What are Offshore Merchant Accounts?
An offshore merchant account, also known as an international merchant account or "off shore" merchant account (two words), is a payment processing option available to merchants with high risk business types, a history of chargebacks or fraud, or bad credit.
Why I need offshore merchant account providers
Some acquiring banks are unlikely to provide merchant account to high risk merchants for various reasons. So creating a high risk offshore merchant account does make perfect business sense which will provide your business the advantages of offshore credit card processing and other payment gateway, courtesy a reliable offshore merchant account providers
With Rapidas Group offshore high risk merchant account solutions, that problem offshore merchant account providers.
Benefits of offshore High Risk Merchant Accounts
- Real-time credit and debit card processing: Merchants are able to process credit and debit card transactions instantaneously with our offshore credit card processing;
- Automated billing service: With high risk offshore merchant accounts, merchants can generate their own daily, weekly or monthly statements through automated software;
- Third party processing: Ideal for small businesses or e-commerce startups;
- Security: SSL (Secure Sockets Layers) and 3D Secure (Verified by Visa & MasterCard Secure Code) solutions as well as fraud detection tools such as AVS (Address Verification Service), Advanced Fraud Screening software and internal negative databases to reduce chargeback for offshore credit card processing;
- Application documents: Our merchant account managers will send you the application (to be competed in full). Additionally, we'll request several KYC (know your customer) documents we'll need to go forward;
- Local payment processing solutions for USA Europe, Asia Pacific, LATAM, Russia and the Middle East is another advantage of offshore high risk merchant account.
The result of a recent partnership with many offshore banks providing offshore credit card processing services, Rapidas Group can now offer specific, localized payment processing solutions in several different countries and regions of the world, enabling merchants to accept many solutions in addition to offshore credit card processing like Visa, MasterCard and American Express.
If you're a business that sells products and services online, then you need an online merchant account. Without a merchant account, you cannot accept payments over the internet. During your search for a reliable merchant account provider, you may have come across the term "high risk offshore merchant account." Offshore merchant accounts often have a negative connotation; many think of them as accounts reserved for high-risk businesses that can't get approved for a merchant account within their home country.
While some offshore merchant account providers do specifically cater to high-risk businesses, such as gambling or auctions, this isn't always the case. An offshore merchant account is simply an account that allows merchants to accept online credit card payments and is established with a bank in a country outside of their home country. Merchants across all industries can utilize a high risk offshore merchant account and reap its benefits.
Also referred to as an international merchant account, an offshore merchant account is especially beneficial for multi-national merchants. Merchants who sell products to customers in multiple countries must deliver real-time credit card processing in their customers' local currencies. They must also work with banks in other countries for safe and secure credit card processing. Offshore merchant accounts allow merchants to achieve these key objectives.
Choosing an High Risk offshore merchant account
There are tons of international merchant account providers out there. To find one that's best suited for your business, consider the following:
Payment Gateway
Accepting payments over the internet not only requires a merchant account, but also a payment gateway. Your merchant account provider should also offer you an international payment gateway for real-time online payment processing.
Multi-currency processing
An international merchant account provider enables you to process payments in your customers' local currencies. If you sell outside your home country, consider a merchant account provider that offers multi-currency processing in the countries where you operate. Also consider the regions where you hope to expand in the future.
Security
Anti-fraud protection like 3D Secure, Address Verification Services, Card ID Verification and other pre-authorization tools are important to ensure secure credit card processing and reduce chargebacks.
As you can see, an offshore merchant account does not translate to high risk. Some merchants may refer to their accounts in certain jurisdictions as offshore, while those same accounts are considered onshore by other merchants. It depends where the merchant operates. Working with a reliable international merchant account provider allows your business to deliver secure credit card processing and provides opportunities for your business to grow.
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