The Mushroomed Market Of Adult Toys
According to GrandViewReseach, the adult toys industry stood at $15 billion in 2016 and reached $30.50 in 2021, and is expected to reach $62.50 billion by 2030. Among the regions, The Asia Pacific is anticipated to have the quickest growth rate during the next decade compared to the eastern world, as the eastern world has already been seeing a hike in the present period.
Due to the COVID-19 pandemic, most countries were on lockdown, which caused an economic slowdown in all businesses. However, the immediate effect of the worldwide lockdowns showed an increase in sex toy sales. Along with classic sex toys, buyers also used teledildonics and app-enabled sex devices during COVID-19.
Additionally, Increased spending capacity and higher living conditions in developing nations are likely to fuel market expansion. Novelty adult products are becoming increasingly popular among consumers of all ages, reaching a mainstream position in the sexual wellness sector. The acceptance of the LGBTQ+ community and rising interest among women in trying out sexual health products without inhibition are encouraging the usage of such goods and, as a result, propelling the market's expansion. The impact of pop culture, social media penetration, and liberalization has led to a rise in public awareness of the value of sexual health.
Furthermore, the manufacturers of sex toys engage in several initiatives, such as running awareness campaigns and creatively marketing and promoting their goods. The introduction of new products in the novelty adult market, sexual wellness, and self-love products are credited with the growth. Affordable sexual wellness items like vibrators, dildos, lubricants, and other toys are starting to appear on the market, and the taboo surrounding the sale of sexual goods in conventional stores is fading. Adult toys are more popularly purchased online than in physical stores since it protects the customer's privacy and confidentiality.
Moreover, the change is also anticipated to be brought on by a demographic shift because Zoomer and Gen Y have different views on sexual pleasure than baby boomers do. The market for sex toys is benefiting from the dishonor attached to masturbation slowly fading away, especially among married couples.
The Highlights Of Expansion
According to the survey of Sex And Psychology, Forty-four percent of respondents admitted to using or previously using a sex toy. A vibrator was the most popular sex object.
With 51% of participants in the 25-34 age range reporting current or past sex toy usage, this age group of young women had the highest prevalence of sex toy use.
According to Businesswire, The market for female sex toys was the largest in 2021, and it is anticipated to grow at the second-highest CAGR throughout the decade. One of the main drivers of market expansion is single women.
Through e-commerce websites, manufacturers are attempting to access a broader market. Online merchants are satisfying consumer demand by providing various products via express delivery and the added benefit of discounted prices in developing nations where adult stores are difficult to find or not permitted. E-commerce platforms and online merchants held the biggest market share in 2021 in the adult toys market. The segment is expanding as a result of rising internet usage and the availability of innovative sex toys on online shopping sites.
How A Payment Processor Can Help Merchants In Global Expansion
The payment processor is the entity that provides you with the merchant account or payment gateway to accept payment from customers domestically or internationally. A merchant account is a kind of bank account that facilitates a merchant with all payment solutions, including credit card processing and invoicing solutions, payment tracking, automated payments, and payment security. An adult merchant account enables merchants to accept payment of their goods and services in any mode and currency. Payment providers to the adult industry merchant should offer international high-risk merchant accounts so that a merchant can sell its product worldwide without a hassle.
A merchant account provider takes responsibility for all the transactions in or out, despite the adult industry being considered high-risk due to several factors, including chargeback, regulation, reputation, risk of fraud, etc. A payment processor must provide its merchant with a high-risk payment gateway so that the merchant can focus on its core business.
What To Look For Before Selecting A Payment Processor
Before choosing the ideal payment processor that facilitates you with an adult merchant account, and high-risk payment gateway, you must check several essential features. We are discussing some of the vital elements that must be considered before selecting one below:
Check the Acceptance of Your Business
Even high-risk merchant account providers usually do not accept all forms of high-risk businesses. First of all, confirm that the merchant you are approaching supports your adult industry.
Cost Must be Visible, No Hidden Cost
Make sure you are transparent with all costs. Charges can be higher than a low-risk business. A payment provider has several fee structures according to business and transaction volumes. Be sure that you choose the fee structure that suits you after taking a complete comparison with all available fee structures.
Security & Anti Fraud Prevention Tools
An adult international payment gateway must comply with PCI-DSS, Address Verification Service (AVS), CVV Checker, 3D Security, Fraud Scoring, etc. High-risk accounts are more prone to fraud. Look for a merchant account provider who has cutting-edge technology to prevent chargebacks and other fraud.
