Obtain Adult Toys Merchant Account To Accept Online Payments Securely and Safely
Are you willing to know how to obtain an adult toys merchant account for your adult toys online businesses? Well, continue reading this blog; it will going to help you.
Online adult entertainment is a thriving business. With a flaming consumer base searching for innovative and interactive adult toys on adult-specific eCommerce stores, the market for adult toys and sex products is currently a hit online. At the present growth rate, the market for adult toys will have a market value of nearly $52 billion by the end of 2026. Many new sectors focus on adult toys online as high-quality products are continually entering the market.
The adult toys market has grown significantly in terms of sales volume and the number of clients making purchases since the sector entered the digital age. Small business owners in this sector will also require an adult toys merchant account to take credit and debit card payments.
However, obtaining adult toys merchant account approval is far more difficult in the adult entertainment sector than for other firms.
Why Get An Adult Toys Merchant Account?
Suppose you're searching for online payment options for your adult toy store. There is a reputational risk associated with financing an adult business. Banks will therefore view you as high-risk. In this case, you run an adult toy business but didn't follow the steps to get the adult toy merchant account you needed. What will thus occur next?
The bank closes your merchant account without warning, and your funds are blocked. You no longer have a mechanism to sell your adult goods or services, and cards payments are not accepted.
As a result, you can face a sudden stop to all cash flow. The fact that the banks will be holding onto the money for the upcoming weeks is much worse. And choosing the appropriate payment service provider like PayCly for your adult toys merchant account straight away is the only way to avoid this issue.
PayCly has many years of experience in the adult toys industry, so it completely understands your business needs and offers you the same.
Why Acquiring Bank and Financial service provider say No to Adult Industry?
Once you establish your adult industry, you have to face many challenges. The first challenge which comes in front of you is to obtain an adult toys merchant account. When you apply for an adult toys merchant account with a traditional service provider, they say NO.
There are many factors due to which financial service providers and acquiring bank deny to work with adult toys industries. This factor includes -
- Legal Challenges – It is one of the most common reasons most service providers deny working with the adult industries. In most countries worldwide, adult industries are considered Taboo, so acquiring banks and most service providers say no to these industries.
- Reputation Risk - Risk to reputation is the second factor. Due to the reputational risk, financial institutions avoid associations with the adult toys industries.
- High Chargeback Ratio - The high chargeback and dispute percentage is the third crucial factor. Although having a dispute and chargeback ratio of more than 1% is typical for many adult shops, there are strategies to lower it.
- High Risk of Fraud - Even though fraud is an increased risk for all online businesses, historically, it has been more of an issue in the adult toys sector.
- Additional Security Concerns – Adult toy industries need higher levels of protection than other industries since they are regular targets of hackers and other cybercriminals. You might not be granted a merchant account if a payment service provider believes your company has a high risk of a data breach.
How To Find The Best Adult Toys Merchant Account Provider?
A successful business depends on having a reputable adult toys merchant account for the adult market. You must conduct a careful study and evaluate costs whether you are launching a business or already have one.
One of the biggest errors we see adult merchants commit is choosing a well-known payment processor too quickly to accept digital payments or card payments. Let's imagine you have an online adult toy store starting to sell some goods and services. You choose PayPal since you will need to take credit card payments.
Although you may already be aware of PayPal as one of the more well-known payment processors, the fact remains that they don't operate with high-risk firms.
As a result, following a few weeks of processing, PayPal fully underwrites your account, determines that you are an adult business, and instantly closes your account without informing you. Then, during the chargeback liability period, your money is held for up to 180 days.
Sadly, many adult merchants who had their accounts get terminated due to being high-risk come to PayCly because we have many years of experience dealing with high-risk industries. Let’s have a look at the most effective strategies for choosing an adult toys merchant account provider -
Search For Specialized Payment Service Provider -
Today, you can find anything on the internet. While searching on google, you can get the many service providers supporting adult industries. But while searching, don’t forget to look at whether they have experience. At PayCly, we have lots of experience working with the adult industries. So, it is easy for you to deal with us.
Speak with Others In the Adult Industries -
It is advisable to seek out and establish a good reputation with other businesses whenever you are new to a sector. It is not an exception in the adult sector. Ask professionals in your business what they are doing for payment processing by attending live and online trade shows tailored to your sector.
Benefits of Getting The Adult Toys Merchant Account?
As an adult merchant, you can get many benefits if you choose PayCly as your payment service provider. Let’s look at some of the best benefits of using PayCly as your adult payment service provider.
- Allow merchants to accept most credit cards worldwide. Along with credit/debit cards, we offer alternative payment methods such as net banking, mobile payment, e-wallets, and even crypto-currency.
- Our futuristic anti-fraud and anti-chargeback tools protect you from fraud. Also, we cover all PCI DSS issues.
- We have the best customer support services through live chat and email.
- As our services are available worldwide, we allow you to accept multi-currency worldwide.
- We also offer the best recurring and subscription billing.
- With us, your adult toys merchant account can hassle-free get approved within three to seven working days.
- According to your business model, we offer you the best fit for high-risk or international payment gateway, high-risk payment processors, and high-risk merchant accounts for your adult toys businesses.
Final Thoughts -
Adult toys are one of the world's most technologically advanced industries. Most payment service providers refrain from offering their services to this industry because of its high-risk status. When obtaining a merchant account, an adult toy merchant must overcome numerous obstacles. However, you can solve this issue using the right approach.
Choosing PayCly for your adult toys merchant account and high-risk payment gateway is what we advise. Given that "PayCly" has a wealth of expertise working with adult industries, we can provide you with the finest option for your high-risk business. So, go with PayCly for secure and safe payment processing, and it will help you run your business successfully.
Feel free to contact us through mail - [email protected] or directly drop your query here - https://paycly.com/apply-now.php any time to know more about our services.
