Friday, December 13th, 2019
An Offshore Merchant Account is a brilliant way to expand your bottom line. This type of merchant account is set up in a foreign country to allow a retailer to process transactions for their overseas customers.
Businesses looking to grow their international footprint can particularly benefit from offshore accounts because they ease overseas dealings. It allows a foreign customer to buy items and a merchant to process transactions without a hassle.
But businesses classified as “risky” will need compliant High-Risk Merchant Account Solutions for their offshore processing needs. As such, retailers with a high-risk classification often struggle to set up payments compared to their low-risk counterparts because many traditional account providers have an attitude towards them.
The process is tasking because many legacy providers ask for a minimum of two years in business to term you eligible for a merchant account and thousands in reserve funds or security deposits to operate an account.
But with the dawn of new account service providers like Best Payment Providers, business owners can now weigh options and consider a cheaper, hassle-free way to take payments.
Why an Offshore Merchant Account?
So what are the pros of an offshore account?
- Affordable processing– The best account providers offer almost all merchant services at affordable rates.
- No rolling reserve requests- You do not have to keep a separate security fund to run an account.
- Expand your global footprint – You can bank overseas affordably and grow your business worldwide while paying low taxes.
- Credit Card Processing – Enables merchants to begin processing card transactions. Buyers can pay for items in a few steps—using credit cards— and a retailer can take payments in many currencies.
- Fair Taxes. This product is built to help online retailers take payments, and is subject to fair tax conditions to offer businesses a conducive growth environment.
Get Help from the Right Account Provider
The best account providers analyze a business, listen to its needs, and then tailor a solution that matches its situation.
Business, both low and high risk, can get merchant account and payment processing solutions as long as they look in the right place.
Hassle-free application and a forgiving underwriting procedure can ease the process of setting up an account overseas.
Parting Shot
Always compare rates and inquire about all the fees involved in owning an account and processing transactions. Hidden fees can severely ruin your budget.
Lastly, look for an all-inclusive solution and a secure gateway to ensure safe payment processing.
Topics discussed in this article:
- High-Risk Merchant Account Solutions