Online dating merchant accounts serve as a safeguard in a high risk industry.
The stigmas tied to online dating is nothing new. In fact, personal ads, the forerunner to the modern-day online dating profile, are where it all started, the stigma that is.
In 1727, a woman by the name of Helen Morrison was considered a pioneer, posting the first personal ad in the Manchester Weekly Journal. The ad expressed her desire for a “nice gentleman”. This did not bode well for a society unaccustomed to such conduct. Ms. Morrison was committed to an asylum for a month by the city mayor.
Thankfully, modern society has eased up a bit and will not have people committed simply for turning to dating apps and online dating sites in search for their partner.
However, there still exists a stigma among traditional merchant account providers and how they view online dating merchants. What drives a deep wedge between traditional providers and online dating merchants is the high-risk factor associated with online dating businesses.
Why Are Online Dating Merchants High Risk?
Despite the incredibly profitable potential of entering this space, traditional merchant account providers choose to tread carefully and refuse to offer online merchants an online dating merchant account.
Why the disapproval? Let us explore the reasons:
- Bad Reputation:
Reports about online dating have featured financial scams, sexual harassment, violent threats, and even murder. With this type of negative attention, it is no wonder traditional account providers choose to stay away. Hence, propagating the stigma.
- High Chargeback Rates:
Daters, unable to find someone, become frustrated, disillusioned, and impatient, which means they will blame it on the website for their relationship woes or (lack thereof) and seek a chargeback from their bank.
- Dating Sites As Fronts For Illegal Activity:
Online dating sites may not be what they profess to be. Some of these websites are mere covers for covert and illegal businesses such as prostitution rings, human trafficking, and the like.
You Need A Merchant Provider For Your Online Dating Business…So Now What?
Your only option is to secure your online dating merchant account via a high risk merchant account provider.
A good, reputable, and reliable high risk merchant account provider must have at least these features and benefits in order for the partnership to be beneficial to you and your business:
- High-Risk Specialists: The best way to verify whether the provider is truly a high risk specialist is to ask others in the field, get personal recommendations, read online reviews to make sure they are not offering you a “one size fits all” solution.
- Recurring Billing: This is a big one. Most if not all online dating businesses use recurring billing to keep their customers engaged and your bottom line flourishing. Ensure that this feature is offered.
- Top Notch Customer Support: This goes without saying, but make sure this provider offers customer service around the clock since your online business will never sleep. Things will go wrong and you will need a lifeline to bail you out. Live chat, phone help, e-mail, all of this is crucial.
Take an honest look at your finances and get yourself in the best financial shape possible.
You can do this by paying off all outstanding bills, loans, anyone you owe should be completely paid in full. Clean up your credit score by keeping the credit agencies updated on your pay offs.
Also, your website should be fully functional and equipped with the latest security to protect yourself and your customers.
You Are Now Ready To Fly
When you take the time to familiarize yourself with the ins and outs of securing an online dating merchant account, you are safeguarding yourself from financial disaster and securing your place within a highly lucrative niche.