In this age of the internet, taking a credit card account is imperative for an off shore merchant who intends to stay in the market and fight competition. All traders doing online vending must necessarily have an online global merchant account without which they simply cannot survive in this highly competitive world. There are many traders who maintain a high volume of sales and face a lot of threats due to fraud; such companies are grouped into the high risk category.
Making things simpler for the customer to purchase from you quickly, effectively and with security is a vital point. A merchant account assists to make your website more convincing and trustworthy. Without a merchant account the clients will not be in a position to pay the vendors through their credit cards.
It is advisable for all online merchants to open a global merchant account, because the type of business that they is doing does not restrict itself to one particular country alone.
Before setting up global merchant account, the vendor must do as much research as possible, and finally sign up with a provider that would suit their requirements. Get to understand their terms and conditions and demand a hard copy before the sign up. Ensure that all transactions are carried out in real time. Ascertain that the provider has no hidden costs.
Global merchant accounts are generally acquired via banks that are set up specifically for this purpose. When a merchant applies for an account he will be assessed on a number of points like the merchant’s credit history, the kind of product or service that is being traded, whether the merchant is classified as high risk, etc., before the account is accepted. The bank also takes into account the anticipated volume of sales.
Another means of availing a global merchant account is through a credit card broker or and Independent Sales organization also known as ISO. Such providers have links with a number of banks and will match your requirements to a bank that would accept your conditions. They are in turn paid a certain percentage of the sales fee.
The cost of acquiring a global merchant account can vary subject to a lot of factors like the percentage of risk involved, volume of sales and last but not least the assertiveness of the bank.
Global merchant accounts or offshore merchant accounts as they are often called are more difficult to acquire than other accounts. Offshore merchant accounts typically provide their clients with reports of daily deals and are in close connection with all major credit card companies, giving the merchant the chance for international acclaim.