The Online Dating Industry is now a $2.1 billion industry with approximately 3,900 companies in the space. Now that online dating, matchmaking has become universally accepted, the industry continues to expand nearly 4% growth factor since 2008 and it’s not slowing down. Industry facts report that since 2005, approximately one-third of marriages met through some form of online dating or a dating service. With the increase of usage of the smartphone (iphone/android), these businesses needs dating merchant account payment services as a critical piece of their business plan.
Many acquiring banks are no longer interested in working within the dating merchant accounts sector; however, Alternative Merchant Processing has experience in this vertical and we will work with your business to handle your Visa, MasterCard, American Express and Discover processing needs. Risk underwriters and managers have witnessed increase in chargebacks within this dating industry thus causing banks to become less inclined to approve these merchant accounts.
AMP’s online dating merchant accounts can be set-up for either a physical retail establishment with a terminal and/or for online transactions using an internet payment gateway. Our retail merchants have seen less chargebacks and fraud given the nature of the physical swipe of the credit card vs. key-entering the customer’s credit card data for a mail order/telephone order transaction. Both forms of processing are easy and accounts will be established with a few working days upon completion of our merchant application.
As online dating has become an international business, AMP can help our online dating merchants with traditional processing of all card types, multi-currency payment options, and recurring billing and daily and month-end reports.
Dating websites have different strategies and pricing methods from interchange plus pricing to set rates for debit and credit fees and rolling reserve will be an option depending on the strength of the business and business owners. Depending on numerous factors, different dating sites will be considered low-risk, others mid-risk and of course, some considered high risk and hard to place.