Getting an offshore merchant account refers to a merchant acquiring a credit card processing account. convenient receiving of credit card payments from around the world. Any company executing business online requires a merchant account to successfully accept payments via credit/debit cards, and also alternative payment methods.
Features of an offshore merchant account
Selecting the best offshore merchant account enables to solve various problems at once;
- Flawless interaction with customers by accepting guaranteed payments in only seconds, no need to wait for typical international bank transfers.
- Manages the prices of commissions. Proper merchant accounts are generally cheaper and more flexible than alternatives such as PayPal.
- Receive online payments via cards from across the world.
- Withdraw money to the company’s bank account in desired currency or pay for the services of partners.
Depending on your requirements, we choose and assist you to connect a credit card merchant acquiring a merchant account across the world. There are offshore merchant accounts that fit a wide range of customers from small businesses to large ones. There are also payment services with a particular approach to large companies with a higher turnover.
However, merchant accounts have a lot of risk. Chargebacks are the primary risk both for the business with an offshore merchant account and for the bank that delivers the offshore merchant account. If your chargebacks are in a small amount, heavy penalties kick in. Credit card fraud can result in increasing chargebacks. So, the acquiring bank also requires that you have professional fraud prevention systems before approving your offshore payment gateway.
Approval for an offshore merchant account is similar to qualifying for a banking loan. Generally, you should have a legal entity incorporated in a similar jurisdiction as the bank that is delivering the merchant account.
Criteria to consider when selecting an offshore merchant account provider
Given further information will assist you in selecting and functioning with the most reliable payment service provider.
- Reviews and reputation. The factors you should consider are reviews about their services and customer care quality. And how they manage issues and chargebacks and how fast they manage their payouts.
- Merchant Account Prices. Merchant account rates are those that set many merchant account providers apart. This is the primary zone of competition so ensure you do not go with the first provider you think has the best account processing rates. Go for a merchant account provider that costs the basic rates set by the major credit card networks. Their fee for each transaction should be low.
- Customer Service. You will have to go for a payment service provider that can deliver their services at any time you need. Customer service should not be available only in the day but should expand to after-hours as well. Analyze if your payment provider is easily accessible via email, chat or phone.
- Agreement Contracts. Properly go through the contract and ensure that everything mentioned is something you are comfortable with and can work well with. Analyze for any early termination and cancellation fees presented, if you want out of the contract.
Amald has a couple of experience in how to acquire an offshore merchant account for all sorts of business. High, medium, and low risk, and with several card schemes, they can also assist with incorporations, and employees. And also fully managed offshore merchant account solutions where they offer the staff, physical address, and much more.
For all these causes, and to reduce the risk of rejection, we suggest you select an offshore merchant account very carefully and with specialists only. For the best payment services. Please provide your initial email with as much information as possible regarding your business and transaction profile, expected revenue, etc.