Adult Toys Merchant Account What No One Is Talking About

By Author: emerchant pro
Total Articles: 12
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The market capital of adult toys is on the rise. It demands a decisive Adult Toy Merchant Account that will bring your business to the limelight.
“The global sex toys market size was valued at USD 33.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.04% from 2021 to 2028” (Grand View Research).
The expectation and the growth rate is on the rise and a business needs to claim the profits for themselves. It accounts for great competition for every businessman in the sector. A corporation needs to stay ahead of it by getting a merchant account and a payment gateway to process the payments online.
What Should be the Initial Step?
The internet won’t directly tell you about what should be the first step for your online presence and payment acceptance. Therefore, we at eMerchantPro take exceptional care of every merchant out there.
‘Plan for a Merchant Service Provider.’
An Adult Toys business is categorized as a high-risk business and needs precise care regarding the payments. The conventional banks will deny you a merchant account because:
High ...
... Chargeback ratio
Volatile Market
More Frauds
Industry-type
High sales volume; etc.
Therefore you need to readily search for an MSP(Merchant Service Providers) and a PSP(Payment Service Providers). Researching and approaching these two will be the initial step for the Payment Processes for your business.
What are the Variable Factors to Take into Account?
An Adult Toys Merchant Account for your business is the priority for your business. Therefore, you need to keep note of some factors while choosing the service provider for your business.
Approval Rating: A merchant service provider should have a great approval rating. An approval rating will decide your chances to get a merchant account. Therefore, the very initial step is to get to know the service provider in regards to their approval rating.
If they have a great approval rating then there are greater chances for your business to get a merchant account and start with the dealing as soon as possible.
Time of Approval: Another factor to consider is how much time do they need to get the approval. It will clear two of the most crucial factors. 1. Their scalability of the banks and 2. Their operation team.
If they get faster approvals for companies it means that they have a huge channel of banks to work with and a cohesive team that deals with the networking quickly and efficiently.
Dealing with Security: The security of a business matters a lot. Check thoroughly that the service provider is dealing with all the details privately and keeping it for official use alone. Secondly, take into account whether the merchant account is offshore or onshore. The dealing will be different in regards to the different matters.
What is more important is the PCI Compliance for the MSP. Staying away from a service provider that doesn’t have PCI Compliance is a far better choice.
Fraud Prevention: Compliances make the environment secure and safe for the payment to take place. But the fraud prevention for the merchant is crucial. It is well-known fact that business of any scale is targeted by the fraudsters and scammers.
Therefore, putting in fraud prevention services by the service providers makes it safer on your side.
Assistance and Support: Complete merchant assistance is important for your business. An adult toys merchant can’t sell a merchant account or a payment gateway.
Thus, you need assistance from the service providers so that you can set up a merchant account and a payment gateway for and on your website. Whether they are providing 24 x 7 support or not. And what are the assisting fees for them?
Will a Merchant Account suffice my online business?
Nope! Absolutely not. A Merchant Account is simply a bank account that will help you to accept the payments online and get deposited into your account. However, you need a payment processing channel. It is known as Payment Gateway and plays a vital role in online payments.
A payment gateway has various features and benefits that will help your business to process the payments into your acquiring bank. Therefore, the question arises, What are the features and benefits of a payment gateway for your Adult Toys Business.
What are the features of a Payment Gateway for your business?
There are a huge number of features of a payment gateway that can help your business to gain an upper hand in the online business. In simpler words, a payment gateway will allow you to accept the payments through your website or mobile application.
Multiple Currency Support: As your business grows, you need a reliable way to reach a global audience. You may put in a currency converter on your website but the payment gateway should also be able to handle the payments in other currencies.
What is more important is the conversion rate that the bank decides. Choosing a reliable merchant service provider will ensure that the conversion rates of the banks are reasonable. However, you cannot deny the fact that a payment gateway is responsible for the processing of the payment in foreign currency.
