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OFFSHORE HIGH RISK MERCHANT ACCOUNT

An “Offshore High Risk Merchant Account” is nothing but a “High Risk Merchant Account” that is given by an offshore merchant account provider.

The risks involved with the “Offshore High Risk Merchant Accounts” are:

The majority of the sellers of an account deliver only low – grade products which are not suitable for you. In many cases, they just take your hard earned money and vanish. Such sellers have no experience in processing credit cards and hence, are not aware what a merchant needs. They will just sell this worthless solution which will be cancelled by the merchants after using it for 1 or 2 months.

The new trend that is seen is that the account providers operate for about 1 or 2 months until you make a good volume of credit card transactions and then vanish with all your money and the reserve fund which should be refunded to you after six months.

A new scam that has hit this sector is the processors of “High Volume High Risk Merchant Accounts” have below standards reporting system which makes if difficult for the merchant to check his balance regularly and also receive his payments on a timely basis.

A good example would be; a gateway processor who claims to be situated in Switzerland shows only seven transactions with, no “Reporting System”. This processor charged 8% as discount rate but kept 53% of the amount. Then, after 2 months the account was suddenly closes and all the money disappeared.

Another quick way that these providers make money is; charge hefty fines from Visa or the Master Card. The fines are actually non – existent or have a much lower rate. Prior to losing a bank connection, the bank asks the processor to change some procedures which the processor does not do. Therefore, the bank terminates the merchant account of the processor, which gives him a reason to tell his customers for the sudden closing of the merchant account. This is the modus operandi of these processors.

If you ask them which bank they were doing business with you will not get an answer. These processors do not have any customer service or for the sack of luring merchants will have a fake customer service. But once they close the account they will not have any customer service so that you will be able to contact them and ask questions.

In some cases the processor will have another company which processes the transaction. Here, your contract will have a condition stating that the processor will not be liable for any losses incurred. Therefore, if you loose the money then you have no where to go.

But the good news is, there are a few good companies that provide the “Offshore High risk Merchant Accounts”. Such processors will give you your own MID account if you pay a set up fee of about $599.

You can also avail the customer service that will help you in case of any clarifications.

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.