merchant account

Dating Merchant Account

Dating Merchant Account

Today, because of the Internet, finding the newest friends, like-minded people, or fellow travelers of existence in this way is as easy as going to the food mall.

The rapid formation of information technology and global association facilitated almost all the nuances of our existence, in this number as well as the selection of the 2nd half. According to statistics, approximately thirty percent of users of the world network even though b once fond of dating websites.

The online dating industry was born at the end of the 90s of the last century together with individual announcements on websites as well as sample surveys according to hobbies, today This industry is booming, there are thousands of widespread websites as well as add-ons, together with the support of which it is possible to get to know together with the people living in each point of society.

For example, OneAmour, Tinder, eDarling, Topface, Emilydates, Badoo, Loveplanet, Mamba, Jeempo, LinkYou, Pure, Navechno, Rusdate, Insta-Singles, Teamo. According to Forbes, every year about a thousand new online dating industries are formed.

According to speculative information, the profit of the global online dating trade in 2020 will amount to 12.5 billion dollars. One of the main distinguishing features of this industry is considered in this case, that 30% of users stay in the year from 18 to 29 years.

And also with any year the number of people visiting online dating websites is only increasing. In this way, the online dating industry is currently considered one of the fastest-growing and most profitable areas of electric commerce.

Would you like to open an online dating business?

At first glance, the invention of a website or the formation of an add-on for dating may seem like an easy problem, but the strict limited laws and, as a result, the unwillingness of banks and classical economic universities to promote dating services make it difficult to enter the new business.

In addition, the field of online dating belongs to the group of businesses with a high degree of risk (High Risk).

Deception lies as well as other types of scams, media content for seniors, and irritated customers – see the main circumstances according to which the dating industry is dangerous.

Online dating platforms are often used as a cover for illegal business, including escorting and sexual services. In addition, it is necessary to emphasize the high degree of chargebacks.

Certain customers sign up for the service of online dating platforms, however, without finding the perfect candidate for communication, or romantic relationships according to the same or other circumstances, without finding what they wanted to find, decide to request a refund.

A large degree of Chargebacks is unprofitable as well as commercial, as well as economic institutions, for this reason, banks often reject the invention of a lot.

If your dating service needs a reliable payment gateway, then you should choose a specialized merchant account (Dating Merchant Account), with which you can quickly and efficiently accept credit and debit card payments and protect your customers from fraudsters.

All payment transactions made using bank cards are determined by four-digit MCC codes, depending on the type of activity of the seller. Dating operations are carried out under a separate MCC code 7273, it is intended for companies providing online dating services using websites and applications, including through computers, mobile devices, and video services.

Open the Dating Merchant Account at Wellcoinex

We offer customized and reliable payment solutions for high-risk businesses, including online dating. The most common ways to monetize the online dating market are a subscription to premium membership, payment for additional features, in-app purchases, virtual gifts, or premium content.

Depending on your needs, you can connect one or more payment methods and accept payments from debit and credit cards, Visa, Master Card payment systems, etc. In Wellcoinex you will get a reliable payment gateway that will ensure a fast payment process and take your business to a new level!

Applying for The Best Online Dating Merchant Account

Applying for a dating trading account is very interesting because it means that you expect sales shortly. However, not all payment service providers are the same, so a thorough study should be carried out before choosing a processor.

Fortunately, choosing a payment service provider doesn’t have to be a monumental task, as you can easily compare them online before applying.

If you decide to use Corepay services, we will make this process as simple as possible. After you submit an application and receive internal preliminary approval of a trading account for high-risk enterprises, a Corepay Customer Service manager will be assigned to you.

Your manager will accompany you throughout the application process and answer any questions. Our goal at Corepay is to make the process of applying for a trading account easy and transparent.

Below is a list of some subtypes of the dating industry that Corepay serves; all of them fall under the Merchant Category Code (MCC) 7273.

How Long Does It Take to Get Approved for A Dating Merchant Account?

The approval period for dating trading accounts may vary; however, at Corepay we strive for quick approval, and in some cases even on the same day.

Although the approval period depends on several factors, the industry’s standard deadline is usually three to seven days.

