Securing a merchant account for your adult business, for instance a dating merchant account, is not as simple as applying with your local bank. This is because credit card processors only accept businesses that their sponsor banks permit in their underwriting instructions. Regrettably, most major banks prohibit their credit card processors from writing adult related businesses.
As a result, you have to consult a high risk payment processor if you plan to start accepting card payments. And not just any high risk processor, go for one whose sponsor bank allows adult businesses.
But how do you know who accepts your specific type of adult business?
Generally, all responsibly run legal business will be approved by any merchant service provider who accepts adult business. Some of the commonly accepted businesses include;
- Adult Toys and Novelties
- Adult Bookstores
- Adult Massage Businesses
- Escort Services
- Online Dating websites
- Adult Content Membership websites
- Online Lingerie and Adult Clothing Shops
- Strip Clubs
However, the ever-changing adult industry is known for developing new business models, line of products or services that many high risk merchant service providers are unfamiliar with. In this case, you have to explain the nature of your business, but generally, if it’s legit, financial experts like EMB will provide you with a payment solution.
You will most likely find a way out as most High risk merchant account providers work with several processors and sponsor banks. Therefore any fresh unheard-of idea only calls for a detailed explanation of your business model which the account issuer will then translate to a reasonable proposal for the underwriter to understand and assess.
The risky nature of the adult industry makes it a threat to most primary sponsor banks. Therefore, any low risk merchant account provider won’t accept you, and most high risk service provider will only work with legally operating businesses.