An offshore merchant account is a special type of bank account established with a bank outside the home country of the account holder. It enables merchants to accept credit card payments through their websites. These bank accounts are perfect for high risk industries. Some of the high risk industries that benefit from offshore merchant account processing include online dating, forex trading, multi-level marketing, online gambling, technical support, e-cigarettes, debt collection, adult content, nutraceuticals, pharmacies, financial services and more.
An offshore bank account is ideal for those merchants who are unable to obtain a domestic merchant account. Merchants opt for offshore merchant account processing if they have poor or no merchant credit history or their company registered address is located in an offshore location. As a high risk merchant, you will also need this kind of bank account if the online sales of your products or services are deemed illegal in certain regions or countries. Some other factors for choosing these types of accounts include high sales volume, increased frequency of refunds and chargebacks.
There are many advantages if you choose offshore merchant account processing for your business. Here are a few benefits.
- With the help of automated billing service, you can generate your own daily, weekly or monthly statements through automated software.
- You will enjoy real-time credit and debit card processing. You will be able to process credit card and debit card transactions instantly.
- Offshore merchant account processing is ideal for small businesses or ecommerce startups
- You have the choice of processing your familiar currency as it offers multi-currency processing
- Many high risk businesses choose offshore merchant accounts as it offers fewer tax restrictions
- You enjoy more liberty than your domestic bank accounts
Although there are many benefits of opening an offshore merchant, still it is recommended to take precautions while opening it. You should carefully research the processor looking out for complaints of scam, to ensure the processor can be trusted. You should read the contract before signing anything. Once your account is open, keep a close eye on transactions, watching anything for suspicion. In case you find anything suspicious, you should take actions immediately.
Before you set up an offshore merchant account, you should educate yourself about it as much as possible. You should take help of resources available online about offshore merchant account processing or offshore merchant account. You can also gather information if you want to set up Belize IBC or want to know more about offshore company formation.
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