Offshore is becoming the banking trend nowadays. Merchants are becoming more aware of the endless possibilities to reach a worldwide market. What lures them to divert from their local banks to opening up offshore merchant accounts?
Results of applying for an offshore merchant account are hours away. The application forms are available over the their websites so it saves time to scour for the avenues to submit your application.
Choices for competent banks are endless. We’re not only talking about US banks but foreign banks from countries drawn on the world map.
You can securely accept payments on your offshore merchant account through the advent of internet payment gateways. This also enables you to simultaneously take in payments in different currencies.
Deposits made into the account are updated real-time. Definitely suits your need for speedy and accurate information regarding your offshore merchant account.
You also have a worldwide reach to potential customers. Since you are operating on an offshore merchant account, marketing is also of global scope as well.
The saying,” Nothing is permanent except death and taxes”, applies to all, and, yes, to merchant accounts as well. But setting it offshore will definitely reduce your tax responsibilities. fees are reduced to a considerable portion.
Banking guidelines and policies are also a major turning point in offshore banks, they tend to be less strict starting from the application. They entertain virtually almost all inquiries from all over the world, regardless of past business performance or shaky credit rating. Criteria for approval are clear and concise that’s why you can expect for immediate results. Plus, they don’t require initial or security deposits compared to domestic banks. Expect results as fast as 24 hours and a week to set up the actual offshore merchant account.
Your options for the perfect bank to cater to your merchant account needs are limitless. They may be offshore, but these banks are established that’s why they have the resources to go international. Competition is less stiff than domestic banks. They adjust to your needs, you don’t compromise your merchant account desires.
Security is everyone’s concern. Offshore is not synonymous to hidden, the information is just located on foreign territory, still virtually open to verification. When you have an offshore merchant account, you can accept credit card payments over the internet. Once this happens, then you can actually sell your products online as well, thanks to the advent of shopping carts.
The products are displayed online and a payment gateway to purchase the product of the customer’s choice is next to the display. This payment gateway will ask for the credit card account number and then immediately process the transaction like a normal domestic credit card transaction. In a matter of minutes, the customer will know if the transaction was approved or rejected. The payments gateways have multiple security protocols but on a faster pace.
Access to your offshore merchant account information is also convenient. After passing critical verification, you can check on the state of your account round the clock. Thus, liberating yourself from waiting for business days to actually check on your account’s performance
Reduction of taxes become possible by using a separate offshore-incorporated company (your company) to handle your credit card business for you. Taxes are actually cut down by 15% and in some cases, to 0%.
The benefits you can get from the offshore merchant account bandwagon are countless. Once you’re in it, you’ll realize that it’s one of the best merchant strategies you ever ventured into.