Finding a soulmate is as easy as shopping for clothes online. Technology has made every aspect of your life easy and looking for a life partner is no different either. What started as personal ads in the 90s, gained rapid resurgence after the introduction of dating websites and apps.
Undoubtedly, the online dating industry is a massive billion dollar industry with the annual revenue reaching over $1.9 billion dollars. The figures are only increasing rapidly. One of the main features of this industry being that 30% of its users are between the age of 18 and 29 years old.
If you are a dating merchant, you will know it is one of the fastest growing as well as the most lucrative industries today. Which is also why, new merchants looking for a business opportunity also plan on capitalizing on a brilliantly growing industry.
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Are you among those merchants planning on lauching a dating website or app? It might look rosy from the outside but the restrictive laws make entry of a new business quite difficult. Due to this, dating merchants also face challenges from banks and processors.
As a business who primarily runs online, accepting credit/debit cards is a must for merchants. And in order to do so, a merchant account is needed. But obtaining one is a challenge most dating merchants face because they are tagged as High Risk.
High rate of chargebacks, frauds and scams, restrictive laws, adult content, unsatisfied customers are the primary reasons for the dating industry to be considered as risky.
Looking for a partner online is not easy and not everyone is happy with the end result. Customers who subscribe services on the platform do not always find what they are looking for and decide to ask for a refund. High chargebacks is neither good for business nor for a processor and hence, banks avoid approving dating merchant accounts.
Online dating businesses are notorious for being used as a disguise for running illegal practices such as escort or prostitution services. Banks and processors have to be extra cautious and take measures to ensure the dating merchant is running legal operations.
If you are merchant looking for a change in provider or a new business securing their first merchant services, obtaining a High Risk Dating Merchant Account would be the way to go.
International Bank Services (IBS) is a top-rated merchant account provider offering merchant account services to high risk businesses across London, UK & Europe. With our years long industry ties and strong network of sponsor banks, obtaining dating merchant account services with IBS becomes easier than before. Our team of experts guides merchants every step of the way to ensure smooth approval and instant merchant account approval process.
IBS also provides high risk payment gateway services for dating websites and apps that are integrated with our merchant account services in order to ensure efficient and secure way of online payments.
Start processing now with IBS Dating Merchant Account Solutions. Contact and Apply now!