Friday, June 29, 2007

International merchant accounts – Enabling you to hold to the world in the palm of your hand



Carry your credit transactions to a place close to utopia by taking advantage of an international merchant account.


At this day and age where online business transactions are done by swiping a credit card, it is vital for a merchant to be competitive and explore every feasible avenue increase and maintain a good momentum. One way to gain momentum is catering to foreign clients. If you are ready to accommodate this kind of customers, then opening up an international merchant account is the perfect road to travel to.



See the currencies you can accept through an offshore international merchant account by reading the whole article:

International Merchant Account – Enabling you to Hold the World in the Palm of your Hand

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High Volume Merchant Accounts - Avoiding your Business to Blow Off into Nonsense Proportions




Your monthly sales are up. The demand of is growing, so you produce more. You're on top of the world. What's next? A high volume merchant account.

If your business has monthly volumes costs more than $10,000, then your business is considered as high volume.


Normal dealings

Since you have a business that accepts credit card payments, standard procedure tells you to open up a merchant account. When you have a merchant account, you throw in a couple of cents per transaction that comes in. So the charge in the transaction fees section of your monthly statement depends on how many transactions come in. let's look at the pros and cons, on one side, it feels good to see that you have a high amount of transactions, which means business is doing great. But you will also pay a lot for the merchant account statement bill because of the per transaction fee charge.

Balancing act

Opening up a high volume merchant account can balance the situation. Through this kind, you will be able to acquire reasonable rates on mid and non-qualified sales, and alongside the other additional fees. What happens is you'll get lower rates for your per transaction charge, so even if you have a high volume sales, you won' get headaches over the transaction charges. Sadly, thus type of business is also considered as high risk because of the high percentage of chargebacks and refunds, so, where do you go to get stability and security, you go for an offshore merchant account.


Learn how to maximize your high volume business with a high volume merchant account by reading the whole article:

High Volume Merchant Accounts- Avoiding your Business to Blow Off into Nonsense Proportions


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Prescribing offshore pharmacy merchant accounts for your medicine business


If you're pharmaceutical business is in its early stages, then it's ideal for you to take advantage of an offshore merchant account. You may ask, what could be risky about a pharmaceutical business that it's better to be set up offshore?



Here's a rundown of why pharmaceutical business are consider high risk:



sky-high amount of chargebacks

shaky credit rating

undetermined business life expectancy



Credit card processing companies are almost always nervous about accommodating pharmaceutical merchant accounts because of the high probability of chargebacks, unstable credit rating and the that the business may close sooner than never expected.


Get more information on pharmaceutical merchant accounts by reading the complete article:

Prescribing offshore pharmacy merchant accounts for your medicine business


Wednesday, June 27, 2007

Plunging into the world of escort service


The business of escort service, just as having an offshore merchant account, has been put on a controversial light for quite sometime. The reason being that escort service has been undoubtedly linked to prostitution. Shedding light on this will be tricky, but definitely interesting.


Operating an escort service is already risky, negative public impression, run-ins with the law, and client privacy issues. Setting up is more tricky, for local banks are having a lot of second thoughts on entertaining these kind of merchant accounts.

It wouldn't hurt if you take a closer look to this risky yet prospering business. For the complete and juicy details,read the whole article:

Plunging into the world of escort service


Sunday, June 24, 2007

The Era of Ecommerce


Applying for an offshore merchant account doesn't mean you have to fly an airplane to go offshore, literally.


Ecommerce is a good business avenue if properly used. Its origins date back to over 30 years ago and the benefits are endless. You just have to familiarize yourself with the basic inner workings. Offshore merchant accounts and ecommerce have an undeniable link.

The roots of doing business without actually standing in the conference room making a presentation, and then having coffee after and waiting for days for a mere yes or no.

Thanks to the birth of ecommerce.

