Gone are the days when people would stand in long queues to get hold of a ticket to their favourite show or event. With the click of a button, everyone can now get online tickets in no time.
Online ticket sellers are employing the latest digital technology, high-tech systems and contactless methods to facilitate their customers so they can make online payments seamlessly and get their tickets within minutes.
While all these quick services and payment procedures sound hunky dory, they also expose online ticket sellers and their customers to a number of risks which in turn gives rise to the need for a high-risk merchant account.
A high risk merchant account is ideal for anyone who sells products or services that have a higher cost such as online tickets. But there are some considerations to keep in mind in order to avoid unnecessary headaches and setbacks.
Challenges and setbacks to consider when trying to get a merchant account for an online ticket selling business
There are many great aspects of this business, but there are also some challenges and concerns. If this is not handled properly, these issues can turn into bigger problems.
The most commonly witnessed problems with online ticket selling are given below:
- Stolen credit card issues
- Chargebacks & Friendly Fraud
- Identify Theft
All of these are some of the most common issues that you have to deal with in this industry. When it comes to high value ticket sales, there are been instances when criminals have used stolen credit cards and purchased a large number of tickets for a popular event like a sports game or a concert. This is a common cause for concern for many online ticket sellers.
Chargebacks, particular ‘friendly fraud’, are also common in this industry. Chargebacks occur when a buyer contacts the bank and asks for a refund of their debit or credit card transactions. Fraudulent chargebacks also take place when a purchaser claims that they have been charged for a product they never bought. Such fraudulent chargebacks are known as ‘friendly fraud’. Identity theft is less prevalent, but it is still a concern that is constantly looming.
The good news is that all these problems can be averted if online ticket sellers work with a merchant services provider that knows how to set up a merchant account for such a high risk industry.
How can a high risk merchant account help an online ticket selling business?
A high-risk merchant account is a great option for online ticket sellers due to a number of reasons. Such a merchant account allows you to have faster means of payment. It also makes the management of your account completely seamless and easy. Certified merchant accounts also give customers a boost of confidence that their money is going to be in good hands. Let’s discuss some of the main advantages of getting a high-risk merchant account for an online ticket selling business.
- Fast Processing & Tracking Of Payments: Latest state-of-the-art payment systems make payment processing and tracking super fast and feasible. You will be able to see which stage a transaction is at: from point of sales and checkout all through payment approval and transfer. All these points of sales systems and merchant service processing tools come with cutting edge functionality which makes tracking of all transactions a piece of cake- be it online, contactless, card or even e-cheques.
- Security: Security measures and fraud detection checks ensure that a wireless transaction is processed without compromising the customer’s information. Measures like PCI Compliance, Data Encryption, payment tokenization, 3D Secure Implementation, Card Verification Value (CVV) and Strong Customer Authentication (SCA) make online transactions completely secure and safeguarded from fraud or other security threats.
What to look for in a merchant service provider for an online ticket selling business?
It is important to consider certain things when choosing a merchant service provider. The first one is that they should have excellent support.
A high risk merchant service provider will take all necessary steps to make your transactions extremely secure. Online ticket seller should ensure that their merchant service provider offers security measures like PCI compliance, data encryption, payment tokenization, 3D Secure implementation, Card Verification Value (CVV) and Strong Customer Authentication (SCA), etc.
A merchant service provider should understand every advantage, disadvantage and risk of a merchant account in your specific industry i.e. online ticket sales. Last, but not least, they should always evolve with the times in order to stay ahead of the fast paced changes we experience in modern times.
Final thoughts on online ticket sales high-risk merchant accounts
It is not difficult for online ticket sellers to obtain a high risk merchant account, but some elements need to be considered. CutPay can help you get your merchant account while avoiding all the concerns and issues related to the process.
You will find that using a high risk merchant account is a game changer.
Let CutPay Help You!
We at CutPay understand the needs and requirements of online ticket selling businesses. We hope these tips from us help you in running your business.
If you want to apply for a merchant account for an online ticket selling business, you have come to the right place.
Just fill out the form below and give us some details about your business and one of our representatives will reach out to you shortly!