Things to Consider Before Getting an Online Dating Merchant Account
Today millions of individuals find companionship, partners, and love each year with the help of online dating sites, making the online dating industry an ever-expanding market. If you are planning to enter into this lucrative industry and launch your own dating website, remember that you will have a tough time dealing with financial institutions. But don’t let that stop you from starting a new venture.
Before making the final decision about securing an online dating merchant account for your dating business, take care of the following things:
1. Ensure Merchant Account Provider Supports Your Industry
While your chances of finding a merchant account from a regular bank or merchant account provider are low, they are not non-existent. It would be best to approach merchant account providers that offer merchant account solutions customized for your business. Not only that, you need to make sure the payment processing platform you want to work with supports your industry and lets you set up a payment gateway customized to your service. It will keep you away from rejection in a compliance process.
2. Look for a Payment Solution Backed by Technology
You don’t need a complicated integration to make payments easier for your customers. Always look for a payment solution backed by a powerful technology that enables you to implement payments quickly. By saving time, you also save money. It’s essential to have the choice of implementing a payment solution with a programming language of choice to handle a payment scenario that will work best for your dating business.
Note: When you choose a dating payment gateway that provides APIs, look for customization. It will allow you to have complete control over the entire payment process on your website.
3. Make Sure Your Payment Processor is Reliable and Trustworthy
When you are in the online dating business, getting access to online dating merchant solutions becomes the major hurdle. Many online payment processing firms are reluctant to provide online dating payment getaways due to the high-risk nature of the business. Accounts in the adult space have increased risk possibilities when compared to other business types. To ensure that you can obtain an online merchant account, you must reduce this risk and choose a reliable online merchant account provider.
4. Provide Best User Experience
The users on your online dating website will pay directly on your website or in-app and will not get redirected to an external page. So, you need to make sure that while the users are on your website, they have the best experience. It includes making the payment process easier for them. Therefore, it is essential to go for merchant account providers that have prior knowledge of providing user-friendly merchant account solutions.
Also, the payment process on your site will have a significant impact on the conversion rate. So, ensure that your customer processes payment smoothly by giving them a simple payment flow with only required fields to complete. Just three input fields are enough to complete payment: card number, CVV, and expiration date. It will not only make the user experience better for your customers but may result in more registered users converting into paid subscribers.
5. Go for Service Providers that Provide Security and Fraud Mitigation
Chargebacks are the nature of the online dating landscape. Moreover, on average, one-third of dating websites have significant problems with fraud. Dating fraud is becoming more sophisticated and is threatening the dating business.
This is why providing solutions with the highest level of security is paramount. To limit fraud attempts, dating websites need highly secure solutions with several security layers and highly accurate anti-fraud tools. It will help you score every payment and check it against fraud.
6. Global Coverage
Love doesn’t recognize borders, so if you don’t run a niche dating website for locals, make sure that you can accept payments from users worldwide. Giving users the option of paying in their local currency can mitigate the risk of chargebacks. That’s because customers often look at the amount but forget to check the money displayed. Then, when they see a different amount on a bank statement (caused by currency conversion), they are more likely to contact the bank and ask for their money back, as they don’t recognize the transaction amount.
Online dating businesses are sure to experience substantial growth in the coming years. Choose the right dating payment gateway and online merchant account to provide users with a unique experience. Ask questions like does the dating payment processor offers enough features? Will they provide safety against cyber-attacks? All these questions will help you find the online merchant account provider best for your business.
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