Mar 18, 2015

Love is in the Air! Online Dating Websites are Big Business

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.

Let us help you get a high risk merchant account today!

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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 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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