According to psychology, sex is the most powerful driving force that has a significant impact on human behavior. In some sense, it is indeed true because sex is a basic human need and a majority of people approach it in the same manner too. The biggest example of this is the rapidly growing adult toys market in the world, which was valued at 37.2 billion US dollars in 2022 and is expected to land at a value of 40.6 billion US dollars in 2023, and by 2030 it is estimated to be double its size with an expected value of 80.7 billion US dollars. The biggest distribution channel for sex toys is the e-commerce platform, which held the lion’s share of the market with an astonishing figure of 63.09 percent. But with this, a problem—online payments—arrives. As we all know that in this modern age, data is one of the most important things. If someone is involved in online payments, then there is a chance of data theft if it is not done on a secured platform. This is the reason why sex toys merchants approach banks and payment processors to provide adult toys merchant account solution for fast and secure online payment acceptance.
Sources: Grand View Research and Statista
Facts about
the worldwide adult toys market
●
With a revenue share of around 59.56% in 2022,
the female segment is dominating segment in the adult toys market.
●
The sector of e-commerce platforms is the
largest distributing channel with the biggest market share of 63.09% in 2022.
●
North America remains the biggest sex toys
market worldwide with more than 33.39% of the market share in 2022.
●
With a CAGR of 9.02% between 2023 to 2030, the
Asia Pacific region (where all Southeast Asian countries are situated) is
anticipated to expand the market at the fastest rate in the world.
Adult toys
merchant account
A sex toys merchant account, or adult merchant account, is
a business account held by a sex toys merchant for accepting online payments.
An adult merchant account is considered a high-risk merchant account because of
the risk related to this industry for payment processors. There are a few
reasons for this, which are given below.
Risks of
adult payment processing
➔
An online payment processing service provider
has to deal with a high chargeback ratio. If it is processing online payments
for an adult toy business.
➔
There are no universal rules and regulations
for the sex toys industry. As a consequence of this, a payment processor has to
comply according to the laws of the particular market (which vary from place to
place).
➔
An online merchant account for the sex toys
business is always involved in exceeding the limit of transactions. As a
result, a payment processor has to deal with the high transaction volume.
➔
Because the adult toys market is not a
regulated business industry, there is always a concern related to the security
of the banking details of the customers and the business.
➔
Payment processors find it difficult to process
online payments given the fact that many reputed banks and financial
institutions deny them due to reputational factors. Because sex toys are a very
subjective topic, many societies and cultures don’t prefer to talk about
something like this publicly.
Expectations
of a merchant from an adult toys merchant account solution provider
➢ Chargeback protection
As we have mentioned earlier in this article, the high
chargeback ratio is the major responsible factor. Because a significant number
of those chargebacks are fake chargeback disputes. Thus, a sex toys merchant
needs chargeback protection from an adult toys merchant account solution
provider on a priority basis.
➢ Ensurity of data security
Data security is the topmost solution that an adult toys
merchant wants from a merchant account solution provider. To safeguard the data
of businesses and businesses’ customers, a merchant account provider must
comply with the PCI DSS.
➢ Multiple currencies
Given the nature of the adult toy business, a merchant
needs an adult toys merchant account solution provider that can accept payment
in multiple currencies to accept payment from every corner of the world.
Especially major currencies like the USD, Euro, etc.
➢ Various payment methods (with local options)
With multiple currencies, various payment methods have the
same importance for a sex toys merchant to accept worldwide payments. The more
options, the better the chances are for a merchant to get payments instantly.
Especially if local payment options are available at the merchant for online
payment acceptance.
Adult toys
merchant account solution by PayCly
Along with the above-mentioned expected solutions for an
adult toys merchant account, like chargeback protection and data security,
PayCly provides some extra adult toys merchant account solution to the sex toys
merchants.
➢ 100+ payment methods
PayCly provides an adult toys merchant option of more than
100 payment methods with regional payment opinions.
➢ Multi-Currency support
To accept payments from every key place in the world paycly
supports more than 100 major currencies.
➢ Direct Payment Links
In a situation of bank failure or a payment app’s
unresponsive behavior, a merchant can get payments through direct payment
links.
➢ Worldwide Coverage
PayCly offers merchant account solutions in over 150
countries, giving adult toy merchants numerous opportunities to expand their
business globally.
➢ Dedicated MID
For PayCly’s merchant account services, every merchant gets
a unique merchant ID for ease of identification and data handling.
➢ Instant approval for a merchant account
PayCly is the only adult toys merchant account solution
provider in Southeast Asia that provides instant merchant account approval with
very few required documents.
If you are an adult toys merchant then you can apply for an
adult toys merchant account on PayCly by following the guidelines below.
How to set
up a high-risk merchant account with PayCly?
By following these steps, you may create a high-riskmerchant account on PayCly quickly.
●
Visit the homepage of the website.
●
Choose "Apply Now" from the menu in
the top-right corner of the screen.
●
The enrollment paperwork will then be shown by
the device.
●
Completely fill out that form with all the
necessary data.
●
You must select "Submit" on the
following screen.
By following these instructions, you can rapidly open a
high-risk merchant account on PayCly.
Necessary
piece of papers for a merchant account
➔
Articles of incorporation
➔
Company EIN documents
➔
Two ID proofs, such as a driving license or
passport, along with the photocopy
➔
A canceled check
➔
Three to six months of financial statements
➔
Business address proof
➔
Business owner’s address proof
Why only
PayCly for adult toys merchant account solution
This might be the question running through your mind if you
are a sex toys merchant reading this article. If yes, then you have to re-read
the adult toys merchant account solution provided by PayCly to adult toy
merchants. If that isn't enough, consider its pricing structure, which is very
transparent. There are no hidden charges in its pricing structure. A merchant
can get the details of every small service for which the merchant is paying.
And the prices are very competitive in comparison to other service providers
offering the same merchant account solutions.
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