What are the benefits of offshore payment processing solutions?

Running an online business or e-commerce website necessitates some kind of payment processing solution (a merchant account) so that your customers have an easy and convenient way to pay. However, you may be limited with your choice of merchant banks that are willing to assist you due to the nature of the business. 

Due to the nature of online businesses, your business will probably be categorized as being high risk. This is not something to worry about, though. All this means is that your options are going to be extremely limited when looking for conventional acquirers or acquiring banks willing to accept you as a merchant account.

Offshore banking services can provide your business with the means to handle credit card transactions. With offshore credit card processing options, you now have a wider choice of banks and financial institutions that are willing to do business with you.

Benefits of offshore credit card processing

If your business is in the U.S., then you are probably aware of all the laws that govern your business. There are many restrictions, including the ability and means to process online payments. However, with offshore credit card processing, you are no longer bound by these rules and restrictions. 

Believe it or not, there are many more advantages to having offshore processing than to using domestic processing services. Let us take a look at some of these:

●      You can accept a larger range of credit cards

●      You can accept foreign forms of credit

●      There is no large application fee or deposit

●      You get better customer service

●      You get maximum privacy

●      You get tax benefits

●      There are no hidden fees 

●      You get 24/7 support

As you can see, there are many advantages to using an offshore credit card processing service. And, a lot of the time, it could be your only option. Keep in mind, too, that many offshore banks will compete for your business. Can you say the same for domestic banks?

What you need to consider

There are some things you need to know when searching for an offshore high risk credit card processing service provider. Nothing too crazy — just a few basics to be taken into account so that your business can continue to operate without any jitters.

The first thing to understand is that offshore banks may not be covered by insurance as domestic banks are insured by the Federal Deposit Insurance Corporation (FDIC). Doing a little due diligence and knowing the laws of the jurisdiction where the bank is located should be your priority. The government may not step in and bail the bank account if there is a crisis. There are other laws that you may want to consider, such as privacy laws. Any information related to your business (whether that is financial information or customer information) should be kept under wraps. So, you want to make sure that the laws governing the bank forbid the disclosure of any information.

Bottom Line

All things considered, offshore payment processing solutions can help your high-risk business rise to the top in such a competitive market. What are you waiting for? Contact a professional high-risk merchant account provider that specializes in offshore banking services today!

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Jun 5th 2020 02:16. Viewed 275 times.

Share on APSense

Comments