Since the explosion of COVID-19, most people saw themselves adhering at home, with short to zero personal contact with each other. With their only fellows being online and their smartphones. So, customers have assisted the adult industry to flash as it allied forces with modern-day technology to satisfy customers’ requirements.

Nowadays, the adult toys industry resumes admiringly thriving. Moreover, with some investigators evaluate that the industry is worth as much as $97 billion globally.

Adult toys industry merchants have a specifically tough time faking the many needs of this sort of business. Between holding it lawful and attainable to only adults and keeping the most delinquent products and services. Because merchants have yet another significant burden in maintaining their adult business floating and finding a respected adult toys merchant account in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.).

Why Are Adult Merchant Accounts Labeled as High-Risk?

The cause that adult merchants have a dilemma in encountering a reliable merchant account provider is that the adult toys industry comes under the high-risk category. Why is it deemed high-risk? Here are the explanations:

  • Card-Not-Present transactions: Most adult businesses are now operating online and thus take card-not-present (CNP) payments. The bulk of banks and payment gateway providers will not partner up with these sorts of businesses since the mode of payment is not available in person.
  • Recurring billing structure: Delivering subscription-based services. Any kind of business that delivers recurring or subscription-based structures comes under the high-risk category. Because of its higher disposition for chargebacks. Sometimes a buyer may overlook that they are already subscribed and will revoke and then request their money refund, which begins the chargeback procedure.
  • New business: Businesses that are just initiating out will generally not have any sort of credit card processing record or very few.
  • Stringent rules & regulations: Most banks and payment service providers are on the side of warning and evading delivering merchant accounts to adult merchants. Because of the serious restriction and legal conditions secured to this industry.
  • Prestige: Adult toy websites are famous for their taboo and contentious issues and products. Most banks and payment service providers don’t want to be assessed with these sorts of online businesses.

How To Improve Your Probabilities Of Getting Approval For An Adult Toys Merchant Account?

With the immense development of the adult industry, there are more adult toy merchant account providers than ever before. Yet, many assertions to have expansive knowledge in specific structures when it is not exactly true. Every high-risk structure has its own complications and legal regulations. That the payment gateway provider must be well familiar with and equipped for.

A payment service provider that is a sophisticated expert in the adult toys industry will be furnished with the resources essential to assist its adult merchants when any problems occur.

Just like an adult toys merchant account provider must be entirely furnished to help an adult business merchant. So, you as the adult merchant must signify that you are ready to take your business to the next level of success. Here is what you will require to verify that:

  • Have your documents ready 

Relying on the payment gateway provider you select. So, you may have to deliver your business license, your business strategy, and your bank reports.

  • Improve your own personal credit score

It is significantly necessary that you explain to your payment gateway provider that you pay all of your bills on time. Specifically any credit card bills and loans you may keep. All of this incredibly enhances your credit score.

  • Honesty is the top preference

The adult industry can be teeming with disputes and unlawful movements. Thus, do answer any questions that the payment service provider may have actually and entirely. Don’t retain any essential details as the fact can ultimately come out. Notify them what your company is regarding and what products and services it delivers.

What Do You Require Before You Are Going To Apply For An Adult Toys Merchant Account?

Relying on the payment service provider you select, there will be a lot of essential documents. However, you will require to provide it to your provider during the application procedure. Here are just some of the required documents that might be compulsory for your adult toys industry:

  • Recent 3 months record of processing statements
  • Operational Website
  • A bank’s verified letter or a voided check
  • A valid, government-issued ID, like a driving license
  • 3 months of  recent bank statements
  • Assure your Chargebacks are beneath 2%

Also ensure your website is completely functioning, has all the most delinquent security features, as well as being PCI DSS Compliant. This will explain to your payment service provider that you are serious about operating a respectable business that likes to maintain all customer details secure.

How Can You Apply To Acquire An Adult Toys Merchant Account?

Going to apply for an adult merchant account is not much dissimilar from any high-risk merchant account. You will just have to collect all of your essential documents when you are willing to complete an application form.

Your online application can be filled and submitted out straight on the payment provider’s website. Ensure that all the things are serving properly and thoroughly. When you conclude the online application. Always ensure that you provide it with all the previous documents.

The underwriter’s team will take the time to comprehensively examine your application and assess its legality, among other measures. Generally, a payment gateway provider will have a judgment for you in a few days.

Once you have got approval for your adult toys merchant account application. So, you will have executive assistance you establish your merchant account, along with your payment gateway solution. They will also provide you with multiple anti-fraud tools and chargeback reduction solutions. Now you are ready to process payments!

 

Open Your Adult Toys Merchant Account Today

 

Even though the adult toys industry persists to encounter many problems with searching for reliable payment providers and other legitimate complications. Then it resumes growing worldwide. All it takes is a little time and patience to strive for a payment service provider. That has everything your adult business requires to be thriving.

Fortunately, there are numerous adult merchant account providers are ready to associate with you by delivering the best, most merchant account services in the industry. So, WebPays is one of the best payment service providers that provide not only the best merchant account for adult toys but even reliable partnerships with your high-risk businesses. Without wasting your precious time, sign up for WebPays and acquire the best adult toys merchant account in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.).