Would you rather spend money on accepting credit cards via a superb merchant account, or would you prefer to save money by signing up with another excellent merchant account with the same features? Unless you have an eccentric streak in you, we are sure your choice is the account that charges less for the same features. Any other sensible person, too, would agree with this selection.
Sadly, the merchant industry doesn’t make it that simple for you to compare X with Y. Whether you need a low volume merchant account or a “high risk” online pharmacy merchant account, an abundance of different fees, charges, and billing structures will complicate matters for you when you compare various service providers.
Why don’t we look at the different methods to compare and select the perfect merchant account for your business?
Before we begin, you should keep in mind that acquiring and managing a high-risk credit card processing account will almost always be a little more expensive than standard merchant accounts.
Researching all the pros and cons of the fee structures charged by potential partners has its benefits, and you would be in a good position if you know these. Several providers do not disclose their policies and conditions until you sign up with them, and you may need to request a copy of their rules and guidelines. Once you do that, you are in a position to understand exactly how much you will be paying for the services of a merchant account. Whatever be the case, you must ensure that you fully understand the conditions involved before you sign up with any company.
Having cleared out the basics, you can look for the best credit card processing services with different providers. There are plenty of options, and several different kinds of price structures and incentives for setting yourself up with a merchant account. Each plan has a unique feature; you just have to figure out which one suits your business needs the best.
If are out to get the best possible deal for processing rates for credit card transactions, you have to do quite a bit of research. Comprehensive research for the best possible terms and conditions will benefit you greatly – provided you make sure that the company you are signing up with has good reputability. You surely do not want to be stuck with companies that lack customer service, because it is your money that is in question here.
Though e-commerce has been around for some time now, website owners still face difficulties in getting merchant accounts from banks and financial institutions because of the risk of credit card fraud. Fortunately, some internet merchant service providers are more than willing to support e-commerce businesses. These companies have a good understanding of the complexities involved in online merchants; whether they are low or high risk.
Type Of Merchant Account
There are two types of merchant accounts. The first one is where a business partners with a bank or other financial institution. The business applies for a merchant account; the bank verifies the credit history of the business entity and the type of business (low or high risk) that will be carried out over the website; the bank approves or rejects the application on that basis. The e-commerce business must comply with the rules laid out by the bank.
The other one is a high risk merchant account. As the name implies, this account works well for high risk businesses that may not get approved for merchant accounts otherwise. For example, if you own a poker site, obtaining an online poker merchant account from a financial institution may be extraordinarily challenging or extremely expensive. In this case, you are better off working with a high risk specialist.
Compare credit card processor’s rates
Invite quotes from five or more credit card processing services and compare their prices and features. The prices can vary based on the average sale amount per credit card transaction (average ticket size) and the number of transactions processed in a month. Whatever be the fees applied, they should be clearly mentioned at the start of the contract.
Whether you are hiring a low risk or a high risk credit card processing partner, you should take the time to do a comprehensive comparative study before making your final decision. Compare services rendered, rates charged, customer service, past records, etc. Get references from associates and ask questions freely. Switching credit card processors could be a cumbersome job. Get it right the first time around.
Establishing a merchant account offshore is not a complex task anymore. While many high-risk businesses choose to open a merchant account offshore, not all accounts are exclusively created for high-risk merchants.
Companies in different industries establish accounts because the payment online processing option makes good business sense. The primary goal of any business is to have the most efficient payment processing solutions, whether the solution includes a merchant account offshore, domestic processing, or any combination thereof.
Business Benefits of a Merchant Account Offshore
- An offshore Merchant account diversifies payment processing and decreases risk factors associated with payments., this account offers substantial protection to businesses against the uncertainties in the global business world.
- Interchange rates vary under different jurisdictions. Therefore, it may actually be more affordable to process certain transactions through this account as compared to a domestic account.
- For companies doing international business, the foreign exchange rate of the currency is a major concern. This account can help a company in saving money on foreign currency exchange rates.
- Multicurrency processing. All these accounts can process and settle transactions in several currencies. Multicurrency processing helps in increasing sales by giving customers the option to pay in local currency.
- An account may offer several other business expansion advantages. Many countries give incentives and rewards to companies that establish a corporate presence under their jurisdiction.
- Certain high-risk businesses (such as OTC bitcoin trading desks) find it easier to process payments with an offshore high-risk merchant account than domestic.
- Businesses in the online Casino, Poker and online pharmacies have issues be approved onshore when as offshore bank maybe more accepting.
- An offshore bank account also offers unlimited processing volumes as a standard feature. This is particularly helpful to expand businesses rapidly.