To some extent, it also depends on how prepared the trader is. If you have everything you need when contacting a payment processor, this can significantly speed up the whole process.

Dating Merchant Account Fees

When opening a trading account with a high degree of risk, the commissions may be different. Since the dating system is considered high-risk, most likely you will pay more than when opening a regular trading account.

However, at the same time, you will be able to safely conduct more transactions without fear of account closure and subsequent withholding of funds.

To save transparency Corepay does not want commissions due to application/setup as well as excessive commissions due to premature termination of the agreement.

Online dating fees due to payment processing can reduce your income. Our goal is to guarantee an easily accessible cost as well as provide a microprocessor-directed service that meets the needs of your trader’s needs for dating.

How to Setup an Online Dating Merchant Account

To disclose the commercial result with the purpose of online dating, you should realize the effects shown above. The order submission process as well as the options depends on this or the payment service provider you prefer.

In the Corepay company, I realized everything without exception is permissible, so this move was extremely simple and problem-free.

This includes not only the order submission process but also the support in the integration of the trader’s number together with your payment gateway, as well as providing the ability to start instantly after the consent has been obtained.

Having acquired consent and properly integrated the result, you will be able to proceed to process payments for your own online dating business.

The utilization of a trader’s immense together with a big notch is then what all websites as well as dating add-ons are obliged to do to process payments.

In case your website becomes improved and you have difficulties together with certain payment processors, this can provoke frustration and tension, as you will need to not only wait for the income of money but also find a solution to the difficulty of the high notch.

Why Corepay Is Your Perfect Match

Corepay is well aware of the online dating industry, having many years of experience working with high-risk trading accounts. This means that we understand the risks associated with the online dating industry, and at the same time we always offer our clients personalized service and security.

We at Corepay want to help you get approved, stay approved, and grow your dating business the way you dreamed.

FAQ                                                     

What is a merchant account?

The commercial result is a type of banking facility that allows companies to make payments according to debit or plastic cards. The data are disclosed based on the contract between the trader and the acquiring bank to perform settlements according to operations with payment cards.

Which credit cards can I accept with my merchant account?

Your commercial result will have the probability to carry out all without exception the main plastic card game, including Visa, MasterCard, Discover, American Express, JCB, and in addition without exception the most famous Alipay and WeChat.

How long does the approval process take?

After filling the Corepay order as well as providing absolutely all the required paperwork, almost all merchants have all chance to acquire consent within 24-72 times, including in the most dangerous sectors of the economy.

Does Corepay work with merchants who have little or poor credit?

Of course, Corepay functions together with merchants, which nowadays period in no way possess a strong plastic base or in no way possess a plastic event.

Gambling Merchant Account

Gambling Merchant Account

Trading accounts for gambling are used by bookmakers, as well as companies offering gambling and other games that can be played over the Internet.

Nowadays, due to the coronavirus pandemic, the Internet has become the main shopping tool. Now people go online to make purchases, play games or just read, chat on social networks, etc.

In order to be able to play games on the Internet, you need to pay for them using online payments by debiting money from a debit or credit card.

The development of Internet technologies allows anyone to fully immerse themselves in the virtual gaming world, play on a computer or smartphone.

Pay a certain amount of money (buy a virtual loan), and the game world will open wide in front of you.

Since the late 1990s, the gaming industry has been one of the largest in the e-commerce sector. And it is not going to decrease in the near future.

For example, in 2016, the revenue of the electronic games industry was $ 45 billion. In 2018, it is already $56 billion.

In 2020, this figure is likely to exceed the $70 billion mark. These figures clearly indicate the rapid growth of the gaming services industry.

There are two types of gaming merchant accounts – encrypted and unencrypted.

Depending on the type of activity of the company, when paying with bank cards, a merchant category code is assigned – a 4-digit number. Licensed participants of the gambling industry can receive a coded trading account.

For an entrepreneur who wants to work in a niche of the gaming industry, in which consumers buy virtual loans and play various games, including gambling, there is a set of rules and regulations that he must comply with.

Consumers who want to gamble online should be able to quickly and easily convert their money into virtual money in order to participate in the game.

