.
On meeting all requirements, you can apply online for a dating merchant account with a payment processor of choice.
Many payment providers accept adult businesses, but some offer more comprehensive services than others.
The right partner should understand adult-based businesses’ specific needs and problems and be willing to offer unswerving support every time.