How To Secure A Ticketing Sales Merchant Account

Dec 06, 2021

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.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.