Offshore Merchant Accounts
Offshore Merchant
Offshore merchant accounts are a requirement for certain businesses. Both high risk and low risk businesses are able to use offshore accounts in order to process payments. These merchants will see an increase in sales and a decrease in the amount of time that they spend working with their normal payment service providers. Offshore merchant accounts have become much more cost effective over the last couple years and offshore banks and processors are willing to make deals with high risk merchants that operate a good business with low chargebacks. These offshore merchants will receive good support, low rates and fees and regular payouts into their business bank account. Some merchants prefer an offshore merchant account versus a domestic merchant account. The rules and regulations are more lax for offshore accounts compared with domestic accounts. Recently, the US government has made a number of changes that require more in depth reporting of processing amounts by processors to the government. Most merchants do not like this level of intrusion. Small offshore merchants will be able to process in a 3rd party or aggregate account. In these accounts the merchants are able to place several merchants that have low volume and process payments through a larger account managed by the payment processor. Once the merchants grow over a certain monthly volume they will be given their own offshore merchant account.
High risk businesses mainly use offshore merchant accounts. Offshore merchant accounts provide more flexibility and ease of setup compared to traditional processing solutions that are normally used. Offshore high risk merchants have been placed in this category because of where they may be located and also what product and/or services their business provides. Businesses operating out of the US will need to use an offshore merchant account. USA banks will not accept or approve an international business. USA banks require a large amount of information that is not available to non-US companies and people. High risk offshore merchants will be required to obtain an offshore account. These accounts can be competitively priced if the merchant operates a good business. In these instances there will not be large difference in pricing from a high risk US merchant account and a high risk offshore merchant account.
Offshore Merchants, as the name implies provides offshore merchant accounts. They have been providing these types of accounts since 2007. Offshore Merchants will be able to assist your business in setting up a competitively price offshore account in a timely fashion. Nearly all high risk industries will be able to be accepted, approved and setup with an offshore account. Offshore Merchants usually will be able to obtain approvals within 7 days and approval and setup accounts within 14 days. For most industries the rates will be very competitive with domestic USA accounts. It is best for the merchant to have their previous processing history available to the bank in order for them to review. Previous processing history is one of the most important items when underwriting begins for an offshore merchant account.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.