THE BUSIEST TIME OF YEAR FOR ONLINE DATING MERCHANTS

Jan 13, 2016

Holidays are the busiest time of year for online dating businesses. Online dating industry gets more than $1 billion revenue during this period.

What Is Expected In The Online Dating Industry?

As dating app Zoosk expects, the number of users will grow by 20% during the first 2 weeks after the New Year. Since the holidays, eHarmony witnessed a 21% jump in mobile registrations. An app for gay men called Grindr usually registers a 30-50% growth in users during the holiday season. Match.com registers a 60% increase in new users between Christmas and Valentine’s Days. On Dec 27, 2015, people signed up by 30% more than previously on OKCupid, part of IAC Corp.

According to Mark Brooks, a dating-industry analyst and the editor of Online Personals Watch, the reason is that lots of singles start thinking about having a partner during the holidays. He says the holiday dating trick is about making sure no one is left in negligence.

Experts in the field state the passion for a romance has never been so high before. This year, Facebook and Instagram witnessed how people were constantly loading their happy holiday photos during the holiday period.

Opening An Online Dating Merchant Account

Online dating businesses are classified as high risk. The reason is that such businesses have higher risks of incurring fraudulent charges. Naturally, merchants seek for professionals in the field, like emerchantbroker.com or EMB.

If you’re operating an online dating website, you should turn to experienced merchant account processors to minimize the risks associated with your high-risk business and get the best solution to your business needs.

EMB is a well-known processor in the high-risk industry, and is the number one provider of high-risk merchant accounts in the US. Thanks to the outstanding service delivered to merchants, EMB can get you an online dating merchant account with ease. With EMB, you can protect your high-risk business, and invest in chargeback protection to reduce your chargebacks.

Online Dating Industry Specifics

Online dating isn’t always cheap. According to Nielsen, a market researcher, nearly 30 million users or some 10 percent of the US population visit dating sites each month. Match.com charges $42 on a monthly basis. eHarmony charges $60 per month. On PlentyofFish.com and OkCupid, users can enjoy basic membership for free.

Based on studies in the field, users usually lie about their age. There are dating sites that penalize users for this. Sometimes, daters make themselves look fresher through filters or airbrushing apps.

As compared to traditional dating methods, online dating sites count for more potential partners. This is due to a 2012 study that was published in “Psychological Science in the Public Interest.” However, as people constantly browse and compare so many profiles, they may end up with commoditizing potential partners, and lose the willingness to commit to any of them.

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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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