Are you a high-risk merchant unable to obtain suitable payment processing services? You may have been classified in this category because you operate in the high-risk industry, or have bad credit history, or it’s where your business is located, or any other reason. Many reputed offshore banks do not provide their services to the high-risk businesses because of the high risk associated with them. However, there are some processors and banks which specialize in providing processing services to high-risk businesses through their high-risk merchant accounts.
These banks provide a number of processing services including e-check processing which is one of the easiest ways to increase your profit. E-check processing can boost up your sale by up to 20% offering you a remarkable profit. E-checks help you capture those customers who do not have cards or are maxed out on their cards, or simply prefer to pay via a direct debit from the bank account. Offering E-check processing is beneficial because the more way customers can pay you the more sales you can make. E-checks are the most popular payment option for US buyers. If you do not offer e-checks as payment processing option then surely you are losing out some sales to your competitors while if you offer e-check processing you will take sales away from your competitors who are not offering e-check processing.
E-checks electronically deduct money from customer’s bank account and credit the funds to your business account. These are processed through two ways – ACH network and e-check technology based upon Check 21. However, this is decided through your business requirements. If you can keep revokes or chargebacks under 0.5% and return under 15%, then ACH can be a good solution. Alternatively, E-check 21 is a good alternative if your chargebacks exceed the given ratios. E-check processing also offers reduced risk for high-risk merchants. Traditional card transactions carry a greater risk of contingent liabilities in comparison to electronic check transactions. After a purchase is made, a customer can revoke or chargeback a card transaction for up to 180 days. ACH offers a customer 60 days of chargeback. With e-check 21 the chargeback period is 40 days.
Lastly, setting up a high-risk merchant account is very simpler and easier than card accounts. To apply, you simply need to submit an application form along with other required documents such as identity proof, bank processing statements, etc. account approval usually takes 5-7 business days. For better understanding and complete knowledge you can also take the help of an offshore service provider.
Read more at : www.confidentialbanking.com
The Check Clearing for the 21st century, commonly known as Check 21 processing was introduced as an alternative to deal with the complicated ACH restrictions. Merchant processing services and providing your customers numerous ways to make payments are the backbone of any business. The greater number of payment options you offer to your customers the more sales and profit you will make.
The Check Clearing for 21st century also known as Check 21 allows financial institutions or banks to process check electronically. Coming into effect on 28 October 2004 and designed to enhance the efficiency of overall payment processing systems by fostering innovation within the check processing system. There are numerous benefits of Check 21 which can make your life as an offshore merchant much easier and simpler, especially if you associate with the Internet merchant services. The most beneficial and effective change that Check 21 has brought is the ability to scan paper checks and send images as electronic transactions. This helps in rendering the need to manually deposit paper checks. There are various other benefits too.
Benefits of Check 21 processing
- Cut time, cost and risk involved
- Extend cut-off times for deposits
- Reduce bank charges with electronic processing
- Improves accuracy
- Wider coverage
- Faster clearing
Whether you are a low-risk merchant or a high-risk merchant, the check 21 processing is the best solution for your business. This can change the way you do business. By offering Check 21 payment processing you can attract those customers who are maxed out on their cards or do not have cards, etc. Offering this payment method also keeps you ahead of your competitors who do not offer Check 21 processing.
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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.
For more information visit : www.confidentialbanking.com
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
Offshore merchant accounts prove to be a great way when you are looking for options to manage your money and take credit card payments. These offshore merchant accounts offer you a reliable and secure way to process high-risk and low-risk merchant accounts alike with suitable offshore merchant account processing services.
Similar to traditional merchant accounts, these offshore merchant accounts are located outside one’s home country. The main motto of these accounts is to provide an easy, reliable and secure payment processing for high-risk and low-risk businesses. These merchant accounts are specially set up to hold funds raised through credit card and debit card processing. If your business is associated to web design/hosting, online dating, e-cigarettes, Forex trading, nutraceuticals, etc, then there is no alternative to offshore merchant accounts.
Now, if you are considering opening an offshore merchant account, then firstly, you should know in which category your business falls. Depending upon the chances of risks, offshore merchant accounts are widely classified into two categories – high-risk merchant account and low-risk merchant account. And, accordingly you are provided with the processing services i.e. high-risk merchant processing services or low-risk merchant services.
These risks are assessed by the service providers based on several aspects such as a type of business, credit history, business model, etc. However, obtaining offshore merchant account processing services can be considerably easier as offshore banks and jurisdictions have fewer restrictions and flexible banking laws.
On a closing note, the only thing you require is a complete understanding of merchant accounts, processing services, and jurisdictions.
The tremendous increase in the global foreign currency exchange markets has triggered the interests of traders and investors alike. With the ample currencies available and trade volumes touching trillions of dollars, forex market offers an easy way to take benefits of inherent leverage and volatility and make a recognizable return. Due to this many traders and investors have already started up opening forex accounts in various jurisdictions.
A forex account is basically an account that is used to hold and trade foreign currencies. This type of account is set up with a purpose of making the profit from fluctuations in currency values. Opening a forex account is very similar to opening a bank account. A minimum deposit and an ID are the prerequisites for setting up a forex account. The first step required in opening an offshore forex account is selecting a broker, which can be easily accessed from numerous sites and companies providing assistance in setting up an offshore bank account or offshore formations. However, the fees and commissions, minimum balance required to operate the account, efficiencies of the service providers are some of the points to keep in mind while selecting the broker or consultant company. Along with this, the documentation required these days are also quite straightforward with minor variations depending upon the selected jurisdiction. It takes few days to open up the forex account and you also need to fill up a questionnaire about your intention due to financial regulations.
