Online dating payment processing
Sharing practical advice on payment acceptance for online businesses has already become a 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 business or want to provide it with payment services, pay due attention to the organisation of payment acceptance. To give you a hand, we have compiled the list of essential criteria.
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 around the world. Except for certain segments, online dating is absolutely legal. Its relatively small average check but frequent transactions make this niche attractive for entrepreneurs. For those who know a little about online dating services, starting such a website or service might seem an easy shot. 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 business is considered to be a high-risk segment). Among the reasons — adult content, scams, scheming, and other types of fraud. Online dating platforms often cover up an illegal business (including escort and sexual services).
It is also worth mentioning the high level of chargebacks. Sometimes users subscribe to services of an online dating platform but do not find a suitable candidate for communication, 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 important 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, a great number of merchants are looking for payment processors to help them run their business. So, let’s see what exactly these merchants require.
Online dating merchants expectations: short checklist
Finding a relevant payment service provider to meet all the needs and expectations is a huge brick into the foundation of any business. Common ways to monetise an online dating service is 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 important 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 credibility of the merchant in front of its users. This payment method is trendy in those regions where credit cards are not so common. 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 definitely 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 due to the mere fact that 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 a good way to attract more clients. Opt for the most used ones: Visa, Mastercard, AmEx, Maestro, etc.
Having the abovementioned features onboard will make your solution more attractive for online dating service merchants.
Corefy offers a customised and secure payment solution for high-risk businesses, including online dating payments processing. Depending on your business needs, you can choose among 650+ payment providers and 400+ payment methods, and connect one of them or several. Ensure fast payment processing and take your business to a new level with Corefy.