How To Choose an Offshore Merchant Account Provider?Posted by Merchant Stronghold on July 17th, 2018 An online merchant account is a must for businesses operating online. To accept payment online, it is required to open a merchant account. When you are out looking for merchant account provider, you will run over that term ’Offshore Merchant Account’. Now you may want to know what actually an offshore merchant account is. It often has the negative connotation and is often thought of as an account reserved for high risk merchant who is unable to get approval for merchant account within their own home country.
Let us first understand what an offshore merchant account is.
Offshore Merchant account
It is like any other account but is with a bank outside merchant’s home country. This type of account enables a merchant to accept payment online by accepting a credit card. It is not limited to any industry type, but is available for merchants across all the industrial categorization and can get this account opened to reap its benefits. This type of account is more useful for merchant’s expanded their business beyond geographical boundaries i.e. multinational merchants.
Multinational merchants mean that the merchant sells a product to domestic as well as international customer and deliver real-time credit card processing in a local currency of customer. For safe and secure credit card processing these merchants should work with local bank of other countries. To achieve these objectives, an offshore account is the best alternative.
How to choose an offshore merchant account service provider?
If you are looking for an offshore merchant account provider, you will find hundreds of them but find out the one that suite your business requirement is quite a task. While looking for offshore account provider, consider the following:
PAYMENT GATEWAY
It is not possible to accept payment over the internet by simply opening a merchant account. You additionally require a payment gateway to conduct transactions. If a merchant is dealing with overseas customers, your merchant account provider should also facilitate you by offering an international payment gateway for real-time online processing
MAJOR CURRENCY ACCEPTANCE
Offshore merchant account should facilitate merchant to process payments in a local currency of different countries. Where a merchant is providing services. It is important that your merchant account provider offers multi-currency processing in the countries you operate. If you are planning to expand your region, make sure that merchant account is capable of accepting currency of that country too.
SECURITY
To ensure secure credit card processing anti-fraud protections like AVS, CVC, and pre-authorization tools are important. This will likewise help in reducing chargeback ratio.
How to Sign Up for an Offshore Merchant Account
Before you sign up for an offshore merchant account, you should do a lot of research into the merchant account provider to make sure that they are a reputable company. You should also look into the legislation of businesses in the jurisdiction of the provider so that you know your business will be protected from any legal problems.
You should also let your bank know about your plan to get an offshore merchant account, as some banks refuse to have anything to do with offshore providers. It’s also a good idea to open a separate bank account for your offshore merchant account provider to deposit your cleared funds into. You should also set withdrawal limits on this account and monitor it closely.
I hope this article must have given you a good understanding of how you can get a high-Risk offshore merchant account. If you think that we can be of good help to you, then feel free to write to us on info@merchantstronghold.com. We will be glad to help you.
About the Author:
This article was written by Merchant Stronghold, a best High-risk Merchant Account & Payment Gateway Provider, It is specialized for credit card processing & offshore merchant account in a globe, Located in Clearwater USA. Our all-in-one merchant accounts include everything that a high risk or offshore merchant’s needs to process successfully. Processing Includes debit and credit card processing, check processing (ACH), payment gateways, and chargeback management services.
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