With the development of the gaming industry, people have been able to play games directly through applications on their smartphones.

Therefore, it is necessary to create conditions for people to purchase virtual money through applications.

Online Casino Merchant Accounts

If you work in this industry, make sure that your business is set up to accept payments through an online casino trading account. The ability to detect fraudulent activities is a valuable asset for businesses operating in high-risk environments.

Online gambling businesses typically face a large number of credit card refunds due to fraud claims, high-value merchandise, gambling laws, and government regulations.

Factors such as industry, location, and even clientele can and will bring your business into the category of high-risk enterprises. Wellcoinex offers efficient and reliable payment solutions for online gambling merchants.

Why Choose Us?

Wellcoinex, an international payment system provider, offers customized and affordable trading account services for companies of any size and in any legal field.

We establish strong relationships with banks and trading account holders to achieve long-term success.

Wellcoinex is one of the best providers of gaming payment systems offering services for creating gaming trading accounts throughout Europe and the UK.

We are active in the following countries – Great Britain, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland.

Processing Fees for Online Betting

As you have already understood, the stakes are very high when it comes to creating a profitable gambling site on the Internet. To win, you need to play.

Processing fees and competitive rates are usually higher than those that traditional banks charge low-risk merchants.

Traditional banks do not have sufficient capacity to provide trading accounts for online poker or other types of intellectual casino games.

Wellcoinex can offer secure solutions that make it easier for online gambling merchants to purchase the services of our payment gateway.

Gambling Merchant Account Regulations

Wellcoinex does not participate in blind bets on companies in this industry.

For example, companies in the fantasy sports industry that have a “Letter with a legal opinion” have more leverage over the seller. Having a gambling license confirming that a company can conduct gambling in a given country is crucial.

Banks, as a rule, prefer to work with online gambling sellers who do not exceed the traditional high-risk threshold of repayment of payments, which is less than 2%.

We cannot work with start-up companies in this industry, but in the future we can offer payment options that will meet the needs of those who want to start gambling on the Internet.

What are the benefits of a gambling merchant account?

Entrepreneurs can increase their business by having a trading account:

1. Quick approval without commissions.
2. No currency risk.
3. The ability for customers to pay in their native currency, thereby expanding the customer base and increasing the volume of payments for online games.
4. Protection against chargeback with the help of special programs.
5. Providing real-time tools to get a detailed overview of all types of transactions.
6. A complete set of tools for fraud prevention.

How to Pick a Payment Provider?

Wellcoinex is the best alternative to payment processors such as Paypal, Square and Stripe, which regularly disable and do not allow online gambling merchants to process payments.

Contact us even if your payment processing needs are currently met. We will compare the rates and find out if the fee for this type of account is fair for you.

We understands the unique needs of businesses associated with online casinos. Since then, we have established many acquiring banking relationships and have become experts in obtaining trading accounts accepting online gambling payments.

We want your business to flourish and succeed in the long run.  Fortunately, we have the means and know-how to achieve this.

Merchant account for an online shop

Merchant account for an online shop

For the past 20 years, online commerce has been a major way of doing business, thanks to the availability and expansion of the internet around the world. However, it is worth noting that the standard business structure controlled by banking institutions has not changed in over a century. According to a report by the World Economic Forum, decentralized payment systems based on blockchain technology have the potential to change these practices and show the world more secure and reliable formats for internet transactions.

Blockchain has been shown to be able to outperform and update these outdated systems and create a more open, fast and low-commission flow of worldwide payments.

These factors led to the development of a new direction in the company’s structure and as of 2018, after several years of intense development, we are pleased to offer you a new service – the opening of a merchant account to accept payments in cryptocurrencies. This innovation has already been appreciated by customers on our merchants’ websites as well as WELLCOINEX partners.

What is a merchant account?

A merchant account is a special account that receives money from different payment systems for goods or services sold. Payment systems can include bank cards (Master Card, Visa, American express, etc.), electronic money (Qiwi, Yandex Money, Web Money, PayPal, etc.).

WELLCOINEX now offers a merchant account for cryptocurrency acceptance.