Give in to the feeling of curiosity, for further concepts, read the whole article :

The Era of Ecommerce


Friday, June 22, 2007

Presenting the candidates for an offshore merchant account


Offshore merchant accounts are still a distant concept to most people. Many have a preconceived notion that “scrupulous” businesses are the ones who jump in to the offshore merchant account ship. This is an overstatement in a certain sense. Given the basic premise, the idea of an offshore merchant account will be anything but “scrupulous”.


Here's an overview of business that normally opt for an offshore merchant account, just to give you a head start:

● online pharmacy

● online gambling

● travel

● adult website

● telemarketing

● dating service

● escort service

● multi-level marketing


For a comprehensive observations on these businesses, read the whole article:


Presenting the Candidates for an Offshore Merchant Account

Friday, June 15, 2007

A Behind-the-Scenes Look at Third Party Processors


If you're still in doubt who to turn to for a smooth integration of your offshore merchant account, then turning to a third- party processor is one of avenues you can seek for assistance.


Just for a quick overview, you set up an offshore merchant account in order to accept credit card payments over the internet. There are a couple of ways by which you can the setup:


● Contact a merchant account provider

● Contact a third- party processor

● Contact foreign banks through the internet or do overseas telephone inquiries


The role of a merchant account provider has been emphasized in recent articles. So, for this time, a ray of light will be shed on third-party processors and their role in an offshore merchant account.


Here are the main characteristics of a third party processor:

● Your business' processes will be under the name of the 3rd party processor.

● Your customer's credit card statements have the third party processors name on it.

● Disputes are made through the 3rd party processor and not the processing bank.

● Your business and customers have limited protection from being ripped off.

● You will be using the third party processors' checkout system

● There will be no fixed monthly fees.

● Some may have setup fees.

● Most have high processing costs

● No contracts involved

● Your business is partially liable for the transactions that the third party processors process.



Let me give you a run of the inner workings of a third party processor. First, after you have been approved and apaid your dues, you can now create the shopping carts containing your products and link in which your customers will click to make their purchases. These links are connected to the third-party processor's server, this is where they manage the product orders for you. Third party processors can process electronic checks and credit card payments, and even ordering over the phone.


After the purchase is confirmed, the sale is automatically credit to you, of course, which the third party processor's part has been collected. Confirmation of the purchase includes Address Verification Service (AVS) that matches the shipping address keyed in by the customer to the registered mailing addresses in their credit cards or checks.


Your profits are forwarded by the third party processor at a scheduled time that you agreed upon. It is appealing to note that they will only collect their part of the bargain when your business makes a sale. Seems like a fair deal, isn't it? But, of course, you will always want a sale, do you?


Just for a quick run down on third party integration, you create third party processor account, then you set up your business' website, then you integrate your website with the third party processor's system, then you do a test-drive and run a real transaction, lastly, when everything proves to be hassle-free, you go live.


It is safe to say that the process in dealing with third party processors has a less-complicated structure, but the difference is in the ordering. The things with them is, they handle the purchases first hand then gives you your part of the sale. Parting words, getting their services is a choice, you examine if you feel secured and comfortable. You always have choices, choose what best suits you.





Must-haves of an online store


Your offshore merchant account is an invaluable tool making your business successful. Through an offshore merchant account, you'll be able to accept credit card payments online. But what does it actually take to set up one?

Just like any standard business setting, there are a number of requirements you need to comply in order to actualize your offshore merchant account.


Below are the requirements for setting up a website offshore merchant account:

● registered website on the application must be “live”

● “doing business as” (DBA) indicated on the application should be the same on website

● products, delivery method, delivery time frame and prices must be indicated

● prices should be in US currency

● business privacy policy should be published

● customer service hotline should be indicated

● shopping cart must be active and secured

● domain name should be legally registered under merchant


When you indicate in your application that “www...” is the corresponding website for your merchant account, it should be accessed real-time. The website should actually exist, not “under construction” or “will be coming soon”.


The DBA should be the same as well. There shouldn't be a different name on the website and on the application.
Not a single letter should be missed or added.


The actual images of the products that you sell should be published on the internet as well. If not, then what's the point in selling online, right?. Also bear in mind to indicate the price of the products, the price, the shipping method, and also the number of days that the shipping of the products will take to get to your customer.


