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OFFSHORE MERCHANT ACCOUNT

Before coming to offshore merchant account, it is important to understand what a merchant account is. A merchant account is known for accepting payments and orders from a credit card only. It also enables the account holder to have access to the shares in the international market and have an account structure that operates with great amount of flexibility. A merchant account can be set up from any part of the world. The only difference of an offshore merchant account is that the opening deposit is much lower when compared to other accounts. The offshore merchant accounts are easier to apply and acquire in comparison to the domestic accounts. The only requirement for opening an offshore merchant account is to have an offshore trading business unit and a valid bank account in the company’s name.

The benefit of using an offshore merchant account is that it leads to tax reduction. Offshore accounts are very useful for processing sales of high volume. However, the major advantages lie in the fact that offshore merchant accounts provide security and privacy. It also aids such high-risk companies as pharmacies, multilevel marketing companies, phone card sales, credit repair and gaming companies since the transactions are free from tax.

By using offshore merchant accounts, one can run his/her business 24 / 7. The guidelines and procedures as far more relaxed when compared to other type of accounts. Since majority of service providers have a fraud protection system, the possibility of a fraud is reduced to a great extent. Due to the reduction of tax, dealers can provide products to their customers at a lower price when compared to their competitors. It enables the global expansion of businesses since currencies and credit cards for all parts of the world are accepted. The multi-currency aspect also benefits and facilitates international trading. With the benefits of offshore trading, it is not feasible to carry out transactions with onshore accounts.

The benefits of offshore merchant account, however, come at a price. The high costs incurred are due to factors such as transaction fees, discount rates, and the cost incurred for the initial set up. These prices are much more when compared to the domestic banks. The offshore banks usually ask for a security deposit in cash or as an ongoing cash reserve. In addition to offshore banks, the offshore merchant accounts are also provided by a few financial providers.

One can open an offshore account by applying online after the particular offshore bank is selected. Before opening the account, it is best to check the background details of the bank selected and also look for services on offer. With the increasing popularity of offshore accounts, the banks are offering services such as ecommerce accounts for offshore business. The additional benefits of offshore merchant banking is that is provides secure payment mode for the customers, advantage of e-zone and offshore tax structures as well as channelled marketing. These factors also lead to the reduction of location and currency costs. It also adds to the simplicity of processing trade across borders.

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.