Online dating payment processing

Sharing practical advice on payment acceptance for online businesses has become our good tradition. And today, a case in point is the specifics of online dating payment processing.

It’s no secret that the popularity of online dating has increased. According to Statista, this market has significantly strengthened its position, and this trend is expected to stay the course. So, if you think about creating your own online dating merchant account or want to provide it with payment services, pay due attention to the organisation of payment acceptance. We have compiled a list of essential criteria to give you a hand.

Peculiarities of online dating payment processing

This niche is one of the most developed in all countries. It includes a range of websites and mobile applications connecting people worldwide. Except for specific segments, online dating is absolutely legal. Its relatively small average check but frequent transactions make this niche attractive for entrepreneurs. Starting such a website or service might seem an easy shot for those who know a little about online dating services. But if you bury your head a bit deeper, you’ll face the facts.

Entering the online dating market might be difficult due to strict regulations and the reluctance of banks to cooperate. The online dating merchant accounts are high-risk. Among the reasons are adult content, scams, scheming, and other types of fraud. Online dating platforms often cover illegal businesses (including escort and sexual services).

It is also worth mentioning the high level of chargebacks. Sometimes users subscribe to the services of an online dating platform but do not find a suitable candidate for communication or relationships for some reason. After that, they decide to request a refund. High chargeback rates are unprofitable for both businesses and financial institutions. This reason often causes banks to refuse to open an account.

Types of online dating websites

There currently is a large variety of them. Depending on the profile of the target audience, they can be classified as follows:

• Matchmaking websites offer matches based on tastes, likes, dislikes, etc. users specify in a detailed questionnaire.
• Niche online dating services are intended for communities who share common interests and want to meet like-minded ones (for instance, these can be fans of anime, movies or TV series, or religious groups).
• Preference online dating services have something in common with the previous group — they are based on users’ preferences (political, sexual, religious, etc.).
• Event sites allow single people to create different events, gather together, and get to know each other.
• Personal online dating sites allow users to specify the criteria essential for them each time they use the service and search for matching people on their own.

As you see, there is a range of online dating services to meet the needs and expectations of people across the globe. Respectively, many online-dating merchant accounts are looking for payment processors to help them run their businesses. So, let’s see what exactly these merchants require.

Online dating merchant account solutions

Finding a relevant payment service provider to meet all the needs and expectations is a massive brick in the foundation of any business. Common ways to monetise an online dating service are to offer premium memberships, additional features, in-app purchases, virtual gifts, or premium content. So, the most wanted payment processing options are correlated with it.

Here is a checklist for the most wanted payment options for an online dating business:

Range of payment methods. First and foremost, online dating services are international and unite people around the globe. So, it’s essential to consider that sometimes people prefer using local payment methods. Therefore, in addition to connecting bank cards, pay attention to other payment services (e.g. Apple Pay, Google Pay, PayPal, WeChat Pay, and others).

Direct carrier billing. This option increases the security of mobile payments, which is vital for the merchant’s credibility in front of its users. This payment method is trendy in those regions where credit cards are not so standard. Users can make purchases by paying to the mobile operator’s account. If your target audience is, say, in South Africa, Mexico, or Zambia, you will need this payment method.

Premium payment methods (e.g. via SMS). This method is equally popular and is best suited for microtransactions. To pay for goods and services using Premium SMS, a user needs to send a message with an increased tariff. The amount will be instantly debited from the user’s mobile account.

Mobile billing. Implement mobile payments into your solution, and you’ll increase traffic and conversion rates. Mobile payments are essential because the majority of online dating service users tend to use their phones for texting.

Crypto payments. Processing cryptocurrencies will help you widen your audience.

Recurring billing. Many online dating services offer a subscription model for their users, so it will be good to offer recurring billing to be relevant.

Card payments. A rich choice of card payments is an excellent way to attract more clients. Opt for the most used ones: Visa, Mastercard, AmEx, Maestro, etc.

The features mentioned above will make your solution more attractive to online dating service merchants.

Corefy offers a customised and secure payment solution for high-risk businesses, including payments processing for online dating merchant accounts. Depending on your business needs, you can choose among 650+ payment providers and 400+ payment methods and connect one of them or several. Contact us to ensure fast payment processing and take your business to a new level.