Now as we have discussed the model in which online dating websites work. Let's also understand a couple of additional factors.
So, to get a merchant account for online dating, you must have a site first. So there's no benefit of applying for merchant account before you have already created a website. So a website is mandatory.
How to get a dating site merchant account of payment gateways?
It is very simple. There are a lot of high-risk merchant account providers across the world. You can apply to them. You can send the application form with the KYC documents. The KYC documents generally include.- Business license
- National ID
- Address proof of the directors are the primary stakeholders of the company
- Cancel cheque of the business bank account
- Utility Bill which reflects the place of business
- Utility bills of the promoters and the directors of the company
- It will be great if you can share your business plan because that helps underwriters to understand your vision and sales projection.
- Also, it will be fantastic if you can share the last year profit and loss statement preferably developed by a third-party auditor.
So let's talk about the rates and the fee for online dating merchant account.
So in the high risk Industries, the rates vary. But usually for online dating website if it is from European Union the rate can be between 4% to 10%. It depends upon the risk profile, and that is why most of the processors decide about the rates on the case to case basis and a lot of components of the charges and the transaction fees that you pay. So there is MDR that’s called the Merchant discount rate. It is the fixed a transaction percentage which the processor will charge whenever there is a transaction of any card.Sometimes different cards may have different pricing in terms of MDR. Also sometimes a processor may put monthly fee, wire fee, per item fee as well. If there is a chargeback, the processor will charge a penalty for that. That’s called chargeback fee, and sometimes they may also ask for refund fee. So these are the components that you would see on your Credit Card processing statement If you get approved for online dating merchant account.
Now, what is Quadrapay advantage & what is the benefit that you will get?
First, Quadrapay works with multiple payment processors across the world. We work as a reseller, so we do not process But we work with those companies which are processors.What benefit you would get if you contact Quadrapay for the merchant services requirement. The first benefit is since we work with multiple processors. We have somehow a better understanding of the prevalent rate of a transaction in the market, and we also understand that which processor is comfortable with which business type. So if you are looking forward to getting a merchant account yourself, You may go to the internet, search for different merchant account providers and then you start applying, you may get lucky, and you may get approved, but there may be a chance that your application may get the declined as well. That includes a lot of hassle because you will be sending application one location then another location, You will be sending your KYC documents. You don’t know where your KYC document is going or not.
In our case, what we do. We do not charge any an upfront fee from the merchant that means if you are getting services through Quadra services then you do not have to pay as anything. We look at your website for first. We send the website to the acquiring Institution or the payment service provider for pre-approval. Once we get the pre-approval, we come back to you with the good news that “Dear merchant, the website URL has been pre-approved. Now we are connecting you to the processing company, and we request you to send the completed application form and the KYC document so that they can continue with the underwriting process.” So that is the first advantage.
The second advantage is regarding integration. If you have a tech team, it’s fantastic. If you don't have a tech team and if you need assistance from us. So for those merchants who get the solution through us. We will be happy to assist with integration.
Modes of payment for the dating site Merchant account is also essential to understand
We all know about credit and debit card payment processing, but they are other Modes as well. For example, there is a dating website operating from the European Union, but it also gets members from Latin America. So for that, you need a solution which helps you to accept local cards in Latin America. So for that Quadra Services have established a relationship with the Latin America based payment service provider which will be happy to evaluate your application.Along with that if you want to get members from the United States, then you can accept credit and debit card if you approved, but you can also accept payments by ACH and echeck. That’s another mode, and we can recommend a reliable processor for that even if you are struggling with the chargeback. You know that you are in high risk industry. Dating attracts a high percentage of chargeback, but you want to reduce the risk of chargeback. How do you do that?
To do that, you can probably evaluate chargeback alerts and notifications services. Will be happy to introduce you to a reliable company that has gained global recognition in terms of helping the merchants in reducing the chargebacks with the help of alerts. Of course, all these services no upfront charge by Quadra Services. We will not bill you. Primarily, because we already the registered partners as sales partners and Agents and independent sales contractors with the various institution. So we do not have to charge from both the sides.
Now KYC documents and KYM document are pretty much the same. KYC stands for know your customer and KYM stand for know your merchants, and I have already explained to you about that. It only depends upon the case by case basis. Sometimes the processing company may ask for additional documents as well. And also when you create your website, dating declaration or disclaimer is extremely important. So you can look at multiple successful websites in the online dating industry. You can look at the disclaimer that they mentioned. And based on that, you can create a similar disclaimer. You must have these pages on a website that is
- Terms and condition
- Privacy policy
- Refund policy
- Cookie policy
Just for your information most of the processors we work with are primarily located in European Union. So it mandatory for the merchant to have a European Union company so that the processor may assist the Merchant. Now registering a European Union company is not very difficult. You can register your European Union company very quickly.
Just search for cheap register company in UK or company registration in the UK. You will find a lot of websites that offering these services. Most of the time, the cost is less than hundred dollars, and it usually takes one or two working days for you to get all the documents and everything. You do not need a bank account, but you must have a company in the European Union. That’s the requirements. So that's pretty much all about it. You can follow us on Twitter. It’s www.twitter.com/quadrapay. We also on YouTube handle Quadrapay and www.facebook.com/quadrapay. Send us an email if you have any questions info@quadrapay.com.
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