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.
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