Overview of the Online Dating Industry
A recent report by Marketdata Enterprises, Inc. revealed that online dating companies have grown into a $2.5 billion industry in the United States alone. Furthermore, online services from dating online dating credit card processing accounts make up for 70% of the worth of the market. An explosion of programs and online sites have continued to generate this services industry to soar into popularity with America's 124 million singles.
Segments of the Online Dating Industry
This sector could be broken down into several segments:
Online dating sites - Business platforms that need an online dating merchant account would include: Match.com, eHarmony and Plenty of Fish; just a few of the hundreds of websites that offer affordable and suitable matchmaking services.
Dating apps – Smartphones and relationship apps have placed online dating into the palms of Millennials, the group currently leads the dating industry. For instance, ecommerce merchant account providers offer online dating merchant accounts are provided to popular dating apps like Tinder (available in 30 languages) which has created over one billion matches since it started, together with subscriber estimates varying between 100,000 and 297,000 users.
Matchmaking and dating coaches - A bit more expensive than online dating sites, companies, and professionals in dating merchant account businesses sometimes provide host single events, like speed dating. The goal is to improve their clients' success in dating and relationships.
Upcoming Trends in Online Dating
The swipe left / right mechanic – the online dating merchant account scene has quickly shifted from individuals trying to find "sparks" and "butterflies" to that of instant satisfaction. Not exactly the perfect way to build a connection with a foundation that is solid. In the future, many singles hope that an app is created that enables a more meaningful and lasting match — since apps can not survive moving forward without this attribute.
Niche applications and sites – Niche and unconventional dating apps are becoming a huge hit. Bristlr, by way of example, matches women with guys with beards. And Hater matches individuals with people who hate the same things that they do.
Increased social networking integrations – Initially, the notion of integrating social websites was unappealing because relationships are regarded as such a personal pastime. With more and more connections taking place the belief is that media integration will grow more and more discreet, leading more individuals to take and utilize such services.
The Importance of Online Dating Merchant Accounts
Are you trying to grow or start an online dating business? You may be aware of how difficult it is to get an online dating merchant account to provide you with payment processing. If your company wants business financing, payment processing, protection from fraud or chargebacks, or all the above – consider what an ecommerce merchant account with PayKings can do for your business.
Category:
Tags:
Kyle Hall is a fintech entrepreneur, software engineer, and marketing strategist with over a decade of experience in high-risk payment processing and SaaS development. He is the CEO of PayKings, a lea...
More from Kyle Hall
WordPress Payment Gateway and Credit Card Processing
Introduction to WordPress Payment Gateways WordPress has evolved from a blog site creator to a popu...
The Visa VAMP Update and How it Effects Merchants
Visa’s new Visa Acquirer Monitoring Program (VAMP) is shaking up the payments space, and for high-ri...
Everything You Need To Know About Chargebacks
What is a Chargeback? A chargeback occurs when a credit cardholder disputes a charge on their accou...
Square CBD Requirements and Payment Processing Restrictions
Square CBD for Merchant Processing If you have an online CBD business, you have likely considered u...