In an era when more of us are working from home and the social ecosystem seems narrower than ever, meeting a partner over the internet has become increasingly popular with people of all ages. 

Not surprisingly, the marketplace has reacted in order to accommodate the increased demand. If you are one of the many entrepreneurs who also want to capitalize on the online dating revolution by launching your own website, one of the most important decisions you will make involves finding the best merchant account provider.

Merchant accounts explained.

Most likely, your dating website will contain a database of clients interested in finding a compatible match. 

Using quizzes and algorithms, your business can introduce potentially compatible members to each other, allowing them to dialogue via email, phone, or video — all for a fee. You might also hire models who can engage in more casual chat and other types of interactions. 

In either case, your clients need to have a secure and reliable way to pay you for your services.

In most instances, that will involve obtaining a merchant account or payment gateway from a payment processing company. The merchant account gives you a secure place for customer payments to be held until the transaction is fully validated and settled. 

The payment gateway is a secure web application that screens the customer and facilitates the process among all players in the payment procedure.

A word about business categorization.

Banks and other financial institutions provide merchant accounts so that they can make a profit at the lowest possible risk to them. 

To that end, conventional lenders opt to partner with companies that have a strong credit history, pose little chance of security problems and are not hobbled by excessive regulations.

As the owner of a dating enterprise, your company does not meet these criteria. In fact, it is subject to a higher-than-average number of credit card chargebacks (a natural reaction when relationships don’t work out), security breaches and legal/age requirements. 

Therefore, your dating site will be categorized as “high-risk” and will therefore need a high-risk merchant account in order to effectively do business with your customers.

What to expect with a high-risk account.

While it is true that your dating website represents added jeopardy for payment processing companies, there are plenty of reputable processors who are ready, willing, and able to partner with you, albeit at a price. 

Because they are taking on added risk by being associated with you, they will charge you higher per-transaction fees and may ask for additional documentation during a more time-consuming application process. 

Additionally, you might be asked to shoulder additional costs, particularly in the beginning of your relationship. Nevertheless, collaborating with the right vendor can enhance your operations and lead to a safer payments ecosystem.

Resist the temptation.

Some entrepreneurs in high-risk sectors make the mistake of thinking that they can deceive the system. They apply for a conventional merchant account and hope for the best. 

When their application is accepted, they fall into the trap of believing that everything will be sunshine and rainbows from that point on.

The truth is that their ruse will be detected eventually. When that happens, their account will be closed and their business interrupted. They may be hit with financial penalties and will certainly suffer a reputational hit with their customers.

It is far better to come clean from the beginning. Establish a relationship with a high-risk merchant account provider you trust, and your company will run more smoothly and be more stable as a result.

Choose an experienced provider.

Not all high-risk merchant account providers are created equal. There are some, for instance, that have specialized knowledge of the adult dating and entertainment sector. 

As such, they have established relationships with financial institutions and understand the particular security and regulatory intricacies that bind the industry. 

With this insider knowledge, they will be uniquely equipped to help your dating business to succeed in spite of the many challenges you face in this sector.

Offer multiple payment options.

Regardless of the type of business you are running, your customers will appreciate being able to pay using their method of choice. Although many will still want to resolve their charges with a standard credit card, others would prefer debit cards, bank transfers via e-check, or digital wallet payments. 

You will also want to offer recurring billing since the dating business lends itself so nicely to subscription plans. With these arrangements, payments are automatically withdrawn from customers’ credit cards or bank accounts on a predetermined date and for a specific duration of time.

How do you furnish this flexibility and versatility? 

The key lies in your point of sale system, which can be configured with various payment choices by your merchant account provider. 

As you are researching your high-risk company options, be sure that the one you select can take all of the payment types your customers are currently requesting. 

Additionally, consider having the ability to accept multiple international currencies in the event that your website expands to serve clients across the pond.

Demand top-shelf customer service.

Getting connected with the best merchant account provider involves careful scrutiny of their terms and conditions in order to ensure that you receive a fair price for all of the services you need — and without extras that you don’t. But that’s not all. Before committing yourself to any agreements, you also should be certain that the company will give you prompt, effective assistance in the event of technical difficulty, or a security breach.

The support they provide should be available on multiple channels: by phone, email, live chat, knowledge base, and user forum. 

Furthermore, you should be able to get help quickly to keep downtime to a minimum. After all, you are providing services to a client base accustomed to having constant access to the resources you provide.

The road to obtaining the optimal high-risk merchant account may seem bumpy at the outset. However, careful research and patience will eventually result in a rewarding relationship with a vendor with expertise in your industry who can be at your side as your dating business evolves. 

Play your cards right, and it could even be a match made in heaven.