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Advantages of a third party processor over offshore merchant accounts

To choose a payment processor which accepts the credit card correctly online is time consuming and a hard task to complete. Just like the mortgages and bank accounts there are various options available but we need to research them with ambition for the future f our business before making the right decision.

In general we can segregate process of payment into merchant account of your own or third party processor where you are using the processing unit of another company. There are both advantages and disadvantages with the above mentioned options, but third party processor has the edge over the merchant account. 

The third party processors are very cheap to set up while the merchant account will need to pay several amounts of cash for setting up.

Third party processors are easy to set where the account needs no or little paperwork to be done which is time saving. While the merchant account includes lot of paperwork, bank statements, identification proof, audited accounts and others.

Merchant account with more involvement of paperwork to set up an account will take some time. But in third party as there is less paperwork the process is very quick to set up an account. In some companies you can set an account by accepting credit card on a website the very same day itself when you would have applied.

By choosing third party account you are needed to provide nominal personal information and you are guaranteed of an account. But with merchant account you need to give much more information on yourself.

The third party accounts are accepted internationally, where many of the accounts are easily accessible irrespective of the place you live in. But with merchant accounts this offer may be limited.

It is very difficult and complicated to integrate the merchant’s account site with gateway of payment. But with third party accounts there is the presence of wizard with which you generate secured order form just by providing necessary details of the products. Later you can link to form to establish payment gateway which is very easy.

In addition there is a factor of consideration for merchants account is that they charge a monthly fee, to keep the account active or open, fees for statements, secure server fee and fee for using their gateway for payment. But with the thirty party accounts all these fees are eliminated.

In merchant account you need to maintain a minimum amount for a month. Suppose if you fail to satisfy the target, your account can be closed or you might be asked to pay extra fee.

With the third party processor, there is no need to go for up-gradation when the small business grows into big business without limits.

It is also best advised to go for third party processors and accounts for smaller business, while they are suitable for any merchant having e-commerce account. Those merchants having their merchant account closed can use this third party processor. 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.