Even though you have multinational target market, tag your products in US dollars. This is an indication that you are competitive, for the US dollar is the most widely-used currency in international transactions.


Your company's privacy policy should be indicated at the website as well. Admittedly, most people don't read it, but it is a requirement so that you let them know what are processes in ensuring that the website is secured, after all, it it being viewed by people on every corner of the earth with internet access. Also, this is showing both of your rights and obligations as a merchant and the rights of the customers and the viewers of the website.


As we all know, making sure that our customers are continuously extremely satisfied. But, let's face it, there will always be grievances and inconveniences that they will feel. So, having a 24-hour customer service telephone number will be a reflection that your business is serious and committed in serving your customers and potential customers. This is a requirement to protect and ensure the rights of your clients to a fair service.



A shopping cart is the main selling point of your website. Since you are a merchant, you must establish a shopping cart that displays your products with the corresponding prices. A shopping cart makes it convenient for your customers to purchase as the product is just a click away. Technically, not a click away, because they'll have to wait for the item or items to be delivered. But, it saves them the time and energy to go to the store and tirelessly choose on the displays on the racks.


Lastly, you should have a registered domain name for your website. The names should be assigned by domain name registrar duly licensed by the Internet Corporation for Assigned Names and Numbers (ICANN) or by any other national ccTLD authority to register Internet domain names.


It is crucial that all of these have been meticulously set up and published on the internet. Once these are in up and running flawlessly, the probability of getting your application for an offshore merchant account approved will be higher.








Paying your Offshore Merchant Account Dues


Setting up an offshore merchant account not only involves paperwork but also certain fees as well. It would be ideal if there is such a set up that is virtually free, which some merchant account providers do offer. But for offshore merchant accounts, there will always be fees involved.


There are a great deal of hesitation on merchants' minds to set up offshore, one of the reasons behind the doubts is the notion that there are ”hidden” fees in the contracts for offshore merchant accounts. What happens in this scenario is that you'll be introduced to a list of rates that you'll sign up for because you have found them to be reasonable. But once the bill comes in, you'll see a number of additional fees in small amounts but when added all together have actually eaten a considerable percentage of the amount you need to pay for the month. This can be really frustrating, isn't it?


So, to assist you in this setback, provided are standard fees that merchant account providers standardly offer in setting up an offshore merchant account:

●Application Fee

●Setup Fee

●Programming Fee

●Annual Fee

●Monthly Maintenance Fee

●Overlimit Fee

●Gateway Setup

●Transaction Fee

●Retail Swipe Software fees

●Check-by-phone/fax PC software fee

●Web Shopping Cart fee

●Discount Rate fee

●Address Verification (AVS) Fee

●Statement Fee


How you are charged

Application fees are rarely charged nowadays. This is so because of the growing competition among merchant account providers. Zero application fees are the one of the marketing strategies to attract clients. But, just to give you a head start, industry rate for application fees ranges from $75 - $125.


Setup fees are also a thing of the past. Most providers don't charge this anymore also as a part of the package to keep clients coming in. Industry rate is from $50 - $150.


Programming fees are applied when you want to install a software or terminal. Most providers don't charge this anymore as programming fees are considered to be part of the set up process. Industry rate is $50 - $95.


Annual fees serves as a membership fee in certain ways. By the book, purpose is for the maintenance of the account. But it's now also being taken out of the charges as part of attracting potential clients and keep the current ones in the circle. Industry rate is from maximum of $125.


Monthly maintenance fees can be regarded as the other option for annual fee. This is a choice of the merchant account holder if they want to pay the whole dues every year or divide the amount by 12. but in this day and age, monthly maintenance fees are also being taken out to promote client loyalty. Industry rate is up to $10.


Overlimit fees are charged when the account exceeds its limit. The industry rate varies because the overlimit amounts are grouped with the corresponding penalties. But this fee is also not charged anymore as part of efforts to boost client patronage.


