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.
When you are looking for ways to run an online business, take credit card payments and manage your money, an offshore merchant account is the best way to do so. Offshore merchant accounts offer an easy and reliable way to process low and high-risk businesses alike. Offshore merchant services such as credit card processing prove to be very beneficial if you have a high risk of chargeback.
Apart from this, offshore merchant accounts have numerous advantages. Offshore merchant solutions can include onshore e-checks bank transfers, credit card processing help you in increasing your consumer coverage and eventually, drive in more traffic for your business.
Also, being able to accept multiple currencies is a huge advantage while dealing with consumers from across the globe. This helps you in evolving your e-commerce business. Offshore merchant accounts set up in a particular jurisdiction that is targeted by your online business can prove to be exceptionally convenient.
Also, unlike domestic accounts, you have thousands of offshore banks available to choose according to your specific requirements. With thousands of worldwide offshore banks, you just need a thorough research and you are guaranteed to get the best deal that perfectly suits your requirements.
However, there are many people who think domestic merchant account are better but, on contrary to this, offshore merchant accounts integrate all the advantages of a domestic merchant account and being offshore they offer even more advantages. Offshore merchant accounts are practical and easy to acquire and are also great in terms of availability which is making them quite popular anda perfect choice for a new and experienced merchant alike.
Competing with larger businesses with greater resources is one of the biggest challenges often faced by small businesses. And, accepting credit cards is one of the proven and tested methods to level the competition and increase the sales. According to Federal Reserve, around 70-80 percent of consumers have at least one credit card. So, for small business which doesn’t plan to remain small for a long time, accepting credit card payments is a vital tool to grow. Since every small and big business leave no stone unturned to offer the superior customer service expanding their payment option to include the debit and credit card processing is a no brainer.
Apart from this, accepting credit cards payments not only provides an ease for consumers but is also beneficial for merchants. Credit card transactions save a lot of time and foster shorter transactions. Shorter transaction times means as a merchant you can serve more customers more efficiently. And, at the end of the day, you can send all your transactions in one batch to your credit card processor for electronic settlement. Credit card processing with a reputable merchant services provider is a very secure operation. Merchants who accept credit cards also usually see an increase in their sales and profit. The reason behind this is simple – credit card shoppers tend to spend more than shoppers who pay with cash or a check.
On a closing note, today’s merchant processing services such as credit card processing is fast, convenient and secure. For a small business, being able to accept credit cards is the smart way to go and grow. The only thing you require as a merchant is a reliable merchant processing service provider that offers you services to meet all your requirements.
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High-risk credit card processing refers to merchant accounts that the financial institutions and bank prefer not to do business with. It can relate to poor credit on the part of the merchant or it can be attributed to different business areas for which the financial institutions do not want to participate with.
There is no standard set for rating a business or a company at high risk. Each individual processor has their own way of considering the term “risk” for various types of businesses. Businesses with poor credit may be turned down by one institution, though they can be welcomed by another financial institution. Another good reason why a merchant could be turned away is that of increased risk of fraudulent charges. Good examples of businesses that are high-risk credit card processing firms include nutraceutical sites, dating sites, credit repair, multi-level marketing and mortgage modifications.
High-risk credit card processing can seem like a great obstacle in your business venture. But there are professional companies that can help you get started. There are many companies that help businesses who are at increased risk. They have a team of professionals who have vast knowledge and experience in this field. So you can get the necessary help required for your business venture.
When it comes to choosing offshore merchant solutions, it is extremely important to choose a service provider that offer a wide array of service in the offshore merchant processing arena. These solutions are perfect for a lot of high-risk businesses. They have fewer trading restrictions, higher chargeback fresh holds, and no processing cap. And most importantly, they are much more likely to approve applications from merchants in high-risk industries. The most common industries that can opt for offshore merchant solutions include dating websites, adult entertainment, online gambling, online pharmacy, debt management, credit repair, MMJ, loan brokerages and more.
The offshore merchant solutions are an excellent solution for taking your business to the next level. You consider if you have been denied of merchant solutions repeatedly in your domestic country. With the help of these services, you will be able to accept payments in different currencies. This is a great advantage for a business that is focused on making a niche in the global market.
You need be in a hurry when you are choosing offshore merchant solutions. It is better to spend some quality time in an online research to locate a professional service provider to help you with result-driven offshore merchant solutions.
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The offshore jurisdiction Panama is the preferred jurisdiction for investors and businesses globally. It is located in Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica. The main reasons for this are its strategic location, modern legislation, competitive benefits and modern infrastructure. One of the major benefits in choosing Panama is its dollarized economy that removes potential currency exchange. If you are interested to establish an IBC in Panama, you can use the help of a professional offshore IBC service provider.
Establishing a Panama IBC is easy., it will not take more than 5 to 6 days to establish an IBC in Panama. By owning an offshore corporation in Panama, there is no currency controls and you enjoy complete freedom to transfer funds. The corporation should have at least three directors who need not to be the nationals or residents of Panama. You can enjoy a number of benefits including no international trade tariffs, no taxes on capital, and no annual tax return requirements.
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The term offshore is in the regularly in the news these days. Investors and businesses in large numbers have been setting up offshore corporate accounts and bank accounts in offshore jurisdictions for many years. One of the core terms used in offshore industry is IBC. IBC stands for the International Business Corporation. These companies are 100% tax exempt in the jurisdiction of incorporation.
An offshore IBC service offers a number of features and advantages and that make it ideally suited for a number of uses. It is quite easy and quick to open and relatively inexpensive to operate. There is no need of preparing and filing annual financial statements. The companies set up in offshore jurisdictions provide enhanced privacy as no public records of directors and shareholders are required. The directors and shareholders can hold meetings anywhere globally. Many businesses are interested in offshore IBC services as there are no currency restrictions in respect to trading, assets, bank accounts and accounting reference. An IBC can be opened for running a consulting company, professional service company, overseas property holding company, offshore investment company and many other types of companies.
The most important thing to note with offshore IBC service is that you cannot carry business transactions with individuals living in the jurisdiction of IBC formation.