Forex leverage is a standard for most forex trading accounts. It delivers you to the ability to make trades on open forex market by using only a fraction of the actual trade amount. But it also has its upside and downside and needs to be handled very carefully. The upside of forex accounts or forex leverage is that you can make trades that are larger than the amount in your account and on the other hand you can also easily lose a large amount if you don’t trade carefully. So, forex trading is an interesting venture if not taken lightly. You need to manage and calculate your risks and check your emotions.
On a closing note, you should be very much careful while selecting a jurisdiction to set up an offshore bank account and opening up an offshore forex account and while using the leverage. The main reason brokers offer forex leverage is because it increases the bottom line of brokers irrespective of win or loss of the trade. There is majority of traders who have failed just because of these facts and standards.
Forex trading is nothing but a way to quickly get rich if monitored effectively. So, take your time, trade at a slow and steady rate and taste the success.
The hardest part of setting up an offshore merchant account is to find the acquiring bank. It is very much difficult for a small business owner to find a bank that can handle all their credit card transactions and processing.
An offshore merchant account is similar to traditional merchant accounts but is set up with a bank outside your residential country. These offer varieties of payment processing options available to merchants whose business falls in high-risk categories. These offshore merchant accounts are perfect for high-risk industries including nutraceuticals, online dating, financial services, e-cigarettes and other such businesses.
There are a number of merchant account service providers who offer a wide range of real-time and powerful offshore credit card processing solutions to high-risk business merchants and traders. These services generally include setting up merchant accounts and acquiring favorable processing solutions through relevant acquiring banks. In addition to this, these also provide credit and debit card payment, e-commerce solutions, payment gateways, fraud protection, and many others to high-risk merchants. This enables online merchants to process in multiple currencies and supports several credit cards.
So choose a reliable and efficient merchant account service provider from the bunch of them available on the Internet today and increase your sales and boost up your profit with their services. Although, these offshore merchant account services are a better solution for businesses without any other viable option but these carry a fair amount of risk too with them. So ensure you have a complete depth of knowledge and understanding about offshore credit card processing services to make your business a success story.
High-risk merchants, when setting up a processing payment account, deal with a significantly high level of risks which require a managed and specialized form of payment processing services. They will require a processing payment solution which fully equips their special high-risk business model and objectives. High-risk merchants seeking approval of merchant processing services to process credit cards and other payment options often find these difficulties due to their business which falls in “high risk” category.
These merchants and traders dealing with customer demographic find it quite difficult to maintain the 1% threshold required by the ACH network rules. As credits cards and ACH was the technology commonly and widely used for processing electronics payment and checks.
The Check 21 processing, however, provides a good alternative to these offshore companies and merchants for ACH processing. Although, if we see from a functional standpoint these both processing options operate in quite a similar way but these share some differences. The Check 21 processing uses a bank to bank image transfers and does not process through ACH networks providing a greater flexibility in revoked transactions. And, the most important and bigger difference comes in the governing rules and regulations. ACH transactions are governed by NACHA regulations that require revoked transactions to be kept at levels under 1% whereas Check 21 is governed by check laws and the Uniform Commercial Code.
Some differences between the ACH and Check 21 processing
The foremost advantage of Check 21 is that it enables you to process e-checks with fewer concerns about revoked transactions as if your revoked transaction rates over 1% you are not able to maintain an ACH account. Check21 processing accepts a significant number of revoked transactions as there is no specific percentage of thresholds but remember this doesn’t mean you can have an unlimited number of revoked transactions.
Check 21 processing costs more than ACH processing as Check21 are often associated with high-risk businesses that cost more than standard risk businesses. The Check21 accounts incur discount rates in addition to per transactions fee. In the processing of returns, this involves more manual labour for banks and processors. However, this has nothing to do with your processing and operations as this is mainly monitored by the banks and processors.
Lastly, having an appropriate merchant processing and transaction mode is very vital for high-risk businesses and providing a number of payment methods to your customer is always very beneficial for your business. The gradual introduction of these merchant processing services like Check 21 processing and E-check processing has provided an ease to customers as well as merchants to make transactions and keep records.
Most businesses need a number of ways for their customer to pay, the more ways the more sales you make. High-risk merchants that need to receive payments are finding difficult to obtain merchant processing accounts and maintaining low chargebacks. As a result, E-check processing is becoming the most preferred and popular alternative payment method being used by both low and high risk merchants alike.
Traditionally, credits cards represented the most popularly and conveniently used payment methods. ACH was the technology commonly used for processing electronic checks but the new technology which is based on Check21 Law has made E-checks increasingly popular among the offshore merchant and traders. The E-check 21 items are cleared and processed through bank-to-bank fund transfer. Now, as these transactions do not process through ACH network, they provide a greater flexibility in a number of allowed returns and revoked transactions.
Nowadays, if you are not offering your customers E-check processing, then you are losing sales from those who do not have credit/debit cards or have exceeded the limit on their cards. There are also some customers who prefer to make payments through a direct debit from their bank account. In addition to this, there are various reports and surveys that suggest, merchants who accept e-checks have reported a boost in their sales by up to 20%.
Lastly, offering only cards as a payment method on your website is now no longer a sufficient way to grow your sales. In order to exceed over your competitors, it is very necessary to diversify your payment methods and add E-check processing to your high risk merchant processing services.