The online payment process with a merchant account is as follows:

1. The buyer clicks on the “Buy” button (or similar) and is taken to a page where they can choose the most convenient method of payment and click on the appropriate button.
2. It takes you to a secure payment page, where you enter the necessary details Depending on the method chosen, these are different, as are the different methods of identification – for payment by card you will need to enter a one-time password, which will come in a text message. For Yandex Money and Qiwi, you will first need to enter a password to access your e-wallet and then enter a password from a text message to make the payment.
3. If the payment is successfully completed, the buyer will see a notification. In the event of rejection, the reason will be given.

To operate this scheme, in addition to the buyer and seller, it involves an acquiring bank which provides the seller with a merchant account and a processing center which carries out secure communication between the seller, the buyer, the acquiring bank and the issuing bank or electronic payment system.

Having a merchant account greatly simplifies online trading, thanks to the following advantages:

1. Versatility – customers can pay for goods/services in any way they like – with a bank card, with their e-wallet, with cryptocurrency.
2. Reliable – all operations are securely protected by special software.
3. Convenience for the seller and the buyer.

Together, these qualities of a merchant account allow you to increase your trading volume and earn more profits.

What problems can I forget about using a cryptocurrency merchant account?

• Complex and time-consuming integration;
• Rolling reserve from 10% for 180-360 days;
• Difficult to withdraw funds from the merchant account;
• Frequent failures in payment acceptance and consequent client loss;
• Dependence on conditions and fees of issuing banks and acquiring banks;
• Account blocking by the acquirer for an arbitrary period with no ability to influence the outcome;
• High risk of refunds and chargebacks;
• Many intermediaries and long feedback times.

In the past, connecting a merchant account required overcoming a series of bureaucratic hurdles, waiting for the favour of the banks and receiving disappointment instead of the promised solution, but thankfully that is history. Progress continues and cryptocurrency, a digital currency based on blockchain technology, has replaced fiat currency. Thanks to the improved payment system, it is possible to make payments without any information leaks and without any third-party payment partners. The WELLCOINEX merchant system only offers proven, promising cryptocurrencies such as BITCOIN, ETHEREUM, IOTA, DASH, BITCOIN CASH, LITECOIN, RIPPLE, EOC, WAVES, ZCASH, NEO.

The main reason for opening a merchant account in cryptocurrency is to reduce costs, consequently gaining customer loyalty due to low commissions when paying for your products or services. Also, don’t miss the main advantage of connecting such an account by simply installing a payment button on your website, so that within 24 hours of contact, your site is ready to accept funds from your customers using e-cards. Regardless of the factor that influences your decision, you will receive a number of undeniable benefits from our partner.

The main benefits of a cryptocurrency merchant account:

• No lengthier negotiations between your company and the Equator bank, which can slow down or dispute payments from your customers.
• 24/7 you enjoy a hassle-free system that includes, merchant account, cryptocurrency exchange and funds transfer to your merchant account.
• Compared to the bank fees we are accustomed to; you will save significantly on all transactions. Use the familiar blockchain-enabled credit and debit card service.
• A new geography for your business. Your customers will now be able to pay for goods or services with a wider geography that was closed to you by the customer’s IP or BIN of their card.
• There is no excessive monitoring of transactions, as the necessary data is in the public domain and thus eradicates the possibility of fraud. All changes to customer data are instantly disseminated to blockchain participants.
• Transactions made through a cryptocurrency merchant account are not likely to be charged back, as compared to transactions made by bank card. The chargeback procedure for your dishonest customer will now be difficult to implement.

Of course, such a decentralized system implies that any entrepreneur on the Internet will be able to accept payments using this innovation of the currency system, and the minimum requirement for this is a website for your company.

However, our team is careful in selecting merchants and activating accounts. We do not cooperate with companies that violate the law. Due to the simple system of approving merchants, we will have to constantly monitor the privacy policy and pages of your website for changes. Our KYC/AML processes are reduced to a simple automated check and we have the necessary base of security knowledge to prevent individuals who are blacklisted from executing transactions or attempting to buy/exchange cryptocurrencies.

