Are you thinking about what is an offshore merchant account? It’s most likely that you probably have heard about it.
Maybe you are facing obstacles with your traditional processing and you have done your homework by asking around – that now all you need is an overseas merchant account.
Some people say that offshore account can be tricky. Keep on reading this article and you will know how you can open a merchant account along with the best terms possible.
First question that arises in mind is – what is an offshore merchant account?
An overseas merchant account is an international merchant account, which is used for payment processing. Only merchants who have businesses with high risks, a possibility of charge backs, fraud, or bad credit can use this account. Merchants who are not approved for traditional processing can use the benefits of lenient standards overseas.
That is why merchant who runs businesses with high risks open an offshore merchant account to get their payments without any hindrance. The overseas banks gain a lot of profit from these kinds of businesses and so they quickly approve these kinds of merchants. The possibility of getting an approval for these merchants becomes very high.
By using an offshore account, you can receive credit card payments into your account easily. When it comes to credit card merchant, any business can be marked as high risk when you are at the applying stage for any reasons.
Now, what’s the basis of a business to label it high risk? A merchant owner whose business model maintains a high refund rate can be labeled as ‘high risk.’ There are many reasons as to why their applications might get rejected. But mostly the reason is that their business model does not meet the requirements of a ‘high risk’ credit card processing.
All you need it a credit card processing provider who specialty is dealing with high risk merchants and business and viola – there are great odds that your application will be approved. Working with a credit card processor increases your chances many fold.
Besides, you can also use offshore merchant accounts to entice businesses that operate cross-border. The point is that domestic banks don’t allow international credit card transactions to prevent any malicious activity such as fraud. But international banks are in a whole different league.
If you want to grow your business, it is very important to work with a renowned merchant services provider.
It is a payment processor considered in high regard by almost everybody. It has the rating A; and its specialty is in businesses with high risks. If you are looking for a provider, First American Merchant is your gateway.
Why do you need an offshore merchant account? Because your local banks take up a lot of time to verify your transactions history and documents.
Second, if you do not have a high volume of success in your own country, then you can try expanding your business overseas. And to do that, you will need an offshore merchant account.
Third, a merchant is very private and it allows you to transfer fund anywhere.