State Of Adult Industry With Demand Of Adult Payment Processor
The adult business industry has passed through several ups and downs. But now it is now one of the fastest and booming business industry. The advancement in entertainment technology like VR, high-speed internet services has resulted in the high demands in the adult entertainment industry. The adult payment processor working in the industry has provided several solutions like an adult merchant account and adult payment gateway, which helped in limitless profit gains even for high-risk business industry. In 2017, The estimated value of revenue gain by the adult merchant account holders was more than 14 billion dollars. As these numbers keep increasing, it is expected that this might surpass more than 30 billion dollars by the end of this year.
What Are The Types Of Merchants Supported Under Adult Payment Processor?
Before getting started, it is essential to clarify what types of business merchants come under the adult business category. Generally, any merchant who sells the products and services that requires age-restricted, adult-oriented products needs to have an adult payment processor to fulfil their business requirements.
The adult industry includes a good amount of products and services as:
- Adult Novelties
- Online dating services
- Gentleman’s club
- Online adult-oriented clothes trading
- Online adult entertainment services
- Online escorts services
- Online adult bookstore
You will surely need to get a payment solution from the adult payment processor. If you operate a business in these industries, then to sell and accept cc processing for your products and service.
What Are The SIC and NAICS Industry Codes?
Most of the merchants use the specific code to conclude a non-adult version of the industry to their matching business category.
SIC Code: SIC stands for Standard Industrial Classification. These codes were established in 1937 by U.S government. Codes and the industries under them are:
- 5945: This code includes adult toys and games businesses.
- 5947: This includes souvenir shops and adult novelties.
- 7375: This code consists of adult websites
- 729903: This justifies the online adult dating service or escort services.
- 7299: It includes adult massage and other uncategorized services.
- 792903: It includes businesses like adult book stores, clubs, etc.
- 5968: It consists of marketing and membership for adult entertainment websites.
NAICS Code: NAICS stands for North American Industry Classification System. These codes have become the new standards now. Merchants under the codes categories are:
- 451120: Adult novelties and adult toys.
- 453220: It consists of adult gifts and souvenir stores.
- 517110: It includes adult websites
- 454111: It consists of the online adult products sale
- 812990: This consists of adult book stores and other adult retail products
- 8139: It provides adult membership sites
Things To Consider While Approaching A Adult Payment Processor
There are a few terms that a merchant should take care to get an adult business merchant account from the adult payment processor.
- Credit Rating: The adult payment processor usually checks for the credit score rating before providing the adult credit card processing solution. That’s why it is advised to clear all the outstanding payments and clear up your credit before applying.
- Reserve Amount: A high-risk account provider requires a reserve to be taken from the merchant. This reserve amount is used as an insurance fund in the case of a high chargeback if the merchant is not able to clear it.
- Required Documents: There are some necessary documents needed to complete the verification process for your adult merchant account request. These are, Photo ID, Utility bill, Void check. The bank statements up to the last three months are also required. And if applicable, processing statements up to last three months as well.
If you still need further assistance while selecting the adult payment processor, we are always happy to assist you at [email protected].