More on offshore merchant accounts
If your business includes online credit and debit card payments, you must have a merchant account. While most businesses are able to obtain one of these accounts domestically, a high risk merchant may need to look for offshore merchant account services. The strategies and customer services behind offshore accounts are somewhat different than domestic accounts; however, the result is more flexibility in accepting cards online.
There are some tangible taxation benefits that come with opening up an offshore merchant account, particularly for new businesses. Where US banks show hesitation in providing an account for a new or high risk merchant, offshore providers will often be pleased to do so. The methods of payment processing between offshore and domestic providers are basically the same—the only difference is the various banks’ internal policies. Some of the differences demonstrated by an offshore payment processor may include:
• Higher processing expenses or longer holding periods rather than deposit requirements
• Lack of hesitance to offer accounts to certain high risk merchants or to organizations in particular industries (including MLM services and adult services)
• No need for a large up-front security deposit
• May use profit withholding in order to protect against chargebacks
If opening up an offshore merchant account seems like a good move for your business, there are some common requirements to have on hand prior to completing an application. Try to have copies of personal identification or passports of the business proprietors, as well as copies of the rules and terms of integration for your particular company. It is also best to have printed out application forms and the necessary depositing information for your business.
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