An offshore merchant account is a viable option for businesses that do not have the credit history needed to qualify for a conventional merchant account. They work equally well for those businesses engaged in what domestic payment processing providers consider as high risk industries. They work on the same principles as domestic versions with an approval process. The application process and subsequent set up of this type of merchant account can be done online, quickly and easily. With an activated account, any business can start accepting credit and debit card payments.
International Merchant Account
Some of the benefits of an offshore or international merchant account include an easier process of account start-up, and low or zero deposit requirements. Enhanced customer service is a frequent bonus. One of the biggest advantages to process card-based payments are the possible tax savings. Processing sales transactions this way may significantly reduce the amount of US tax liability on profits.
Offshore Merchant Account Providers
As with a domestic payment processor, locating the right international merchant account credit card processor requires research. Defining a business’s needs is the first necessary step. Next, a business should look for established foreign companies or banks that offer the desired services. Many foreign countries have banking and finance infrastructures comparable to those found domestically. Comparing rates, fees and features of the available merchant accounts is vital. Businesses can expect to pay slightly higher fees and discount rates. Once the ideal merchant account providers is found the application process, acceptance and account set up is easily accomplished.
High Risk Offshore Merchant Account Features and Providers
Opening an account allows a business to accept credit cards such as Visa®, MasterCard®, Diners Club®, American Express® and other major credit cards. Some providers of offshore accounts include Instabill®, GSPay®, Stradafee®and Guardian Finance®. The security and anti-fraud features included are comparable to those of domestic accounts.