Payment gateway setup fee if for the the installation of the payment gateway that is critical to your offshore merchant account. Payment gateway receives the credit card information of the your customers. This is also being taken out of the bill as it is regarded as part of the setup process. Industry rate is $99 - $299


Transaction fees are the fees charged by the processor for every credit card transaction. This is charged even if the transaction was approved or declined. 20 – 30 cents is the charged for every transaction made either by swiping, keying, over the internet or mail-order-telephone-order (MOTO).


Retail swipe software is a credt card processing software solution. This serves as an wireless terminal if you have a PC or a laptop with an internet connection. You can print out receipt real-time from top-of-the-line retail swipe softwares available in the market. For better client patronage, most merchant account providers are also charging zero for this service. Industry rate is $175 - $395.


Check-by-phone/fax PC software fee are charged when payments using a check are made over the phone, or send by fax or electronic check payments. This is still done, but rarely. For better efficiency and security, online credit card transactions are preferred. Plus, currently, there is no charge for this service as well. Just so you know, industry rate is $149 per month.


A web shopping cart fee is for the use and maintenance of your online shopping cart. Ofcourse, when you have an offshore merchant account, you can also enjoy the luxury of selling your products and services online, and with a shopping cart, you have global market. But this fee is also being charged free as well, for better client loyalty.


The discount rate fee is the percentage charged for each transaction that the processing company (merchant account provider) charges to manage the transactions for you, either swiped, over the internet and MOTO.


The Address Verification System is a technology that double-checks the validity of the address that your customers enter for product shipping. What this system does is verify and compare the address keyed in with the address registered in the customer's credit card issuer. Industry rate is from $5 to $10.


The statement fee is the charge for the production and mailing of your monthly statements. Your monthly bills as an offshore merchant account holder includes all the deposits in the account, total of volume sales, and other charges for the month. Now, this fee is also free of charge for improving customer service. But industry rate is $10- $15 per monthly statement.


What to look forward to

Most of the offshore merchant account fees are now taken out to attract prospective offshore merchant clients and for to keep the current ones happy and satisfied. Some even have risk-free trial periods or offer no fees at all at the initial setup, but charge little for the crucial services which is understandable considering that every business, no matter what nature it is, needs financial resources to stay afloat. Taking out some offshore merchant account fees is part and parcel of staying in the competitive arena. Just always know your options as an offshore merchant account holder, consult if you can' fully comprehend, and weigh all the factors. Lastly, there will always be fees, just know which ones are really worth paying for.



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Monday, June 11, 2007

Customer Satisfaction:The Key to a Smooth Flow of Funds to your Offshore Merchant Account


Even if you 're operating your business offshore, you can never underestimate the power of customer satisfaction making a big impact on your business' success.


No matter how good your product is, customer loyalty can still be in peril if the people you hire to sell your products are not competent and friendly enough to make your customers leave your store smiling and satisfied. Customer loyalty leads to continuing business existence and success.


One of the ways to effectively prove to your customers your sincere service is establishing a customer service hotline ideally open for 24 hours. Through this system, you will be able to let them know that any concerns that may arise will be, at the least, addressed anytime. The customer service toll-free number has representatives on call to answer calls and as much as possible, solve the concerns of the clients.


Being a merchant myself, ( as I have a thriving antique store), and having worked at a merchant account provider firm, I discerned that it will be useful to dwell on tested customer service practices, which my former company strongly emphasized and I eventually adapted.


Try to make every call a good call


Many techniques have been formulated on how to make every call a positive call. A call can be considered a positive one if you were able to provide resolution to the caller's concerns. Or, if , you were able to “restrain” an angry caller and then provide resolution in the end.



Be friendly, but not friends


Projecting a friendly voice at the beginning of a call is the sets the mood of the conversation. One practical method is to smile while talking. The person at the other line can actually feel that you are smiling. But, you also have to match the pace of your caller, if their tone is business-like, you have to project a less jolly voice. Generally, callers are casual when they talk to you, taking the time to actually smile during the course of the call. Take note, sounding friendly is different from being friends, you have to know how much you can do for them. If what they're asking is beyond your capacity, it's either you connect them to someone who can do their request or maximize the options you have for them.