International e-commerce and Offshore Merchant Accounts
In these times of international e-commerce and online business an offshore merchant can be a game change for an online business. The world has indeed becoming a global marketplace. Any international company is making a mistake if it is still thinking in terms of only national borders. International payment processing is crucial for companies that have a global customer base.
Being able to accept online payments gives your customers the convenience of being able to shop from their computers without the hassle of having to stop by your store. Having said that, setting up your online store can be quite a daunting process. This is where having a merchant account can help!
A merchant account can be plugged into your website with an API allowing your business to accept credit card payments. Merchant Accounts are required for both online and offline businesses who wish to accept payments via credit cards. These accounts can be obtained from two sources: Direct with acquiring banks and third-party providers.
Direct merchant account with a Bank
A merchant account provided direct from a bank is often preferred as your account is stand alone can cannot be affected by another merchant chargeback or business and fees are lower. However, the drawback to obtaining the account directly from a bank is banks generally will not provide your business with a direct merchant account if it is believed to be a high risk. To a certain extent, all internet businesses can be labelled “high risk” since the credit card and cardholder are not physically present during the transaction.
If you are unable to obtain your high-risk merchant account directly with a bank, you will need to turn to a third-party merchant account provider. There are two distinct advantages that third-party payment processors have over banks. Firstly, third-party merchant account service providers often have easier approvals for high-risk business and allow for higher chargeback. It is important to note, though, that if you are in a ‘high risk’ industry, you will most likely be subjected to higher prices due to the risk.
Secondly, third party account providers often have integrated payment gateway making it easier for you to go live faster having your online business up running in minimal time.
If you are an online business owner — particularly one in a “high risk” industry — there is no better way to accept credit card payments on your site/app than by enlisting the services of a reputed high-risk merchant account processor.
The main attractions and benefits of IBC formation have catapulted the number of investors investing in offshore locations. Today the investors are attracted because of the lucrative financial benefits like currency diversification, asset protection, better wealth management and enhanced privacy protection. The offshore jurisdictions provide two types of business, one is IBC and other is LLC. Opening any of these companies can be a daunting task. So taking the assistance of an offshore IBC service can be a great help.
IBC is an acronym for International Business Company or International Business Corporation. It is a specific form of offshore company. The features of an IBC differ by jurisdiction but they generally consist of exemption from local corporate taxation, protection of the confidentiality of the IBC owner, flexible administration arrangements and more. When you hire a consultant for offering offshore IBC service, you will come to know in further details all the benefits of opening an IBC.
An IBC consultant will help you right from the start to finish. You will be assured the process of your IBC formation will take place in a modernized way. There are few rules to follow while opening an IBC. They will look into every aspect to make the process easy, simple and quick. You will get all the support you need from them. They will also help you if you want any information related to high risk merchant accounts.
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Qualifying recognized overseas pension schemes, abbreviated as QROPS, are pension based in offshore financial locations that offer tax breaks and investment opportunities which are sometimes not available to UK-based retirement savers. Any individual with a UK pension scheme can transfer their funds into a QROPS, provided they have not bought an annuity.
Shopping for UK Pension Transfer QROPS is not that easy. It is not a matter of filling in just a couple of forms with a chosen provider. It is a complicated investment that needs careful consideration. In order to find the right option, a retirement saver should work with a professional advisor that has sound knowledge and experience of offshore investments and opening accounts in the offshore jurisdiction.
Before settling down with any offshore financial jurisdiction and a service provider, it is important to carry out a thorough pension transfer values analysis. The analysis looks at the existing value of any fund in a UK registered pension scheme. It is sensible to consolidate scattered savings to cut down cost and maximize fund growth. The analysis will cover tax issues between the UK, the offshore center where the UK Pension Transfer QROPS is based and the location where the retirement saver will live. It also highlights investment options like the risks associated and the expected returns.
These days online shopping is considered the most convenient way to buy products and services. And if you are an online business that poses the high risk, then a high risk merchant account is right for you. According to experts operating in the market of offshore merchant accounts, it is the best procedure to take a high risk business to the next level.
In the business world, there are many businesses that are considered risky. High risk processors will provide you solutions for your high risk business as they have vast knowledge and experience pertaining to offshore credit card processing. These service providers have the policy to target high risk businesses with an offshore bank that accept a wide array of different high risk merchants.
An approval for opening a high risk merchant account solely depends upon the policy. If the guidelines are strict, you may have trouble getting approved with processing history. Have all required KYC, processing history and a good update to date professional website is a must.
The fees for high risk accounts are higher than other standard merchant accounts. For example – if you are paying an anticipated card processing fee of around 1.5% to 2.5% for a standard account, you might expect to pay around 5% to 12 % as a high risk merchant.
If you are planning to set up merchant accounts in an offshore jurisdiction, its right time to get in touch with an expert helping businesses in this process.
