Online dating is an internet phenomenon that started from a simple yet great idea. Financial reporting of credit card processing for dating sites reveals that this industry is quickly approaching one billion dollars in revenue annually in the United States.
The internet may seem saturated with online dating sites, but niche sites are popping up all the time. Niche sites such as BlackSingles and ChristianMingle are becoming increasingly popular because they immediately narrow the results from the start, helping members find exactly what they are looking for. One site, BeautifulPeople, caters specifically to the genetically blessed and actually came under fire for dropping 5000 members after their holiday photos revealed some plumping up post Turkey Day.
If you are planning on starting an online dating site, there is room for you, but consider the niche. Before going live, you will need an online dating merchant account to allow you to securely collect payment from your members. This type of merchant account is considered by banks to be a high-risk merchant account. Most online sites selling similar services are classified this way. The risk stems from the possibility that a dissatisfied customer will opt to charge back the membership fee.
Some processing companies will tell you how difficult it is to establish credit card processing for dating sites, but we will find a solution and show you a rate that will knock your socks off. Sometimes processing companies won’t even tell you the full story and leave out details such as contract term and the non-qualified rate. The non-qualified rate is the additional rate tacked on when a customer uses a particular type of card like a rewards card. The truth is, it’s not very difficult to get approved. The key in understanding the process and obtaining the best rate is to do some research and ask questions of the processor.
At The Transaction Group (TTG), we pride ourselves in providing the best solutions for our customers. We have established banking partners throughout the world and are able to quickly approve almost any type of business, especially online dating sites. We will take the time to answer all your questions and let you know what to expect with an online dating merchant account.
Whether you already have an online dating business and are simply looking for a better rate, or are just getting your feet wet in the industry, TTG can help.
If you have additional questions or need more information, call us today at 888-383-8056.