Cooling them off


Every customer call should be a good call. But in reality, this is not always the case. Sadly, almost 50% of the calls will be angry or upset callers who want immediate solution to their concerns. Handling these kind of calls requires patience, a lot. The most effective way is to just let them talk first. Listen attentively, focus on the problem connected to the product or service of the company. Most of the time, callers just want someone to listen, so let them feel that you're there to hear them out.



Leave a lasting positive impression


Ending the conversation in a positive light is considered better. The reason for this is first, the customer is most concern of the resolution of the problem rather than the assurance you made at the onset of the call. They will better appreciate the service given to them if you were able to satisfy their reasons for calling.



Empathy is one of the key factors, when dealing with your clients, try to put yourself in their situation so that you will be able to tell how to react. “ What if I was the one who hasn't received the package I ordered? Would I be satisfied by just mere waiting for it to appear at my doorstep?”, giving yourself a reality check at certain times will never hurt. When you have a consistent high rating for customer satisfaction, expect you'll be in business for quite sometime and your offshore merchant account will be alive and kicking as well.



The role of merchant account providers in an offshore merchant account


How crucial is a merchant account provider to an offshore merchant account?


To discern their role, in this case, in an offshore merchant account, it's important to get a crystal-clear view of what a merchant account provider does. A merchant account provider is bank or a company that run merchant accounts. They own processing systems to process and validate transactions, but they also have reseller capabilities of third parties' processing systems.


Below are the main characteristics of a merchant account provider:

    Your business applies for an offshore merchant account on a direct basis with a merchant account provider

    Your business is personally liable for all the transactions that they process

    The customer's credit card statements contains the business name

    Merchant account providers use payment gateway

    Certain providers have fixed monthly fees exclusive of processing costs

    Can also have setup fees

    May provide long term contract requirements



Remember that an offshore merchant account allows you to accept credit card payments from your customers. You can also accept debit cards and electronic check payments depending on the merchant service you will opt for.

Since merchant account providers have a wide network of established banks internationally, you can be confident that you will have a quite a lot of banks to choose from. The list of contact banks range from those in the European banks, Carribean banking institutions, and yes, certain banks in the Asia Pacific region.



Now that you have information on what they do, how can you pick the right provider for your offshore merchant account needs? Presented are basic yet vital considerations:

● Analyze the fee setup thoroughly

● Contact their customer support to see of they are an established company.

● Check for the packages available. Always have options.



Take the time to do the math on the fee setup. If you feel you need accounting advise, never hesitate to do so. It may take long, painstaking hours to calculate but it's your hard-earned money on the line. Watch out for hidden fees. At the end of the day, if their costs suits your budget, then it's a first step.



It also always wise to call their customer service toll-free number. If they have competent and efficient phone representatives it signifies that they have the resources to actually setup your offshore merchant account. The customer support ideally should be open 24 hours everyday serving the clients' timezones for any concerns that may arise.



Merchant account providers for offshore merchant accounts have and will always offer programs set beforehand to suit your concerns. Know what you are signing up for. Ask if the program have upgraded levels. This is important so that you'll know what rewards, (if any), your offshore merchant account can enjoy once you go live.



Your offshore merchant account provider will setup a website with all the payment gateway programs and shopping cart options. They will also integrate the requirements such as Secure Socket Layer (SSL) Certificate that is needed if you're setting up a payment gateway with an application program interface (API).

It is important to know what you are getting into. Your offshore merchant account is a valuable investment you need to look after with utmost care. Never settle, for there are quite a number of merchant account providers for you to choose from. Before putting your signature, be 101% confident. Your offshore merchant account, with your assets, is what's at stake.








Places for your Offshore Merchant Account to be Cradled



Getting into the wave of setting up an offshore merchant account requires critical thinking and effective strategies. Primarily, merchant accounts is a set up that allows you to accept credit card orders and payments from your customers. Adding offshore into the picture means that you will be able to accept payments using the services of an international bank.

