If you are an online merchant looking for ways to accept credit card payments for your online business, then there can’t be a better way than setting up an offshore merchant account. Not a single business today is complete without a merchant account. It allows business owners to process credit card transactions. However, an offshore merchant account has many advantages.
Offshore Merchant Account vs. Local Merchant Account
The foremost difference between an offshore merchant account and a local merchant account is very simple. An acquiring bank that provides offshore merchant account services resides in offshore country whereas in local merchant account the bank is located in the same country as the merchant.
Offshore Merchant Account Advantages
Offshore banks have fewer trading restrictions, making it easier for online merchants working in both low and high-risk industries such as computer services, IT tech support, etc. Additional advantages of getting an offshore merchant account are listed below:
- Offshore Credit Card Processing: The offshore IBC services enable you to accept payments in multiple currencies. By processing credit card transactions offshore, you can accept payments in almost any currency.
- No Transaction Volume Caps: Usually offshore banks do not put a tab on how many transactions you process in a month. This enables your business to maximize profits and reach its full potential.
Lastly, there are more advantages other than the above-stated which makes an offshore merchant account the right solution for any merchant looking to process credit card payments online. Hiring a merchant account service provider can help you avail all the available benefits of offshore merchant account.