Reach a payment service provider that has multiple currency support and on their payment gateway.
Multiple Modes of Payment: Understandably, credit cards are the preferred mode of payment for many consumers. But there is an upcoming trend of using cryptos or eWallets. Hence, a payment gateway that can process payments through multiple modes of payment becomes a necessity for a business.
Adult Toys comes in discreet packaging but modes of payment need to be open to the users. An Adult Toys Merchant Account account along with multiple modes of payment solution support the consumer retention, loyalty, and experience for the business.
Shopping Cart Integration: The shopping cart integration feature of a payment gateway allows the merchants to integrate a shopping cart with the payment gateway for a smooth and easy checkout.
Integrating a shopping cart with a payment gateway provides consumers the ease of putting multiple products in the shopping cart and checkout with them smoothly. It is a great consumer experience feature that coherently keeps your business updated with the trends.
Global Card Saving: Another Great feature for the consumers that gains their loyalty towards your business. The global card saving feature is referred to as the feature of saving cards or transaction details for future reference.
According to the statistics, it is evident that many consumers leave a shopping cart or stop using a service if they have to enter their transaction details again. Therefore, allowing the consumers to keep their details safe and use them again gains loyalty towards your business.
Easy Checkout: Redirections are annoying not only for the consumers but for everyone using the internet. Making sure that a single-window completed the transaction is necessary for your business.
Redirections can hamper the transaction experience of the consumers and terminate the payment for your business. Adult Toys should be easy to use and for a consumer looking for pleasure, you need to give them the convenience first.
These were some of the features of the payment gateway that can be a kickstart for your business. However, it is more important to note the benefits that you get with the payment gateway as well as the merchant account combined
What are the Benefits of having an Adult Toys Merchant Account and Payment Gateway?
Having the features at your service isn’t rough. You need to achieve and reap the benefits for yourself. Therefore there are numerous benefits. We have listed some of them below.
Transactions are Processed in Real-Time: As simple as it sounds the procedure is widely complex. Yet a merchant needs to see the transactions in real-time. It helps to record the data and free the gateway and merchant account of any dispute.
Real-Time Transactions allow the payment process to complete in a split second. So that there are no errors while processing the payments.
Upfront reporting: Reporting is particularly important in a business of a high-risk sector. Details of every transaction are necessary, else there can be any form of problems hitting back.
Reports with bills, invoices, and notifications make a payment processing channel robust for both the consumers and the merchants.
Risk Monitoring: Risks and obstacles are an integral part of a business of any sort. Adult Toys businesses are prone to risks due to their volatility in the market. The taboo culture is slowly depleting but till then several risk factors are growing in the environment of Adult Toys.
Thus, PSPs and MSPs provide Risk Monitoring features for the high-risk businesses for smooth working
Cost-Efficiency: Using a third-party service provider for your business will become cost-efficient in the long run. The simple formula of setting up the entire system costs one time. And the maintenance can be bargained for efficient costs.
When you run a business for a long time and the payments become larger, you will witness the rates and costs to deplete your business. Moreover, some service providers offer quarterly or biannually account reviews to reduce the charge rates for your business.
Smooth Transition with a service provider: There are integration capabilities of a payment service provider that makes a difference to a business. Whether a service provider is using API or not, tells about the technical aspect of the company.
Therefore, you need a service provider like eMerchantPro who uses API for websites, SDKs for mobile applications, and various other plugins for the feature integration. It is smooth, quick, and capable for your business.
Summing up
Bringing things to a close, the important details need to be highlighted once more. Let’s just hit the mark. Adult Toys Merchant Account along with a payment gateway can create a huge impact on the business proceedings. Thus, you need both a merchant account and a payment processing channel for your business.
Moreover, you must choose the correct provider for your business and record each information about it. Read the documents carefully, and check for any hidden charges. Research the MSP for a better insight before getting in touch with them.
The reliability of a business is not limited to the words they speak but the information on the internet. Know every detail about the company and what they are offering you.