Online Dating Industry Trends Today and Beyond

Oct 02, 2017

 

A recent report by Marketdata Enterprises, Inc. revealed that dating services have grown into a $2.5 billion business in the United States alone. Furthermore, online services account for 70 percent of the market’s value. An explosion of new websites and apps has continued to make the dating services industry soar in popularity with America’s 124 million singles. This industry can be broken down into several different segments:

Online dating websites. Match.com, eHarmony and Plenty of Fish are just a few of the hundreds of sites that offer affordable and convenient matchmaking services.

Dating apps. Smartphones and dating apps have placed online dating into the hands of Millennials, the group currently leading the dating industry. For example, popular dating app Tinder (available in 30 languages) has generated over one billion matches since its start, with subscriber estimates varying between 100,000 and 297,000 users.

Matchmaking and dating coaches. A little more expensive than online dating sites, businesses and professionals in the industry sometimes provide services and host single events, like speed dating. The goal is to improve their clients’ success in dating and relationships.

Upcoming Trends

  • The swipe left/right mechanic – the online dating scene has quickly shifted from individual’s trying to find “sparks” and “butterflies” to instant gratification. For example, Huffington Post says the hugely popular app, Tinder, strips “dating down to its most superficial qualities” and that “based almost solely on physical attraction from the outset – few take note of written profiles”. Not exactly the ideal way to build a relationship with a solid foundation. In the future, many hope to see apps that take the swipe left/right mechanic – since apps can no longer survive without this feature – and create an app that allows for a more meaningful and lasting match.
  • Niche applications and websites – Niche and unconventional dating apps are becoming a huge hit. Bristlr, for example, matches women with bearded men. Hater matches individuals with people who hate the same things they do.
  • Increased social media integrations At first, the idea of integrating social media was unappealing because dating is considered such a private pastime. However, with more and more connections taking place on social media in general, the belief is that future social media integration will become more and more discreet. Leading more people to accept and use such dating services.

Are you currently trying to grow or start an adult dating service? If you are, you might already be aware of how hard it is to find a processor willing to work with you, despite how lucrative these businesses are. If your business needs business funding, payment processing, protection from fraud or chargebacks – or all the above – consider what an adult dating merchant account with eMerchantBroker.com can do for your business. With EMB, you will receive the best pricing, chargeback prevention and protection programs, hassle-free application and a large network of agents for support, along with the lowest rates in the industry.

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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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