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Month: December 2018

How to find the best Online Dating Merchant Account solution?

How to find the best Online Dating Merchant Account solution?

In this fast-paced world with little time left to socialize, no wonder the singles need an alternative way to mingle. Online dating, first introduced as personal ads in the 90s, saw a massive surge with the appearance of dating websites and apps.

Apply for a Dating Merchant Account

According to Statistic Brain the online dating industry’s annual revenue is over $1.9 billion dollars. From 2010 to 2015, the revenue expanded at an annual rate of 5%. Also, 30% of online daters are between 18 and 29 years old.

Online dating is the norm & no longer an exception.  Safe to say, it is one of the most lucrative industries today and the numbers are only predicted to grow at a steady pace.

Planning on launching your own dating website? It’s not as easy as you might think. Apart from being an over-saturated market with restricted laws, online dating merchants also have a tough time dealing with financial institutions.

Being an online business with a prime young demographic, it becomes extremely essential to provide credit card processing services to a generation who grew up with technology. However, the lack of co-operation from banks makes it difficult to secure merchant account services for online dating businesses.

High chargeback ratios, adult oriented services and content, frauds and scams, unhappy customers, strict laws and regulations are some of the major reasons businesses are denied online dating merchant account services.

Finding the right Online Dating Merchant Account solution for your business

While the odds of finding a merchant account from a regular bank or merchant account providers are low. Online dating merchants then need to approach  merchant account providers that offer customized  merchant account solutions for such businesses.

Although you may find multiple providers willing to take on your business, it is important to find the right merchant account provider that suits your business requirements.

Some important questions to ask a potential merchant account provider when looking for an online dating merchant account:

  • Does the provider have expertise offering services for the online dating industry?
  • What kind of chargeback protection tools does the processor offer?
  • What are the processing rates? Are there any hidden fees?
  • What are the security measures in place for safe credit card processing?
  • Is the merchant account provider offering your choice of payment processing options?
  • Do they provide 24*7 customer support?

Getting the right merchant services for your online dating business will help you in the long run. Do not hurry, be patient, ask the right questions and go over your options before finally deciding on the best online dating merchant account solution for your business.

Posted on December 27, 2018July 25, 2019Categories Merchant AccountTags credit card processing, Europe, high risk merchant account, merchant account, merchant account provider, Online dating merchant account, UKLeave a comment on How to find the best Online Dating Merchant Account solution?
Online Gaming Merchant Account Solutions: Credit Card Processing Difficulties

Online Gaming Merchant Account Solutions: Credit Card Processing Difficulties

The world of online gaming has only seen an upward surge in the past decade or so. The industry was worth $41.78bn by the end of 2016 and is projected to grow worldwide to $2.14 trillion by 2020. Better technology brought in better gaming experience which led to its increase in popularity. It’s no surprise then that by the end of 2017, the global gaming industry hit a record breaking $107bn.

Although it’s tremendous growth potential and ever-increasing revenue shows that the industry is lucrative, gaming merchants still struggle with financial institutions. Legalized gambling is increasing. Credit cards are used more than ever. But using credit cards to play online is still a massive obstacle faced by customers.

Even with players spending an increasing amount at online gaming as well as traditional casinos, gambling operators and online gaming merchants are worried that the continuous reluctance of banks to process gaming transactions can cause damage to the business.

“Of course it could impact the growth of this business — there’s no doubt about it,” says a senior executive who runs a casino business in the Atlantic City.

Why is it difficult for gaming merchants to accept credit cards?

In this digital era where each purchase, from groceries to gadgets, is made using credit cards, banks are cautious about allowing customers to ring up charges at casinos and online gaming sites.

Banks are especially wary of being caught in a tangle of legal issues with the government and being held liable for fuelling gambling addiction by offering gaming merchant account services. Although gambling has been legalized significantly since its old shady days, processors still view it as a tricky business.

Industry nature and history, Ambiguous laws, strict regulations, high ticket transactions, high chargeback ratios, refunds and frauds keep credit card processors and banks away from online gaming merchants.

The online gaming business falls in a legal grey area. Even with online business being an extremely profitable avenue of the gambling industry, the risks outweigh the profits for banks and credit card processors.

One of the major issues faced by gaming merchants is that it attracts high number of fraudulent transactions. Friendly frauds happen when customers dispute a transaction when they change their minds or refuse to pay because they lost.

