There is a boom in adult industry so many companies are now entering into this private business. It is a million-dollar industry. We all know that every time you visit any website you find 2 out of 10 having some adult content. People are no longer shy to visit adult websites. It is just like all searches for adult toys, porn, and videos but now one discusses openly. Adult business is high-risk business and it requires a risk-free merchant account and payment gateway.
Why adult merchant accounts are considered risky?
Banks and institutes do not approve the merchant account for adult business due to the nature of the business. The adult industry sells products and services which are only for adults and it requires age verification. These businesses have the high rate of chargeback and frauds. Some of the country does not permit such businesses while some do permit. Because of this, even the merchant account is considered highly risky. The banks and companies do not want to establish the relationship as it will affect their relationship with the existing merchants.
How merchant accounts are beneficial for such high-risk business?
The merchants can contact the companies who deal with a high-risk merchant account. There are companies who especially work for high-risk merchants. Not only adult business is risky, there are other businesses like online gaming, ayurvedic medicines etc are of high risk. If adult merchants have the trustworthy and reliable payment processor who can provide risk-free credit card processing then there is not much issue. They should have the best business model to cater all the needs of adult merchant account. Some of the adult business carries on the subscription basis. To watch any adult video, you have to first subscribe to it. In such cases, merchant needs the recurring billing software. Fortunately, there is merchant account service providers who can provide the adult merchant account with no hassle. They specialize in credit card processing, debit card transaction, ACH, Gateways, Point of Sale machine, virtual terminals etc. One can process payment without any risk.
How to open an adult merchant account
Firstly, you need to have the list of a high-risk merchant account provider. Then you need to review the company with the portfolio and the clientele. Always select the reputed company for such business. As it increases the conversion rate of customers, the start-up companies are risky for such businesses. After finalizing the company visit the website and fill the customer inquiry form or contact via customer care. Fill in the form with the detail requirement, submit all the relevant documents and wait for approval. A good company will not take more than seven days for approval. This way you can accept the payments for the adult products and services. The adult merchants have high turnover due to the boom in the adult industry. For many start-ups, it is a good opportunity to grow globally.
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