Why Online Dating is Taking Over The Dating World | Online Dating Merchant Account

Mar 28, 2016

Online dating is one of the fastest growing industries in the world. According to a recent Pew Research Center study (2015) of 2,000 American adults, about 15% admit to using online dating sites and/or mobile dating apps. Millions of singles flock to dating websites every single year to find love, and young adults are at the forefront. Use of online dating for ages 18- to 24-year-olds has tripled between 2013 and 2015. These numbers have got some investors falling in love with the online dating market.

This drastic increase in online dating usage is attributed to popular mobile dating apps like Tinder. 22% of young adults say they use Tinder because of its simplicity and quick mechanisms to connect and chat with potential romantic partners. Swiping left or right makes sifting through romantic prospects fast and efficient.

But young adults aren’t the only ones taking advantage of online dating websites. The 2015 Pew study also revealed that individuals between the ages of 55- to 64-year-olds are also finding love online. It is estimated that 12% of senior adults are now actively online dating.

Online dating in the U.S. brings in about $2 billion in revenue every year, and has grown by 5% every year between 2010 and 2015. This has led to a proliferation of dating website pop ups and the consolidation of established dating sites. Recently, IAC/InterActiveCorp (IACI) spun off its online dating assets to Match Group (NASDAQ:MTCH) IPO. Match, now owns dating sites and apps like Tinder, OkCupid, and Match.com. Currently, the company has a market cap of $2.3 billion.

The United States is not the only country seeing a surge in online dating. The online dating industry in China, for example, is estimated to generate over $1.6 billion by the end of this year. This has grabbed the attention of international investors. Last year, Vertex Venture Holdings and Sequoia Capital spent $20.5 million on a dating app called Qingchifan. German firm, Bertelsmann, also invested $5 million in dating app Tantan in China.

Now is the time for entrepreneurs to invest in the adult dating industry online. Projections indicate that online dating websites and apps will overtake any other form of dating in the future. If you want to start your own online dating merchant account, contact EMB to manage your adult dating merchant account. We have a 99% approval rating, with no application fee, and fast approvals. Let us help expand your profits with premium payment processing services.

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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 on 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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