Integration and Customization
A payment gateway needs to be simple to integrate and flexible enough to meet a merchant's needs. The provider of adult merchant accounts should be able to offer a specialized payment platform for their merchant's website, app, and mobile.
All Time Ready Customer Support
Round-the-clock Customer service is essential to the operation of an adult toy business. A merchant should be able to get customer service in both regional and foreign languages that offer simple, rapid solutions for any problems they may experience.
The top payment gateway companies give timely payouts. Check the payout windows before incorporating. The typical payout can be weekly or bimonthly and varies from business to business.
Multi-Currency & Multilingual
It's an important function for a payment gateway because customers use multiple payment methods; some use a credit card, others a debit card, and some may want to pay using an e-wallet. Nowadays, a lot of people use cryptocurrencies to make online payments. Therefore, a payment gateway provider must permit its merchant to receive payments through any method.
How Can A Merchant Get The Adult Merchant Account Quickly?
These are some strategies that will enable you to open an adult merchant account quickly-
Adult toys merchants can accelerate the acceptance process by collaborating with a reputable high-risk merchant account service provider having experience in high-risk payment processing. To help expedite the application and approval processes, the partner we work with must have a respectable track record and significant knowledge in the field. Furthermore, it is crucial to ensure that the paperwork is accurately completed.
An adult toys business owner must check the documents' originality before submitting an application for an adult toys merchant account. It's crucial to be open and honest with your account service provider regarding every facet of your company. Merchants are frequently tempted to falsify information, which may result in account rejection. Since lying or falsifying information about your company will almost always result in your merchant account being suspended, denied, or terminated, it is advisable, to be honest during the application process.
If you own a business and have a website, having all of your products, services, and important policies available for customers to see will help processors feel more confident in your legitimacy.
To quicken the approval process, it is usually advisable to have all the necessary paperwork before applying for a high-risk merchant account. You can be requested the following documents:
- filled out and signed the adult toy merchant account application
- Original photo identification documents such as a passport or driver's license
- Statements of your personal and corporate finances for the last three months (to check that the business is operating and functional)
- Articles of incorporation or a certificate
- Evidence of the directors' current residence address
- Resumes of the owners and signatures with authority (if applicable)
- Copies of the contracts with suppliers (for retail merchants only)
There are hundreds of merchant account providers, but PayCly is what you all need. A complete solution to all requirements, PayCly's adult merchant account provides every essential feature that an international merchant desires for its business checkout page.
Our statisticians and alpha geeks offer incredibly futuristic solutions for your company. We not only personalize things for you, but we also provide you with advice on how to get better.
PayCly believes that cross-border sales play a significant role in businesses that lack regulation, like the adult toys business. We help foreign merchants by offering online payment solutions adapted to the needs of international businesses.
The checkout page for PayCly's payment gateway is loaded with multilingual support to make it feel user-friendly to a consumer. We include your website's language in our payment gateway. For instance, the checkout page will be in English if your website is in English. In order to build client trust and encourage repeat business, if you are selling in some other countries and your website is in the regional language, we will integrate the checkout page in the same language.
PayCly encourages its merchants to go global as we accept funds in many different currencies and methods. We accept payment via credit or debit card, e-wallet, and cryptocurrency.
To help you find and stop payment fraud as quickly as possible, PayCly's payment gateway has a comprehensive anti-fraud system that makes use of machine learning, pattern recognition, and user profiling.
PayCly gives the highest priority to its merchants. Our major goal is to satisfy consumers since they are more likely to give us repeat business when they are pleased. We are here to help them whenever they need us.
PayCly supports a number of industries that are "low-risk" and "high-risk." PayCly is a specialist in the "high-risk gateway" and merchant account.
Pleasure means satisfaction, which is one of the two motivation factors for human beings. We've seen in the article how important pleasure is. Also, we've seen how extensive the role of adult toys is in pleasure enhancement. The market for sex toys is continuously growing with an exploded growth rate, and it is fueled by COVID-19. The lion's share of the sex toys market is generated online. It is high time a merchant can start a new or expand its ongoing business to the globe with an adult merchant account. We have also learned what features a high-risk merchant account provider must have. The advancement of PayCly to its competitors makes it the best adult merchant account provider worldwide. You can rely on PayCly's service blindfolded. We assure you that your decision to choose PayCly will be the most pleasurable business decision ever.
We wish you luck.