Excessive chargebacks are risky for the business as well as the merchant account provider equally. Since the processors are liable to cover funds the gaming business is unable to, they are quick to shut down such gaming merchant accounts.

How to get Online Gaming Merchant Account Solutions?

If you insist on getting a regular gaming merchant account from a traditional bank or processor, then the odds are stacked against you. Instead of going the traditional route, online gaming merchants should look for High Risk Merchant Account solutions for their business.

Legal or illegal, majority of financial institutions refuse to offer gaming merchant account solutions to process gambling transactions.

Unless banks decide to bend their policies, online gaming merchants have to go with top rated high risk merchant account providers that offer customized gaming merchant account solutions that fit the demands and requirements of the industry and that of the merchant.

Posted on December 20, 2018Categories High Risk Merchant AccountTags credit card processing, credit card processor, Europe, gaming merchant account, high risk merchant account, merchant account, merchant account provider, merchant account provider in UK, online gaming merchant accountLeave a comment on Online Gaming Merchant Account Solutions: Credit Card Processing Difficulties
Cigars & Tobacco Business: High Risk Merchant Account Solutions

Cigars & Tobacco Business: High Risk Merchant Account Solutions

The gradual shift towards e-cigarettes and vape in recent times has not affected the tobacco and cigars industry.  Despite the health risks involved and smoking being a taboo among some social circles, the percentage of smokers has not seen a major decline.

With the rising tobacco consumption in certain emerging markets, the global tobacco industry is showcasing an increase in revenues and profits. According to reports, the industry generated worldwide revenue of US$11.9 billion in 2017 and is expected to increase to US$13.4 billion by 2021.

Over the last decade or so, health professionals and the government have implemented measures and spread awareness to prevent smoking, yet the industry is going strong as ever. It is safe to say that tobacco & cigar products still have a huge demand and face no threat of going out of business anytime soon.

Although there are restrictions in place to curb the use of tobacco, there is not a single law prohibiting the sale of cigarettes, cigars or tobacco. Yet, the uncertain laws governing tobacco businesses make banks wary of dealing with them & placing them in the high-risk category.

Why is Tobacco considered a High-Risk Industry?

Health Concerns: It is no secret that tobacco used in cigars and cigarettes results in health risks. Lung diseases that include emphysema and chronic bronchitis, Lung Cancer, Heart complications are caused by smoking.

Unpredictable Industry laws: The government continues to introduce tough laws in order to stub out the tobacco industry. The sudden change in rules and regulations does not help merchants either. The murky laws placed on businesses who sell it and the taboo surrounding those who use it raises red flags in the eyes of the merchant account provider and sponsor banks.

High Chargebacks: One of the major reasons tobacco merchants are considered high risk is due to the high amount of chargebacks that occur. Online retailers are more vulnerable to chargebacks than a brick-and-mortar store. Card-not-present transactions, delay in delivery and fraudulent activities causes a surge in chargebacks.

Use High-Risk Merchant Account Solutions for your Cigars & Tobacco Business

Yes, you may face many challenges trying to obtain credit card processing solutions but in order to elevate and expand your business, it is of extreme importance.

Because of stringent industry laws, underwriters will need to examine and ensure that your business is in compliance with the rules and regulations.

Tobacco-related businesses are also known to sell marijuana-related products. In this case, make sure the products are not sold as marijuana paraphernalia while also being transparent about your business nature and the products you sell.

Positive credit card processing history, credit scores and low chargeback ratio will increase your chances of obtaining a high-risk merchant account while approaching a merchant account provider.

High-Risk Merchant Account Providers that specialize in tobacco industry are more likely to understand your business and provide high-risk tobacco merchant account solutions that suit your requirements. This also ensures smooth and fast underwriting process.

Beware of credit card processors offering easy merchant account services. These providers take advantage by charging hidden fees or high processing rates.

Choose the right high-risk merchant account provider and start processing today!

Posted on December 11, 2018February 20, 2019Categories High Risk Merchant AccountTags Cigars Merchant Account, credit card processing, Europe, high risk merchant account, High Risk Merchant Account Provider, merchant account provider, merchant account provider in UK, Tobacco Merchant AccountLeave a comment on Cigars & Tobacco Business: High Risk Merchant Account Solutions

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