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Offshore Merchants and Your Payment
Transaction Needs
Business is experiencing rapid growth in
on-line sales. Such sales are made
possible because merchant accounts owned
by the business make it possible to
accept payments using credit or debit
cards. Small businesses usually rely on
domestic banks to handle the backend of
credit card transactions but there is a
limit to the risk and the number of
transactions that your online store can
make. When you realize that there are
customers worldwide, you start applying
for an international merchant account.
However, bankers are a conservative
bunch and they demand too much
paperwork. They will consult the
so-called TMF or “Terminated Merchant
File” and will do a credit history
check. When your online business falls
into the non-traditional and cutting
edge, bankers may decline your
application or else charge you high
fees.
Offshore merchant accounts are emerging
to fill the unmet need of such business
endeavors. If your internet site offers
such services like adult, weight loss
reduction, multi-level marketing down to
travel industry, or if the nature of
your business is deemed too risky
because of fraud or chargeback, such
merchant accounts are willing to accept
the risk and provide your site with the
necessary infrastructure that will
enable credit card transactions.
Offshoremerchants.net is a registered
agent of Premiere Payment Systems based
in Chicago, Illinois. They provide
complete e-commerce solutions, virtual
terminals and staggered billing.
Successful applicants may be pleasantly
surprised by the simplicity of how
Offshore Merchants charges for their
services. There are no fees for setup,
monthly and annual payments and
certainly no termination fees.
Depending on the risk and monthly
turnover, expect charges ranging from 3
to 7 percent.
Offshore Merchants does not put a cap on
the number of transactions you can
process. This is a marked difference
from merchant accounts offered by
domestic banks. It is simply
unimaginable to limit the growth of your
business just because your present
merchant has a volume cap on the number
of transactions.
What Offshore Merchants do expect from
successful applicants is a ten percent
cash reserve based on six month sales.
The mechanism for setting the rolling
reserve is simple. Ten percent of the
sales made after the first month is
withheld by the Offshore Merchant and
will only be returned to the account
holder on the seventh month. Likewise
another ten percent is held on after the
second month and is returned to the
account owner on the seventh month. If
the account holder is able to maintain a
good credit history, the amount set as
rolling reserve can be lowered.
Applicants who are able to furnish
Offshore Merchants with the required
documentation will be informed of their
success from four to eight days after
application. If you state that volume of
your accounts is expected to be on the
low side, your site can begin processing
within a day of signing up.
So, Offshore Merchant offers the
prospective applicant an international
presence with a very easy set of
requirements without setting a cap on
the number of transactions your site is
able to process. |
