Nowadays, finding a soul mate is as easy as buying clothes online. Technology has made every aspect of your life easier, and finding a life partner is no exception. What began as personal advertising in the 90s has evolved rapidly with the emergence of dating sites and apps – Tinder, Mamba, LovePlanet, and a host of other similar services.
Leave a request for consultation
There is no doubt that the online dating industry is a billion dollar business. For example, in 2019, the total revenue of dating sites and apps exceeded $ 1.9 billion. And this figure is growing rapidly. People have less and less time for offline dating. In addition, 30% of the clients of this business are between the ages of 18 and 29, for whom the virtual world is as familiar as the real one.
If you are an online dating entrepreneur, you should consider that it is one of the fastest growing and most profitable industries today. Therefore, many new sellers looking for business opportunities also plan to benefit from a brilliantly growing industry. Hence, you must introduce new internet technologies to be competitive.
An important part of this market is the organization of payments for the services of applications and dating sites. Since, due to current legislation, the online dating business is highly risky. Therefore, many banks and payment system providers refuse to provide merchant accounts to entrepreneurs in this area.
And without it, the organization of Internet payments, which are the only payment option in this business, is impossible. Customers will not be able to pay for services using credit / debit cards, electronic money, or cryptocurrency. Consequently, the inability to accept online payments makes it impossible for the online dating business itself.
Why is it difficult to get a merchant account for an online dating seller?
High chargeback rates, scams, restrictive laws, adult content, Unsatisfied customers are the main reason the dating industry is considered risky.
Finding a partner online is not easy, and not everyone is happy with the end result. The role of the subjective factor is great here, the overestimation of one’s attractiveness and high requirements for a partner. Customers who sign up for online dating services don’t always find what they are looking for, get frustrated and demand a refund. For example, the case is widely known when the forty-nine-year-old Englishwoman Teresa Burke, an overweight and standard-looking mother of two, won a case in court against one online dating service that could not find a man suitable for her requirements: “To be really rich and love her daughters. ” The court ordered the service to pay the woman a large fine.
High chargebacks are not suitable for either business or financial institution, so banks avoid providing merchant accounts to entrepreneurs in this area.
Online dating companies are notorious for being used as a disguise for illegal activities such as escort or prostitution.
Banks must take extra care and take steps to ensure that the dating merchant is conducting legal transactions.
Safe services for merchant accounts of online dating entrepreneurs from Wellcoinpay
If you are an entrepreneur working in the field of online dating and want to change your merchant account to another one with more favorable conditions, or you are just starting this business and are looking for a profitable merchant account provider, contact our company Wellcoinpay.
Wellcoinpay, headquartered in London, is a leading provider of merchant accounts for entrepreneurs in high-risk businesses. Thanks to many years of industry ties and a developed network of sponsoring banks, getting the services of a merchant account for online dating with Wellcoinpay has become easier than before. Our team of experts advises entrepreneurs at every stage of obtaining a merchant account to ensure that the application for such an account is approved.
Wellcoinpay also provides high-risk business payment gateway services – dating sites and apps that integrate with our merchant account services to provide an efficient and secure way to pay online.
Start processing payments right now with online dating business merchant account solutions from Wellcoinpay. Contact us and apply now!