If your business is located offshore and you are looking for a credit card processing solution consider applying for an offshore merchant account. An offshore merchant account will help you financially should the US banks and processors find you unsuitable. An offshore merchant account normally has higher processing rates and longer hold-back periods but this type of account requires its deposits.
The Benefits of an Offshore Merchant Account
Once you’ve obtained an offshore merchant account you will find its advantages to be very appealing. Easy access, credit card processing and decreased taxes are only some of the benefits you will be enjoying. Having your business offshore is an advantage on its own but, being careful when selecting the merchant account provider you decide to do business with is important.
Be Aware For “Unbelievable” Offshore Merchant Account Offers
Some offshore merchant account providers will give you a great offer at times when you are having trouble getting an account at others. I strongly recommend keeping an eye open for scams. There are companies that try to get you to open an offshore merchant account sounding all “peachy” when in fact all they are after is your setup fee when sometimes can reach a couple of thousand dollars. Do your research and don’t be fooled.
Offshore Merchant Accounts Rates and Fees
Some offshore banks and credit card processors do charge a slightly higher processing fees and discount rates however when the merchant realizes the tax savings they are incurring by processing offshore they discover they are far better off than if they had remained processing onshore. High risk businesses like online casinos, adult, pharmacy and travel merchants prefer using an offshore merchant account as most domestic banks (US) decline these business categories, owing largely to the high volume sales, potential charge back and refunds etc. Offshore banks tend to be more liberal with their under-writing policies, tax savings and there are no sales volume restrictions.
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