Merchant account for an online shop – what are the benefits

Having a merchant account and a cryptocurrency merchant account expands the payment options for the buyer.  In this way, a wider audience of potential buyers is reached.

For online shops related to high-risk businesses (medicines, precious metals, drugs, 18+ industry, etc.), having a cryptocurrency merchant account can greatly expand the audience of customers (cryptocurrency is known to be particularly in demand in this kind of business because of its anonymity). Plus, there is no chargeback, which, again, is very relevant for such a business.

To these advantages are added those already mentioned earlier:

• minimal commission;
• no acquiring bank in the scheme, whose actions may interfere with the activities of the online shop;
• significant reduction in the likelihood of fraud.

Let’s stress it again. You can open a merchant account and a cryptocurrency merchant account at WELLCOINEX.

How does cryptocurrency payment technology work on the website?

It’s time to learn the hard-to-understand words: blockchain, decentralization, cryptocurrencies, merchant account, transactions, issuing bank, acquiring. Because making a decision today and using this innovative payment method will save you time and money, which are vital resources for your business.

Blockchain is a continuous chain of blocks lined up according to certain rules with matched keys, each one encrypting a key from the previous block and linking everything into one network. The main advantage is that it is impossible to replace past data.

Decinralisation – there is no single server to store the data. The database is stored on all the PCs that are part of the blockchain structure.

Cryptocurrencies are digital currencies whose creation and control are based on cryptographic methods.

A merchant account is a technological solution that allows you to accept bank cards for payment for goods or services. Such a merchant account has a capacity for many transactions per minute.

A transaction is a meaningful and fully completed transaction, a term usually used in the world of payments and or financial exchange.

An issuing bank (or issuing bank) is a bank that issues banknotes or bank cards and cheques.

Cryptocurrency acquiring how does it work?

Thanks to our group of companies, Merchant can fully cover its payment acceptance needs regardless of whether it is resident in an Offshore jurisdiction, whether or not it has a license (for cryptocurrency, gambling, betting, forex).

The merchant signs a SaaS agreement to rent our software solution and installs a payment button on their resource. Merchant can then accept cryptocurrency payments under our license.

The WELLCOINEX service acts as a kind of counterpart to coinbase – a secure infrastructure in which cryptocurrency, all analytics and transaction history are stored. From there, Merchant is also able to transfer cryptocurrency to other users or receive cryptocurrency cash to Merchant’s wallet or to his ‘account’.

If Merchant accepts payment in a cryptocurrency other than the one the User has, the User is immediately offered the option to make an exchange via our cryptocurrency exchange service when paying via the widget. These options will be mutually integrated and automated.

This functionality is accompanied by a fiat part, which allows a user who does not have a cryptocurrency, or who wants to pay by card, to automatically purchase the desired cryptocurrency directly in the widget via our cryptocurrency exchange.

The user is shown the cryptocurrency purchase rate online. The merchant, on the other hand, can receive funds from the User either in cryptocurrency or in fiat currency. In this case, we reverse the conversion from digital currency to fiat currency and make the payment to the Merchant in his current account.

For the user, this card payment transaction will go through MCC 6051 instead of 6211/7995 etc. and will go through both the issuing bank and the acquiring bank smoothly and legally.

As an additional option the User and Merchant will be offered to use our crypto-exchange… This will allow both Merchant and User to more quickly dispose, exchange, send, receive fiat and crypto as this wallet will be integrated into all services and companies described above in the near future. It is also an additional guarantee of security for all parties involved in the transaction and a faster way of connecting and consequently easier access to funds.

The WELLCOINEX team believes that every company client will be able to appreciate all the benefits of paying on their website in cryptocurrency. Our goal is to be a long-term partner and leading provider of payment services for organizations of all sizes, enabling all participants to successfully compete and progress in today’s marketplace.

Ways to connect a merchant account

A merchant account can only be opened in the name of a legal entity. If you want to have a merchant account with a bank, you must meet certain, quite stringent criteria and undergo a complex and time-consuming verification process.

