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Offshore Merchant Bank Accounts & Credit card processing – We help your Business Grow

 Most businesses today aim to provide their customers with card payment options. They open Merchant Bank Accounts for the purpose and enjoy increased sales. Credit card processing is becoming easy and safe owing to the trustworthy payment gateways coming up.

Credit card and debit/ATM card payment is fast becoming a sizeable chunk of the way consumers spend. From restaurants to shopping malls, from telephone bill payments to air ticket bookings – the small plastic rectangle takes care of it all. The customer of today is too smart to be hassled by a thick wad of cash in his back pocket. Visa, Mastercard and American Express are global credit cards that are becoming very popular amongst consumers.

For the consumer end, the procedure of credit card payment is as simple as the swiping of the card and the payment of the amount whenever the bill comes. However, for the businessperson to be able to accept credit card payments, it takes a more complex protocol.

For such business people, it is necessary to open a Merchant Bank Account. By virtue of a merchant bank account, any businessman is provided with a line of credit and becomes a credit card payment acceptor.  A line of credit may take several forms such as cash credit, overdraft, demand loan, export packing credit, term loan, discounting or purchase of commercial bills. It is a formal contract between the bank and the merchant. These merchant bank accounts are either provided to the tradesmen directly by the bank or by specialized and registered agents. These accounts are available at a small fee that may be paid periodically or on a percentage basis.

A credit card terminal is another necessity that a tradesman would require to be capable of accepting non-cash payments. This is a small machine that contains a slot where the cash card is swiped and other card details entered, if needed. This machine is typically connected both to electric power supply and to a telephone line.

Sometimes, additional data is provided by the businessperson so as to reduce the surcharges he pays to the merchant bank account provider. This is called ‘level 2’ or ‘level 3’ processing and the type of data included in this higher level processing include purchase order number, tax amount, customer code, merchant minority code, merchant state code, etc.

Normal consumer-tradesman transactions are forbidden from level 3 processing – this is confined to corporate to corporate and corporate to government type dealings. Data provided during level 3 processing include – Item Product Code, Item Description, Item unit of measure, Item quantity and Item Discount indicator to name a few. Level 3 data needs additional software to transmit the extra date.

Once the credit card details have been entered in the credit card terminal, the relevant information is passed on to a web server and a payment gateway through a 128-bit Secure Socket Layer (SSL) Internet Protocol (IP) connection. The SSL encrypts the data in order to protect it from computer hackers.

The payment gateway is responsible for verifying the data entered. If verified, a receipt is mailed to the customer and to the merchant web server. The amount is then debited from the customer’s account and placed in the merchant bank account of the businessperson.

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.