The online dating industry is a high risk business, but it is growing exponentially. These days people prefer to use dating applications on Android and Apple mobile devices. If you check the number of apps relating to online dating you’ll find over a hundred applications that are popular. This does not mean that people have stopped visiting websites and subscribing to online dating membership. There is still a huge possibility of growth in the online dating industry. In this detailed article, you will know about the best practices to be implemented for Dating Credit Card processing in the year 2018 and 2019.
Dating Credit Card Processing – The Change
The year 2018 made two massive transformations that are directly going to make an impact on the online dating Credit Card processing. Entrepreneurs who are in the online dating industry accepting credit card should modify their policies to be profitable.
- The new card scheme rules for chargebacks. As per a few websites on the internet, a major credit card company instructed all the processing Institutions to keep the chargeback ratio to less than 1% and a maximum of 200 chargebacks. This is a great initiative. Customers must have the ability to request a refund if they are not receiving the products or services as per the commitment of the merchant. Having said those business owners operating in the online dating industry must utilise various measures like chargeback alerts and fraud prevention to reduce the chargeback to sales ratio.
- No EU processing for Non-EU Merchants. That’s right previously Non-EU merchants were establishing dormant companies in the European Union and were getting accounts from European payment processors. Now almost every EU based processor that we are aware of requires merchants to be from the European Union and the merchant must have a physical presence in the European Union. This means Non-EU merchants will find it extremely difficult to get a credit card processing solution. For this they can approach local processing companies in their Nation. If they wish to establish an EU account then they must create a physical office and should have a business registered as well as a bank account in the European Union.
Dating Credit Card Processing – How To Get An Account.
To get a Dating Credit Card processing account business owners should contact Financial Institutions that offer acquiring services to merchants from high risk industries. Some of these institutions may only work with merchants with existing processing history. Dating merchant services can help businesses accept credit as well as debit cards. Most processing Institutions offer cross border payment processing solutions.
To improve the chances of the approval from a credit card processor, you must ensure that your website complies to the requirements of the processing institution. Online dating website should not have offensive images. A professional looking website has a better chance than a site that has partial nude pictures. Please note that underwriters look at your website, they look at the profile as well as the kind of content loaded on it. If the underwriters identify your site to attract reputation risk, then there is a huge possibility that you will not get the payment solutions.
To get more details about how you can get dating Credit Card processing solutions for your business to send us an email on [email protected].