When you work in the adult industry, it can be easy to start thinking of yourself as somewhat of a pariah. We aren't all fortunate enough to be able to talk openly with our families and friends, let alone other businesses, about the work that we do. This shroud of secrecy can spill over into finding corporate services as well.
For instance sex toy stores, strip clubs, websites and entertainers can have a difficult time securing adult-friendly credit card processing from traditional banks and lenders. While other retail stores, restaurants and more mainstream companies can approach their local banking institution for fair merchant rates and a quick set up, adult businesses have to do a little more work to find services that will work for them.
While it may seem like an instance of sex-shaming, there are actually sound reasons behind credit card industry concern surrounding adult transactions. For one thing, doing business online is inherently risky. Unless a company can handle a customer's Visa or Mastercard and obtain a signed receipt for products purchased or services rendered, the merchant bank is at risk of costly chargebacks.
Another concern is that, even with in person adult businesses, there are laws governing sex, pornography and related entertainment. Buyers must be over the age of 18, and banks cannot risk being held liable because the company with which they are working is not careful about verifying age. If you want to get and keep a merchant account, you need to make sure to take age restrictions very seriously.
Fortunately, despite the above concerns, many dedicated providers have discovered that there is a lot of money to be made in adult dating, toys and pornography, and cheap transaction rates are readily accessible for business owners who seek them out. Although they still classify these enterprises as "high risk," the cost for high risk credit card processing can actually be really reasonable.
Whether your business is online or off, good record keeping and a solid financial credit history can help you to activate an account with the lowest possible percentage rates and monthly fees. Most providers can also help you to get set up with an online payment system that will work well with your adult personals, sex toy or pay site. This will eliminate frustration for your customers and will keep your membership renewals processing seamlessly.
To learn more about getting cheap credit card processing as an adult merchant, click here.