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Offshore investment has always been a complex phenomenon for the common people. There are a hundred of myths attached to it. But, on contrary to this, in this present day scenario offshore investments have become quite simple, fast and easy process. And, hence, are becoming the most preferred choice of investment for merchants, traders and the common man.
Offshore accounts enable you to save your earning or wealth in different currencies. Similar to your home bank accounts, offshore accounts are just like saving bank accounts located outside your home country. These accounts can be easily used to stash dollars, Euros, and other currencies as well. Now most of the offshore accounts can be open by anyone above the age of 18. Now, contrary to popular myth, you need not be hugely wealthy to take advantages of offshore investments and bank accounts. Some offshore jurisdictions or banks require some sort of minimum deposit while others can be set up with just $1.
Now, these bank accounts can prove to be very useful if you work or live abroad or regularly travel overseas. Many people or traders use offshore accounts to play and invest in exchange rates to boost their returns. These offshore bank accounts come with both variable and fixed interest rates. You need to decide and choose which type of bank account will best suit your requirements.
On a closing note, if you are convinced to set up an offshore corporate account you can take help from an experienced merchant or hire merchant account service provider companies to assist you and help you in the setup process. They can also help you in getting the relevant high risk merchant services to grow your business effectively.
Deciding where to incorporate an offshore corporation with a number of offshore jurisdiction and various company types can be really a tough decision. Each offshore jurisdiction along with its various company types carries a unique set of benefits and advantages. Setting up an offshore company needs an in-depth knowledge of several aspects such as jurisdictions, merchant processing services, types of a merchant account, etc.
An offshore company is a company registered outside one’s home country with the purpose of operating outside the country or to manage wealth and fund or asset protections. Like other businesses offshore businesses too may enter into contracts, open bank accounts, buy and sell products and services. A typical offshore company also known as an IBC (International Business Company) delivers you a number of benefits while practicing your business but also require carrying on business outside their home jurisdiction.
Now, here are some of the factors which can help you choose the best offshore jurisdiction depending on your business needs.
- Incorporation costs
- Privacy laws
- Currency control regulations
- Types of company formation
- Merchant processing services
- Proximity to offshore banking
These are some of the most important aspects which need to be considered while setting up an offshore company. There are a number of jurisdictions which offer a wide range of offshore company formations with complete merchant processing services be it high risk or low risk. Each jurisdiction has its own set of benefits, banking laws, and advantages.
Lastly, the best way to move your business offshore would be to take assistance from an offshore service provider. A competent and trusted service provider will provide you complete knowledge and will also assist you throughout the entire process.
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If you are looking for a legal protection of your assets and identity then no other jurisdiction would be the best choice other than Panama. Panama IBC can provide legal protection of assets and identity. It offers some of the strictest banking and financial secrecy laws available across the world. A Panama IBC is an ideal jurisdiction for merchants and businessman to operate an offshore corporation.
Panama IBC uses what we consider being some of the most solid banking and corporate bank secrecy laws around the world. If you are planning to set up an offshore company in an independent offshore jurisdiction then you must consider Panama offshore jurisdiction. Panama incorporation can be set up for international trades, to settle trusts or foundations, to hold ownership of real estate, intellectual property or to hold any other type of asset. It can be used by any individual from any part of the world interested in global asset protection, privacy, investment diversification, and affordability.
Setting up Panama IBC
To set up Panama IBC, you need to follow certain steps:
- Draft a Panama IBC article of incorporation
- Tailor-made corporate kit with stock certificates, corporate seal and some other legal documents
- Resident registered agent
- Physical address for office
- Nominee corporate services
- General power of attorney
- Original as well as certified English translated documents
- Other necessary documents
Offshore jurisdiction Panama has absolutely no exchange control or currency restrictions. It is the host of world’s largest banking centers and offers a number of relaxed and flexible banking laws which make it easier to move funds in and out of Panama.
Why set up Panama IBC
- Inexpensive annual support
- No minimum paid capital required
- No foreign exchange control
- Anyone can become a shareholder
- No time limit in which authorized capital must be fully paid
Panama offshore jurisdiction also offers one of the most useful asset protection and estate planning vehicle – the Panama Private Interest Foundation.
Setting up Panama Corporation is simple, quick and cost-effective and usually takes 4-6 days. With Panama Corporation, you can open an offshore bank account as well as brokerage account to trade stocks, bonds, commodities, and much more. You can give your Panama Corporation any name in any language along with a legal ending such as Incorporated, Corporation, Inc, etc.
The best option is to get assistance from an offshore service provider and have a complete in-depth knowledge and understanding about Panama offshore jurisdiction. These service providers can also help you in easy and hassle-free set up of your Panama IBC.
Read more at: http://www.confidentialbanking.com