An offshore merchant account has all the advantages a wise and practical merchant wants for his online business such as easy application, low to zero initial deposit and taxes, account safety and security, quick payments, and more.
Any form of business now accepts credit or debit card payments because of its many advantages to the retailer and customers. It also generates a lot of profit by increasing sales and cash flow in the business because of the fact that over 80% of customers now pay through their credit or debit cards.
Having an offshore merchant account has loads of benefits that the retailer and the business will gain. Below are its advantages:
It is very easy to apply unlike a domestic merchant account. Offshore merchant account providers do not have very strict rules and guidelines when it comes to applications because they simply have no strong competitors thus they can accept applicants to the maximum. It is possible to acquire for it even if you are new and inexperienced, and even if your business is small. Set up time may only require one week, depending on the account provider you choose.
Low or zero initial deposit
Many domestic accounts may ask huge amounts of money as initial deposit from applicants who can’t even afford getting such. But in an offshore merchant account, merchants do not have to worry about any of it.
Reduced or zero taxes
Usually the providers are located in another country than the applicant thus processing fees of credit or debit cards are not regulated with high taxes. They usually have lower to zero tax percentage and up to 15% savings on tax payments. This is a great deal to merchants who want to gain more money.
Acceptance of multiple credit cards and currencies
Having this account grants the retailers the capability to accept a variety of credit or debit cards, and different currencies all over the world. Domestic merchant accounts may only be limited only to their local currencies which hinders the business to spread out internationally. But in an offshore merchant account, different types of currencies are welcome especially that it is not limited to one country alone. And costumers also need not to worry about currency conversions when paying.
Safety, security and privacy
Offshore merchant accounts are thought to have high risks in frauds or scams. But with thorough research you can find a provider that is authentic which will guarantee you that your account will be safe and secure. Many offshore providers are currently applying latest security technologies and protection systems from fraud and unknown encryptions to ensure all the account holders that their accounts and financial transactions are safe with utmost privacy.
Reliable payment gateway
The credit and debit card processing gateways are always stable and functioning. Merchants and customers don’t have to worry about downtime processing problems. With this account, your business will be able to accept credit and debit card payments round the clock with speedy account updates.
Merchants don’t have to wait for days for payments transfers because it will only take a few seconds for payments to be processed and you will be paid instantly.
It is not limited to one country and currency thus enhancing the retailer’s business potential. It is available worldwide so international customers can be able to purchase your products and services with unlimited transactions.
The accounts are compatible with scripts that enable shopping carts or ‘one-click buy’ functions to merchant’s online web stores
Nowadays, many businesses are expanding and reaching into the international industry. These businesses need such account to accept credit or debit card payments from international costumers because local merchant accounts are limited only in the domestic area. It is not also true that these accounts are scams like some people say. Offshore merchant accounts are actually well-secured.