An offshore merchant account is a term that is often confused with an account for high-risk merchants. Well, this statement is a partially true, as not only high-risk merchant but also merchants belonging to any industrial type can get this offshore merchant account if dealing overseas. This type of account provides facility to open an account in countries other than home country. Ultimately, helps to conduct secure credit card processing and acceptance of various currencies.
As technology is advancing, the internet has decreased the geographical distance and brought the global market at one place. Through online businesses, merchants can provide its services to the customers all around the world. Irrespective of the size of business you own, to run it successfully online, merchants need to have two things:
1. Merchant Account
2. Credit Card Processing Facility
An offshore merchant account is the most common account out of all the options available in the market. The offshore account does not require a huge cost for initial setup. This type of account is more popular among small businesses that operate online.
Benefits of Offshore Merchant Account
1. Some offshore account providers may charge you but there are a few that do not charge a penny for initial setup, which is a beneficial deal for merchants running small online businesses.
2. Offshore accounts operate outside of your home country (where your business setup is), the merchant does not have to pay taxes as he will be out of tax regulation laws of the origin country.
3. Offshore Merchant account provider takes care to protect their clients (small business merchants, having an offshore merchant account) from online frauds.
4. Acceptance of multi-currency
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Things to know
When you own small sized online business or if you are setting up one, you cannot afford to become a victim of fraud. Fraud and scams are the harsh reality of the business world and usually new, small, inexperienced businesses are the target of these scammers. For the purpose of safety of merchants, offshore merchant account provider takes responsibility to protect their clients from online frauds.
The need for offshore merchant account arises where a merchant deals with multi-national currencies. And, various credit cards used by the customers around the world. If you have an offshore merchant account, this will increase the chances of gaining more customers globally and increase annual revenue.
Normally SMBs do not have spare money to invest more in the accounts. This is where offshore can make life easier for merchants having small businesses. If a merchant runs his/her business with proper planning and strategy, he can expand his business. Also, way sooner than expected by gaining more customers nationally and internationally with high profits.
If you want to know more about the benefits of an offshore merchant account give us a call on +1 (727) 330 – 3944, Merchant Stronghold works 24*7, 365 days and with the vast knowledge of offshore merchant accounts, we will handle any type of query that you might throw at us.