The main purpose of payment service providers (or PSPs) is to help businesses accept payments online. Easy, right? But as soon as you, a dating business, decide to inspect what PSPs can actually offer, what are the fees, payouts and contracting differences, that’s where the confusion starts. We eased the process for you and highlighted the main pain-points and how a good PSP should solve them, benefit your business and grow your revenue.
Merchant account or multiple acquiring solutions
The onboarding process for new merchants account can take months and usually filled with confusion, endless correspondence back and forth, even frustration at some point. For dating business, it is vital to get an acquiring solution that is sustainable and versatile: so if one of the MIDs will be sanctioned you can switch with no traffic loss and revenue drops. A good PSP understands that and applies on your behalf to multiple banks for multiple account provision. Or set multiple sub-accounts inside their pre-existed aggregated account. And don’t forget that you need a PSP with sufficient AR (approval ratio, the amount of successful transactions, around 60-80%) and proper velocity limit (the amount of attempts to charge a card per hour, day or a month) your business requires.
Provide support for various payment methods
When it comes to psychology patterns behind solutions to click, sign up and, most importantly, subscribe and pay every little detail matters. Business owners constantly test website layouts, funnels, sign up forms. Imagine the customer coming all the way through to the checkout page to find out that his preferable payment method is not supported. Disaster. Don’t stand between your customers and your revenue. Look for PSP that is flexible enough not only to cover most popular payment methods but to connect as many local APMs (alternative payment methods) as your customers are willing to pay in. This is actually an initial benefit from using a PSP since it offers multiple payment options and the merchant doesn’t have to pay fees to connect all the variety through a single channel. Invoicing, shared token, multi-languages support and seamless processing for mobile are also a must.
Easy integration and analytics
PSPs are also taking off burden of having an extensive development team. Open APIs and direct communication allow providers to offer merchants a 360-degree view on how their clients pay and what patterns are common. Fully customizable checkout pages, transparent, simple payment flow and payment redirect — all these factors should be fully covered and maintained by a good PSP. You, as a business, have to request an effective CRM or, as we have it in Maxpay, a Marchant portal, to set and control recurring payments, set discount or sales, pay-per-minute options. Look for a PSP that gives you a full control over data. You need to have a way to create custom reports and know for sure, that you have access to everything for higher retention, to maintain the best level of service, and effectively manage the results.
Multiple currencies, multiple banks
You know what else is annoying? Go through the filling process of all the forms, confirm purchase or subscription and then see that exchange rate for transaction was ridiculous, apply for cancellation immediately or even ask a bank for a chargeback. Not everyone owns a multi-currency bank account. Your users and subscribers are not using dating sites for headaches and to get annoyed. For quite opposite of that. So a good PSP covers currencies of the regions you operate in and is ready to add more currencies when you decide to expand your markets and areas of interest. It also means that PSP has to partner with multiple acquiring banks, to offer variety in case your primal bank doesn’t support processing of the currency you’re interested in.
Fraud protection and chargeback control
Security norms and standards are evolving, but so are the scammers’ behavior patterns. The in-house anti-fraud department is costly to maintain for a dating business, but chargebacks cost even more, coming as a direct expense from the merchant because of the high rates of accepted customer disputes. More revenue losses. Maintaining a low chargeback ratio (prepare for a new 0.9% or lower from October for Visa) for the dating industry is the best way to keep things superb with your payment service provider. Implementation of machine learning can accomplish this by learning to spot new scamming trends and by implementation of a specialized third-party risk management solution. Do not cut your PSP some slack when it comes to fraud protection and chargeback control.
To extend the previous point even further, businesses name security as their number one priority, according to research from Paysafe. Their 2018 paper ‘Lost in Transaction’ contains results from surveys in the US, UK, Germany, Australia, and Canada. 59% of the merchants chose security as a critical factor when choosing a PSP. Maxpay’s Chief Commercial Officer, Vasyl Mayor, backing it all up with the numbers: “Market predictions state that 70% of the people will meet online by 2040. Are you ready to grow your business? Are you looking for website compliance advice? Payment service providers, like us, are on your side and are fully interested in your reputation online being pristine. Look for a PSP that has experience and deep expertise in what you do. Provider that previously worked with a high-risk merchant and will partner you with banks that understand your industry. A PSP that will guide you through the restrictions and regulations”.
Maxpay is an international payment service provider, that specializes in high-risk industries and has partners in 49 jurisdictions. The company was created for online business owners by online business owners. It combines highly-skilled specialists that help merchants to build a stronger brand with more clients and revenue, higher retention and less expenses. Maxpay is partnered with AI-powered anti-fraud solution platform that allows merchants to cut up to 95% security costs. If you’re looking for affordable payment service provider with effective chargeback control, go to dating.maxpay.com.