Adult entertainment existed even before the dawn of eCommerce, but the shift to online platforms has unlocked the industry’s full potential and seen it grow to a billion-dollar venture. Not that it wasn’t profitable before, only that it operated behind the scenes and its goings-on weren’t scalable.
What eCommerce did was weed out bad players, registered the sector in the financial system, improved authenticity and the quality of services, and provided a legal and secure way to do business.
And the sector is still improving on the above as eCommerce grows to ensure customers have a better experience tomorrow. Part of the improvements we see is how easy it has become for retailers in the adult entertainment sector to open merchant accounts and set up electronic payments for their clients.
Previously, adult entertainment service providers were turned down by banking institutions who were the main account providers back then. For banks, concerns were, and are still, that;
- Erotic businesses are prone to reverse charges or chargebacks
- Businesses in this sector aren’t reputable.
Thank goodness a whole new era of thoughtful high-risk merchant account providers and payment enablers like eMerchantbroker have come to the rescue of these long sidelined merchants.
What Advantages do New Service Providers Offer?
- A reliable and safe solution with very fewer fees.
- Secure payments via a safe gateway.
- A payment gateway to help you take web-based payments worldwide.
- A trustworthy network of worldwide financial institutions to accept your merchant account without a hassle.
- Daily or weekly settlement.
- Quick & simple approval.
Partnering with the right providers makes the signup process much easier and ensures you get enough support once you’ve started taking payments.
Considerations when Picking an Adult Merchant Account
Adult payment processing is high-risk credit card processing so it comes with different fees and fee requirements which vary by service. Fees also vary by provider and in most cases, pricing is set individually for every merchant.
Again, adult entertainment account and payment processing rates fluctuate with season. Study trends and watch out fluctuations that can impact your bottom line.
- Create a Reserve account
Having backup finances in a separate account helps you weather the storms of running an erotic business.
It also presents you as a financially savvy retailer to your account provider and increases your chances of qualifying for an account.
Must-have Documents for Your Adult Merchant Account Application
Most account opening services will ask for the following;
- Copy of your passport
- Government-issued photo ID
- Business license
- Business utility bill
- Voided checks
- Three months of business bank statement and personal bank statement
Requirements may vary from service to service but most new-age merchant account services do not ask for too much.
Grow your erotic business with an easy-to-open adult merchant account that offers all the solutions you need to start taking payments locally and globally.