Valentine’s Day has passed, but many are still clamoring to find their ideal match. While some find their mates at church, at work, or at a bar, many times people turn to the internet. Online dating websites are big business, and they are a great way to get into the business world. While they can be rewarding and lucrative, there is a catch.
That catch involves finding an online dating merchant account. While the business is booming and lucrative for merchants, payment processors steer clear of these businesses. Online dating websites are classified as “high risk” for many reasons. Two of the main reasons are from high fraudulent charge percentages and a higher risk of business closures. The latter comes when someone has a online dating website that is broad, or that is unoriginal. There are many niches that have yet to be fulfilled in the industry, and by going with one of these niches you can realty improve your businesses chance of survival.
Besides picking the right niche, you also need to make sure that you pick the right payment processor. Online dating merchant accounts are often a catch-22. This is because the vast majority who offer these services also offer higher processing fees and less secure terminals. Security is an absolute must when it comes to a high risk business. With the rise of security and data breaches, updated security is one of the most important things you can have for your business. In addition, you need to make sure that you are being charged “industry standard” fees. Most charge higher fees and you should be given a straight answer about fees, and the risk of their increase, before you sign with a processor. While these seem like no-brainers for processors, sadly it is hard to find a company that provides up to date security features and an “industry standard” fee setting.
While hard to find, it is not impossible. You need to look to EMB, or eMerchanrBroker.com, for your online dating merchant account. With EMB, your accounts are safe and your fees will not sky rocket if you incur a fraudulent charge.