Internet was a revolutionary idea and till date, it is evolving. Not only for sending emails or social networking, it has also gained popularity in the field of E-commerce. When we talk about E-commerce, a couple of things strike our minds like credit card processing, data security, merchant account, etc. A merchant account is a necessity to accept card payments online along with reliable payment processors. While setting up online businesses, a merchant also needs to take care of these things but if a merchant is planning to grow his business and want to reach customers around the world, he needs to open an offshore account.
What is an Offshore Account?
The term ‘offshore’ is basically used to describe banks from countries other than home country or foreign lands. An offshore account is like any other merchant account opened in any country other than merchant’s home country. The main benefits of an offshore account are the security and the option of accepting major currencies. It also helps the merchant in increasing revenue due to tax relaxation, provides greater privacy to merchants and helps in gaining more customers (major currency acceptance).
Why is it Popular Among Merchants?
E-commerce and offshore accounts are highly linked as merchants, irrespective of their industry types. It aims at attracting a majority of customers and look for maximizing sale to earn good profit. To achieve this, the merchant needs to have a merchant account that accepts the majority of credit cards. But it is not that easy to open a merchant account, as it includes many requirements and lengthy procedures, which is not the case with an offshore merchant account. Most of the businesses like to maintain an offshore account as it provides many financial and legal advantages to its client.
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Why Offshore Merchant Account?
Most of the merchants choose offshore accounts over merchant accounts for various reasons. Few of them are below:
- Hassle free procedure
- Low taxes/ tax relaxation
- Low initial costs
- International Reach
- Different currencies
- Major credit card acceptance
Why are Offshore Accounts so Popular?
No matter how small or big business you own, any merchant can get an offshore account. Especially, merchants who are planning to set up an online business, irrespective of their size, prefer offshore account over merchant account due to low initial cost.
Every merchant running an online business wants to hit the international market at a certain point of growth. Offshore merchant account makes the acceptance of various currencies as well as credit cards much easier. Although, merchants who are dealing with local customers with the prime objective of capturing domestic market don’t get enough benefits from offshore merchant account as compared to the merchant targeting the global market.
Things to Remember
If you are searching for an offshore Merchant account provider, there are many providers available online. But it is completely merchant’s choice to decide which one is better for their business and which one will turn out to be more beneficiary. Making a decision and choosing a suitable offshore account provider is very important because benefits provided may vary from one provider to the other. So take your own sweet time to think, decide and choose the right one to enjoy the benefits of an offshore account.