Ticket Broker Merchant Accounts
TIcketing agencies and event ticket brokers often struggle with opening up payment processing accounts due to the high risk associated with their industry. The big banks and traditional processing companies have deemed the industry high risk, meaning that those who market and sell concert tickets, sports tickets, show tickets and tickets for other entertainment are typically only able to process with a high-risk processing company, many of which charge extraordinarily high processing rates.
At PayDiverse, we work hand in hand with event ticket brokers not only to process credit card, debit card and e-check payments but also to prevent fraud and high chargeback ratios. Our wide range of account services has been specifically developed to keep your ticketing agency processing without the expense or inconvenience of profit loss due to criminals and friendly fraud.
The Financial Risk Associated with Event Ticket Brokers
If you’re operating a ticketing agency, it’s likely that you’re aware of the several ways that customers and criminals may take advantage of your business. Of course, there’s friendly fraud, which involves a customer trying to get their tickets for free by claiming a charge on their credit card was fraudulent or that they didn’t receive the tickets they paid for. When this occurs, a chargeback is initiated by their credit card issuer and in the end, the merchant is usually required to foot the bill unless they’re able to quickly prove the customer did, in fact, authorize the transaction.
Ticketing agencies are also susceptible to more extreme fraud incidents, often involving identity theft or stolen credit cards. It’s not uncommon for thieves to use stolen credit cards to purchase large quantities of tickets in the final days before a concert, sports event or show and illegally sell them. This is particularly common when an event is in high demand.
How PayDiverse Protects Ticketing Agencies from Fraud and Chargebacks
When you choose PayDiverse for your payment processing needs, you’ll receive more than just access to our secure payment gateway. Our high-risk event ticket broker accounts come with a variety of account features meant to protect your bottom line.
iSpy Fraud Protection Software
Our secure payment gateway comes fully integrated with our award-winning iSpy fraud protection software. iSpy analyzes hundreds of data points on every transaction and uses behavioral analytics, elastic order linking, machine learning models and advanced proxy detection methods. This software can be configured to meet specific parameters determined by the needs of your business and can be set up to automatically decline or suspend any transaction that it deems suspicious.
Chargeback Alerts and Disputes
When a chargeback occurs, it affects your bottom line. If too many chargebacks are processed against your business, it can result in account closures, frozen funds and in the worst-case scenario, your business may be blacklisted from opening further processing accounts, meaning you’ll need to shut down and re-brand your business prior to resuming business.
At PayDiverse, we alert event ticket brokers in real-time if a chargeback has been processed against their account. If you’re given ample warning, you’ll have enough time to obtain and provide evidence to your sponsor bank or the customer’s credit card issuer to dispute and hopefully, stop unwarranted chargebacks in their tracks.
Begin Processing with PayDiverse
If you’re ready to open up a PayDiverse payment processing account, you can easily apply online using our secure form. Once we’ve received your signed application along with your supporting documents, we’ll be able to provide you with an answer within about 24 hours and upon approval, have you up and running within another 48 hours.
Fill out our secure online application and get started with PayDiverse right away.
Diverse Payment Processing is Smart Processing
Fill out our free and quick merchant account application and let us match you with many banks that want your business.