Also, one of the reasons why you set up an offshore merchant account is if your business is considered high-risk. The businesses belonging in this range include but are not limited to travel, online pharmacy, adult website, outbound telemarketing, escort service, etc.



I bet, that one of the questions that's floating in your mind after absorbing the premise of an offshore merchant account is where in the world would you open one?. This is a very important factor to ponder upon considering we're thinking global here. Below are some of the widely-known offshore banks that are accepted as reputable institutions for you to set up a merchant account.

List the countries ideal for an offshore merchant account by reading the whole article:

Places for your Offshore Merchant Account to be Cradled




Monday, June 4, 2007

Lost and confused?: Ways to develop the payment gateway of your offshore merchant account


The basic premise of a merchant account is you have a business that accepts orders using credit card payments. Of course, you always think of expanding, (who doesn't?), so you get into the growing trend of internet business. The more customers you attract, customers, the more credit card payments you will be processing.


In the midst of expansion of your business, you also need to upgrade your payment gateway, to ensure that the funds are securely processed to your offshore merchant account. It is always a good move to get the services of a Secure Payment Gateway company. These companies help other Processors conduct secure business on the internet using Secure Socket Layer (SSL) technology. They provide a system that passes credit card data, authorization requests, and authorization responses over the internet using encryption technology.


Here's what happens, the transaction information is sent by the Payment Gateway secure server via leased line to the credit card network where the validity of the card is checked and the availability of funds on that account is verified. An authorization code is returned via leased line to the Payment Gateway; the authorization is encrypted by the Payment Gateway and transmitted in encrypted form to the web server of the merchant, which triggers fulfillment of the order.



For reputable and established banks, instead of trying to create their own Secure Web System, many Banks and Bank/Processor alliances will use a Secure Payment Gateway Provider to perform this task for them.



But if you have a genuinely competent, efficient and forward-thinking group of developers, you can incorporate the following simple yet economical practices in developing secured softwares for your offshore merchant account.


● initiate a comprehensive meeting between you ( offshore merchant accountholder) and the software vendor (or developer)


●foresee a reasonable budget allocation


●finalize the contract or agreement


●draw a constructive and attainable workflow – from creation to delivery


● develop and distribute the tasks in a close collaboration of both parties.


Some of the critical factors that should be considered in your talk with the software developers are maximum cost savings, time optimization and a pool of talented techno gurus. But mind you, there are always instances that present challenges such as communication gaps, lessened visibility to project status, unforeseen and roadblocks in budget allocation.


You need to keep in mind certain questions to fully come up with a reasonable budget.


●will the accepted rates be per project, per hour, or on a per month basis?


●what will be the risks involved in accomplishing the task?


●are you compromising the quality for an alluring price?


●are there any hidden costs?


The agreement that you have drafted should be solid as possible. Set due dates, with this comes a consultation with the actual group of people who'll be making the software. Ask them of their maximum capability. Avoid making impossible deadlines. Be realistic, match the number of manpower to their capability and the amount of work that they will be accomplishing.


Delegation of the tasks is truly vital. You have to know who matches the specific task in plan. But hindrances and surprise small problems will arise. But this can be solved by a consensus not eating a lot of work time.


Having a secured software for your payment gateway is a sure ingredient in securing your offshore merchant account. If the funds are settled accordingly, and hassle free, then rest assure that your business is in the best shape.

The unbreakable thread between offshore merchant account and payment gateway



An offshore merchant account processes a business' credit card transactions through a non-domestic processing bank. Many foreign banks are not subject to the same regulations and restrictions as U.S. banks.


There exists this invisible yet unavoidable link between offshore merchant account and an internet payment gateway. When your offshore merchant account is finally in the works, this is the time when you'll start accepting credit card payments online as well. This is the time when payment gateway comes into the picture.


