Ticket companies help to make this all possible, selling tickets of all kinds to the many different shows, events, games, concerts, and performances that people want to go to. And the internet has made ticket sales even more exciting and accessible than ever before, with lots of online ticket sellers and resellers out there for people to choose from.
Setting up a ticket-selling business online can be a great way to make money and break into this ever-growing industry. However, there’s a lot of hard work and preparation to be done in order to enjoy success in this industry and build up your ticket business, and one of the first things you need to do is open up a ticket merchant account. This guide will cover all you need to know about how ticket merchant accounts work and how to get one.
Statistics show that the online ticket industry is one of the fastest-growing industries of all right now, and it’s not hard to see why. People love going to events and sharing special occasions with friends, family and work colleagues, and for many people, there’s nothing better than attending a big event and being a part of the crowd to see something special and exciting live in front of you.
In the past, if you wanted to buy event tickets, you had to visit actual box office locations and ticket stores in person. Bu online ticket businesses have changed the game completely. Now, all you need to do to find tickets to your favorite events and upcoming shows is to log on to a ticket-selling site, search for the tickets you need, and make your purchase.
It couldn’t be any simpler, and customers can use different ticket sites to try and get discounts or obtain the best tickets or most exclusive seats in the house for their favorite events, paying quickly and easily with their credit or debit cards online. In order to process those payments, your ticket business has to have a ticket merchant account.
You might be wondering what a ticket merchant account is, how it works, and what it can do for you and your ticket business. In the simplest of terms, a ticket merchant account is what makes it possible for your business to actually receive electronic card payments, otherwise known as card-not-present transactions.
Without a ticket merchant account, it’s impossible to receive these kinds of payments, and given that most people pay for tickets and similar products and services with their cards, it’s clear to see that you really need a merchant account if you want to operate this kind of business and enjoy any kind of success in the future.
With a merchant account in place, money flows from a customer’s account into the merchant account for processing, before carrying on through to its final destination in your main business account. This makes it possible and simple for customers to log on to your ticket selling site or platform, buy tickets, and pay with their cards really conveniently.
As explained in the previous section, a lot of ticket sales are happening online nowadays, and the number of tickets being bought on the internet is only set to increase in the years to come. It’s therefore very important for online ticket companies to make sure they have ticket merchant accounts set up to be able to receive these kinds of payments.
It’s clear and easy to see that having ticket merchant accounts is so important when running any kind of ticket selling site or service. But if you contact your local bank and ask for this kind of account, you might get rejected. A lot of banks don’t like to work with ticket businesses because of the potential risks and dangers involved.
So what are some of those risks and why is the ticket so frequently associated with high risk credit card processing? Well, one of the biggest problems plaguing the industry is fraud. As online ticket sales have risen, opportunities have also arrived for scammers to use ticket platforms to sell fake tickets at extortionate prices or to resell tickets that shouldn’t legally be resold.
This can cause a lot of problems, as some people buy tickets, turn up at events, and are then refused entry, so have to file a claim with their bank or payment provider to get their money back. This is known as a chargeback, and it can cause a lot of extra hassle and fees for banks and payment processors to take into account.
There’s also the question of buyer’s remorse, which is quite common in the online ticket industry as people buy tickets for upcoming events but then regret their decision or have a change in circumstances and want to get their cash refunded. This adds to the amount of chargebacks and makes the ticket industry a risky place for banks to operate in.
It’s relatively easy to see why certain banks and financial institutions may shy away from the online ticket industry and prefer not to offer ticket merchant accounts, to begin with. But what if you want to run a reputable, reliable ticket selling business? What are you supposed to do and how can you a ticket merchant account?
Well, help is at hand in the form of Shark Processing. At Shark Processing, we lead the way when it comes to high risk merchant accounts for high risk businesses like yours, and we work closely with a large network of trusted banks and payment partners who are willing, ready, and able to offer the high risk ticket merchant accounts you need.
We can help you get a ticket merchant account with the fairest terms and the best possible rates, and we’re able to provide expert assistance through the entire process, every step of the way. Get in touch with the Shark Processing team today to find out how we can help with your ticket merchant account needs.