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HOW YOUR BUSINESS WILL BE BENEFITTED
WITH THE OFFSHORE MERCHANT ACCOUNT?
The world of ecommerce demands
businesses to accept credit card
payments or else loose all its customers
to it competitors. Accepting cheques,
money orders and wire transfers are not
enough to make your customers to come
back to you, resulting in huge loss of
revenue and growth of your business
becomes impossible. 99.99% of ecommerce
businesses accept payments through
credit cards today.
Unlike in the last decade where merchant
accounts were only affordable to the
large and multinational companies, today
even a home based business owner can
obtain a home business merchant account
and accept credit cards. There are
several gateway providers who offer
several solution bundles with different
merchant accounts.
If you are going to apply for a
merchant account for your online
business then you have two options: a
domestic merchant account or the more
beneficial offshore merchant account.
The advantages of offshore merchant
accounts are numerous. They are very
simple and easy to obtain. With Domestic
accounts you are more likely to be
blacklisted because of breaking the
strict laws and regulations. However,
providers of the offshore merchant
accounts are outside the jurisdiction of
your country and therefore are not bound
by the strict laws and regulations and
can offer their services at a cheaper
price. The offshore banks who don’t have
any competitor’s provide their merchant
services to any online merchant whether
he is experienced or not. For the
domestic merchant account you have to
pay a huge initial deposit of several
thousand dollars which is not affordable
to all merchants. With the offshore
merchant account you don’t have to pay
this.
The other big advantage of the “offshore
merchant account” is a drastic reduction
in the amount of taxes that you will
have to pay. Since the offshore banks
are located outside your country they
don’t have to pay high taxes for the
processing fees they get. Hence, they
charge less.
The capability of accepting payments in
any currency is the biggest advantage
that you get with the offshore merchant
account. This enables your business to
serve customers in all countries. With
domestic merchant accounts you can only
accept payments from customers within
your country limiting your market.
You can choose your processing bank from
a wide range of options. There are
several thousand banks, worldwide, that
provide these services. Therefore, you
need to put in some time and effort and
do research, before choosing the bank.
There are companies that can do this job
for you.
Let us quickly brush up the advantages
of an offshore merchant account.
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Availability – Can be easily
obtained without any security
deposit.
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Reduced Taxes – You can save money
because of lower tax rates.
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Multiple Currency – You can accept
payments in many currencies.
-
Wide Choice – You can choose from
thousands of offshore banks instead
of a few domestic banks.
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Security and Safety – The offshore
accounts are as secure and safe as
the domestic one.
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Speed – processing of payments is
very quick.
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