Here are the step by step process being done by payment gateway:


●credit card authorization


●settlement processing


●transaction recording


Internet payment gateway, by definition, is an lets you process credit card orders from your business' website in real time. For instance, you're running a gaming website, once the bets begun to kick in, there's a link providing your customers the channel to key in their credit card account number, then the internet payment gateway processes the transaction like a normal credit card terminal in a retail shop, the transactions goes through the credit card networks, in an average of two seconds, the payment gateway reflects the results, saying if there were sufficient funds in the card or not.


Real-Time Processing means that when a web site's customer conducts an online purchase, that the check or credit card information is conveyed to the Processor at that exact time so that an authorization can be requested and received at that moment. Real-Time Processing always implies that a Secure Payment Gateway is being utilized, whether proprietary or third party.


Once the day closes in, usually there is a specific time when your payment gateway updates, the payment gateway collects and groups all the transactions for the day in a single batch. After this, the grouped transactions are passed to your bank so that the payment will be received. When the funds settle in, it will take an average of two business days for it to be reflected in your bank account.



You won't be kept in the dark on your offshore merchant account. Through your payment gateway, you'll be able to view the transactions, with the transactions history depending on your settings, you can print or download the transactions for further review or just to have a copy in black and white. Certain payment gateways even have Quickbooks, a financial and taxation software, so the accounting task will not be so painstaking anymore.

Your offshore merchant account will be fully utilized by incorporating an internet payment gateway. Since offshore merchant accounts in reality arise from the fact that high risk businesses are at the bottom of the merchant account application accepted list of domestic banks, you can definitely monitor your business better, know your clients, and have a better footing on expanding globally. These two, go hand in hand, they complement each other, thus, you need to utilize them both to ensure success.




Myths about Offshore Merchant Accounts


When you hear the term, Offshore merchant account, or just the word offshore, what initially comes to your mind? Suspicious. Somewhat mischievous. Sounds paranoid, isn't it? Don't worry. It's just but normal to be cynical about this. We have watched in movies businessmen being arrested because of having a “hidden” offshore merchant account. But in reality, an offshore merchant account
isn't as bad as it seems.


First, let's get to the basic premise of an
offshore merchant account. If you are engaged in an business that fall under the categories of travel, online gaming, online pharmacy, adult website, outbound telemarketing, escort service, etc., then, an offshore merchant account is a feasible option for you. But, actually, no matter what kind of business you have, setting it offshore is always a feasible option. Emphasis are given to the afore-mentioned types because they are considered high-risk businesses by domestic banks.


Talking about high risk, this is one of the myths surrounding offshore merchant account. Some say that opening up one is a risky step. One of the reasons seen is that you opt to make transactions with foreign banks. Foreign , being the operative word, smells like anonymity or hidden from the public eye. Clearing this, an offshore merchant account is not actually a secret account. You just have a privacy option. Domestic banks also have the same clause for you to check if you want to keep your account private in a certain level as well.


Another gray area regarding an offshore merchant account is that it is a way to escape tax obligations. In certain cases, you may be lured to the promise that there are super-low or virtually no U. S. taxes due on your account for the reason that you will use a separate offshore- company (your company) to handle your credit card transactions for you, or that you;'re not actually the owner, you just manage it, or that no taxes are owned on offshore trust incomes.

The reality is you may be be able to hold over taxes until you declare your offshore earnings, but the watchful eye of the Internal Revenue Service (IRS) is just computing on the shadows on how much you actually are liable to. You will not be able to legally set aside taxes without assuming an investment risk or make a total surrendering of your control over your assets. It is a complicated process that entails legal action from a legitimate financial consulting firm. Bottom line, taxes are an inevitable part of life. Every working citizen paid by the hour pays taxes.


Setting up an offshore merchant account may seem tricky to most, to get a better perspective, get the services of a merchant account provider. They have an established network of foreign and yes, domestic banks, to help you set up a merchant account. This move will help you be more knowledgeable of the inner workings of an offshore merchant account.


They say, what you don't know won't hurt you. But, at the end of the day, knowing what really happens makes you feel connected to the world, in the case of an
offshore merchant account, what you know will not hurt you as well.


isn't as bad as it seems.





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