HIGH RISK OFFSHORE MERCHANT ACCOUNT
The general confusion that prevails in
people’s mind is that a merchant account
is nothing but the processing of a
credit card. However, merchant accounts
are special accounts which act as a base
for business in order to process after
accepting the orders place through a
credit card. After a client’s credit
card is processed, the transaction will
do through several complex stages. The
cash that gets transferred through a
merchant account gets deposited in the
checking account of a business in a
period of 2 or 3 days.
Having the knowledge of vital
information will only help in getting
through the application process for a
merchant account in the right manner.
The following are the requirements in
order to get a merchant account:
Checking account – Some merchant account
providers offer a checking but most of
the providers require the merchant to
have a checking account already. A sole
proprietor usually uses a “personal
checking account” while a Corporation or
LLC will require a “business checking
A voided check copy – This is required
if a personal checking account is used
for depositing the funds.
Articles of reseller licence,
incorporation or business licence –
these may be required if applicable. The
main purpose for these requirements is
to provide legitimate business.
Pictures of the office set-up and
business location – This is required
only is the business is considered high
risk. Otherwise, this requirement will
not be needed during the application
Having a web site – if real-time
internet processing is required, then it
is necessary to have a web site. If it
is not online business, it isn’t
necessary to have a web site.
Information about return policy – Even
if there is a “no refunds” policy, the
merchant account provider should know
Trade reference may be needed in case of
high risk accounts.
The latest tax returns photocopy might
be required in case of high risk
accounts only. However, depending on the
volume of the monthly sales expected via
the merchant account, this field could
or could not be required.
Photocopy of the merchant’s business
licence – This is required only of the
sole proprietor does not possess
There are a number of benefits for a
trader to have a merchant account. The
credit cards are accepted quickly and
easily. Once a merchant account is
obtained, the trader may have to toil
with different software applications.
However, this factor depends upon the
supplier. These software applications
will be used along with the existing
website. While opening a merchant
account, several obligations must be
fulfilled before the account is accepted
for enrolment. After these obligations
are satisfied, a businessman will get
his own merchant account.
The various other advantages for having
merchant accounts are that safety and
security while processing payments are
usually taken care of. The global
expansion of business is also possible
since factors such as multi-currency and
credit card acceptance are offered by
most merchant account providers.
one of our helpful account
representatives to assist you in the
high risk merchant account or
offshore merchant account for a
high risk merchant.