Merchant Account for Dating Sites — All You Need to Know
The use of dating sites has increased significantly. In fact, there are so many businessmen that are coming up with new and innovative dating platforms. The reason is understandable, there are brimful opportunities to earn profit in the dating business. Moreover, it takes strong marketing techniques and heavy advertising to get going with your dating business. However, doing business in the dating industry has a fair share of challenges. One challenge is to find a reliable payment processor. To put it simply, one needs to get a merchant account for dating sites. A merchant account will ensure that you receive your payments online from the customers without any problems. Since the dating business is considered high-risk, owners require high-risk payment processors.
Why Merchant Account for Dating Sites is Considered Risky?
While the growth potential of the dating business is significantly huge, there are some factors because of which banks and merchant account service providers abstain to provide their merchant account services to such businesses.
There are plenty of reasons for the same but given below we have listed a few of them.
- High risk of fraud by both the customers or users and even dating businesses that charge money for a non-existing service.
- Lack of legal framework.
Due to such reasons, Facebook has restricted people looking to advertise online dating businesses in its Ad network.
How Payment Processing is done for Dating Sites?
Since this online business falls under the category of high-risk business, you need to look for a high-risk payment processor that can provide you the payment processing service for dating sites
Getting a suitable high-risk merchant account from a high-risk payment processor is somewhat easier than obtaining it from a traditional bank. It is because high-risk payment processing plans are suitable for the high-risk business and that too are at reasonable rates. A high-risk merchant provider can give you a reliable online payment gateway.
Best Way to Find a Merchant Account for Dating Sites
Thorough research and analysis are the keys to find a reliable merchant account for dating sites. The research will help you find the pros and cons of different merchant account plans. To apply for a plan that you think is suitable for your payment processing needs, you can go to the payment processor website.
What all is required to Get Merchant Account for Dating sites?
Besides having a good credit history, there is a number of documents that you would require to get a merchant account.
- Incorporation certificate
- Shareholder’s certificate
- A copy of your passport and utility bill of shareholders and local directors and shareholders holding more than 15%.
- Organizational structure chart
- If you are a shareholder then you would require an incorporation certificate and shareholder’s certificate of other firms.
- Processing history of the last 6 months(number of transactions, total volume, chargeback percentage)
- Test user credential with premium access
How can you benefit from choosing 5 Star Processing?
By choosing 5 Star Processing, you stand a chance to get far reasonable rates than any other high-risk payment processor. Moreover, we have the expertise and knowledge of providing merchant account services for more than 2 decades. We precisely know what suit our clients’ need the most. If you want to know more about our plan for merchant account for dating sites you can contact us or reach us by our email service.
