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OFFSHORE MERCHANT ACCOUNT TYPES BASED ON VOLUME AND TYPE OF TRANSACTION

The most fundamental merchant service that is provided by the merchant service providers is a merchant account. A merchant account is a special type of account which aids in receiving payments made by credit cards, and to carry out online financial transactions. Based on the type of transaction carried out, the volume in which these transactions occur, and many other parameters, traders are eligible to set up different kinds of merchant accounts. Once a trader gets a particular type of merchant account, he/she is informed the ways in which these accounts can be accessed. Also, a merchant is sent a set of fees and rates which are associated with merchant accounts.

There are three essential kinds of merchant accounts which are classified on the bases of type, and volume if transactions encountered by businesses. They are as follows:

-      Standard Merchant Account.

-      High Risk Merchant Account

-      Specialised Merchant Account

Standard Merchant Account – These accounts are of de-facto standard and are known as the simplest and most basic kind of merchant account. Regular or standard merchant accounts generally have a fixed transaction fee, interchange fee, and set up fee linked with them. These accounts are usually assigned to online business or small businesses since high volume of transactions are not experienced with these kinds of businesses. Certain kinds of rates and fees are associated with standard merchant accounts, irrespective of the merchant account provider.

High Risk Merchant Account – These kinds of accounts are usually assigned to trade which have high volume financial transactions, especially those which have high volume credit card payments. These merchant accounts have zero or nominal set up fees. Online casinos are an example of a business which could be assigned a high risk merchant account. As the online casinos are spread across geographical boundaries, transactions usually take place in various currencies. A high risk merchant account is usually provided with special merchant services such as fraud protection, real-time processing of payments, merchant account customisation and account management.

In addition to online casinos, other commercial establishments such as Starbucks and Wal-Mart will also be given a high risk merchant account as their business takes place is varied locations every day.

Customised Merchant Accounts – A merchant can ask for a specialised merchant account if his requirements do to meet the two already mentioned categories. A merchant needs to approach an organisation that offers specialised merchant accounts and then apply for one such account. The charges for setting this type of account are usually higher. Also, lots of paper work is involved to acquire specialised merchant accounts.

Regardless of what merchant account businesses are assigned, life gets simpler with their usage of merchant service providers. These providers not only offer merchant accounts but also provide value-added services. Most of the merchant service firms offer several other additional services apart from just a merchant account. However, the service which is a requisite for all the businesses these days is an effective credit card or online transaction system.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.