The standard requirements include:

1. Provide the necessary documents – list of business activities, information on the company’s beneficiaries, including tax returns, agreements with counterparties, suppliers and show which model of KYC and AML procedures the entrepreneur is following.
2. Post information on the company’s customer service policy, privacy policy, how the company combats terrorist financing and money laundering.

In our experience, when a merchant company contacts a bank about opening a merchant account, the latter starts a long KYB check.

To speed up the process, we recommend contacting our company WELLCOINEX, which deals with this issue every day. You can apply through our representatives on the website.

Our experts can help reduce and simplify the process of obtaining a merchant account for your company. This is especially true for legal entities wishing to operate in foreign markets. In this case, they need to:

1. A bank account with a foreign bank. And to do this you need to find a bank that is willing to work with you. This can be a long process, especially if your business is high risk.
2. Connect your website to international payment systems.

With WELLCOINEX, all these problems can be solved much more easily.

Bitcoin merchant account for business

Technological innovations involve the continuous improvement of business practices. In order for your business to flourish in an ultra-competitive market, it is important to keep up with constantly changing trends.

Nowadays, the preferences and needs of consumers are the No. 1 priority for any business. Given the competition of the modern market, providing a client with a wide variety of products and services no longer distinguishes your company from the general mass, does not make you special.

Therefore, modern developing companies strive to modernize their trading platforms, offering customers a variety of payment methods for purchased goods and services.

Gone are the days when cash was the predominant method of payment, gradually plastic cards replaced other types of payments. In addition, the payment industry is now witnessing a new trend – the use of cryptocurrencies as a legal means of payment.

There are many cryptocurrencies that can be accepted to pay for goods and services, one of the most popular is Bitcoin.

What is bitcoin?

Bitcoin is a type of virtual currency created in 2009. and based on Blockchain technology. From English, bitcoin stands for, bit – bit, particle and coin – coin, money.

Blockchain is understood as a continuous chain of data that is stored on different computers and cannot be changed without observing certain conditions.

The cost of bitcoins depends on market conditions. With the rapid development of blockchain technology, the number of users wishing to use bitcoins for payment is growing.

When you use your card to pay for services, buy goods on the Internet, or pay a credit card bill using digital currency, the payment transaction system works behind the scenes in order to provide authentication and card processing to complete the statement.

A similar process occurs when paying bitcoin. In this case, cryptocurrency payment services act as an intermediary between the payer and the recipient to process the payment, they record the transaction in the public blockchain book.

If you would like to integrate a payment system into your company that can accept bitcoins for payment, then a Bitcoin merchant account is exactly what you need.

How to choose a company to connect bitcoin merchant account?

Bitcoin belongs to the High Risk industry, therefore, finding a quality provider for working with Bitcoin is not an easy task.

The high risk is due to the fact that bitcoins in most countries today are unregulated currencies, in addition, difficulties arise in processing payments in real time due to price volatility.

However, entrepreneurs do not need to worry, because there are many high-risk trading account providers offering Bitcoin processing.

Why choose Wellcoinex to open a Bitcoin merchant account?

We work with all types of businesses, including: gambling, cryptocurrencies, etc. By opening a merchant account with us you can accept payment in bitcoins and get several advantages over your competitors at once:

• high transaction processing speed and low fees, contribute to attracting new customers;
• the implementation of all operations through a single platform eliminates the need to create wallets on different exchanges;
• multifunctional acquiring, allows you to exchange cryptocurrency and convert it into fiat money (euros, rubles);
• high security of the system, all data is stored on cloud servers, and funds on cold wallets;
• 24-hour customer support service, quickly resolves any issues;
• the absence of chargeback will allow you to forget about contesting operations;
• independence from banks and payment structures, allows you to transfer payments around the clock around the clock;
• the distribution of data between blockchain participants and the confidentiality of personal information (names, billing addresses, etc.) can minimize the likelihood of fraud;
• quick connection and integration to your website, eliminates bureaucratic red tape.

In addition to Bitcoin, we work with other cryptocurrencies, including: NEO, LITECOIN, ETHEREUM, IOTA, DASH, BITCOIN CASH, RIPPLE, EOC, WAVES, ZCASH.