What you need to know about opening an offshore merchant accountby Confidential Banking #1 Merchant Processing Services
Due to advancements in science and technology, the business community has also transformed itself to cope with the changes in the world. New strategies continue to evolve, providing better access to the customers and a few of the latest trends in the modern-day business are: -
- Online businesses that involve marketing the product and selling them online through the forum of the internet.
- Telephone marketing involves advertising and taking orders over the telephone. Contacting customers to obtain their feedback and ensuring customer satisfaction are also related techniques.
- Accepting the orders through the mail, whether the traditional mail or the fast-paced emails, is another technique that has helped in expanding the business.
Offshore Merchant Account
International business in the modern world is dependent on credit card payments, and any business that does not accept credit cards is missing out a lot. However, in order to accept credit card payments, you need to have a merchant account, which may either be a low risk or high-risk account depending upon the type of business and its volume. However, all the businesses offering purchases online or via telephone are generally considered high risk and thus require a high-risk merchant account.
For any vendor selling his products to a wide range of people all across the globe, credit cards hold the key to success. However, this mode of payment has a risk of fraud or misuse, and as a result, a high risk of chargebacks. Owing to the black sheep in international business that does not provide the desired services to the customers, credit card companies have offered a period of six months for filing a chargeback on account of any sub-standard products or services. This chargeback also serves as a security feature against the risk of the credit card being misused. On the contrary, the chargebacks are a menace for the business and real bad to look on your business history sheet. This creates problems for the payment processor, and the business has to opt for an offshore merchant account that is compatible with the high risk.
Benefits of Offshore Merchant Account
Offshore bank accounts are incredibly beneficial because they allow a merchant to accept credit card or debit card transactions from around the world for very nominal charges. A few of the major advantages of this account are: -
- Currencies of all denominations can be accepted from around the world.
- The multi-currency e-commerce transactions are possible, and the offshore business can also thrive.
- The option for conducting business through online and telephone marketing is offered.
- Features like shopping cart software and fraud screening processes are inbuilt in international merchant accounts.
It is a complicated procedure to get approved for an offshore merchant account. However, when you partner with a reputed merchant account provider, you can get your application processed and approved quickly. Just make sure you pick a provider that has been in business for at least ten years and has an extensive network of offshore banks and processors to meet any of your payment processing needs.
Created on Sep 11th 2020 01:16. Viewed 259 times.