According to a new Grand View Research, Inc. report, the online event ticketing market size is projected to hit $67.99 billion worldwide by the year 2025. This increasing demand for online ticketing is related to the growing accessibility of the Internet. It is also attributed to an increase in disposable income, which gives way to a rise in discretionary spending on entertainment.
It is also a great option that consumers seek for its convenience, flexibility, and ease of use for the booking process.
In the past few years, the booking of tickets via smartphones and tablets has also seen a boost in popularity because of the many user-friendly and “attractive mobile interfaces” that have been created by service providers.
Major ticket vendors are determined to provide mobile applications and continue to work on making websites as user-friendly as possible. Ensuring quick and seamless ticketing transactions. It’s via these applications that customers can get access to all information related to the event such as seating pricing and layouts.
Online Ticket Brokers Are Considered High-Risk
In order for online ticket brokers to process credit card payments online, they must acquire an online ticketing merchant account. Unfortunately, traditional financial institutions are reluctant to serve these merchants as they are considered high-risk.
The reason for the high-risk classification is that there is a considerably large window of time between the payment for the product and the final delivery of the product. Tickets tend to go on sale well in advance, and therefore, customers also tend to purchase these tickets well in advance, sometimes months prior. This considerably large window of time increases the probability for a customer to request a chargeback.
This type of business model is referred to as a “future fulfillment”. Standard payment processors steer clear from these types of businesses.
The best solution for merchants who wish to process payments is to seek the services of a high-risk merchant account provider.
EMB Specializes In High-Risk Merchant Accounts
EMB offers the perfect solution for online ticket brokers who seek a solid, high-risk merchant account. EMB has acquired an extensive history of working with both new and well-established businesses, merchants who have been rejected by other providers, or terminated by credit card processors.
Offering a diverse number of PCI-Compliant payment gateways, chargeback management tools, and fraud filters, you can rest assured that EMB has got you covered.
EMB specializes in the high-risk industry and is ready to serve its merchants to ensure their success.
Ready to get started? Here is what you would need to proceed:
You can apply for an online ticketing merchant account by filling out EMB’s easy online application. Before submitting the completed form, you will need to gather some supporting documents to turn in to processors and underwriters along with your application:
- A valid, government-issued ID (a driver’s license)
- A bank letter or a pre-printed voided check
- Three months of recent bank statements
- Three months of recent processing statements (if applicable)
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios must be under 2%
- A secure, fully-operational website
It is important to note that EMB cannot guarantee the approval of your application. However, it does promise that the application process will be quick and efficient.
If EMB finds that you are eligible, you will receive notification of approval within a 24-hour period.
The Event Ticket Market Continues To Grow
If there is one thing that is certainly within the event ticket market, it’s that, as adoption rates continue to grow, mobile ticket purchasing will be the next boom. The purchasing will take place via ticketing apps on smartphones or IoT devices.
Don’t get left behind. Jump into this flourishing market and open up your ticketing sales merchant account today.