subject: Offshore Merchant Account To Counter The Domestic Ban [print this page] Many businesses that involve some element of risk are often denied domestic merchant account by local facility provider as they come under the high risk category. Usually those businesses that are not registered under the local legal requirements and those who have poor history of repayment to banks will come automatically under this category. There are other merchants doing online businesses that are categorized as high risk because of its nature like adult merchants, gambling, replicas, etc. As their business involves processing of credit cards and other types of payment, it is mandatory for them to have an account. The only relief for them is to open an off-shore high risk merchant account.
To Open an Off-Shore Account
This can be done by contacting a service provider or assistance provider but you should remember that these providers charge very heavily for the services rendered by them. There are no uniform service charges and it varies from one provider to the other and also according to the type of business. It also depends upon the expected service from them. Though they are expensive considering domestic accounts, but they are rich in features. They are very simple to operate and tax liability will be much less.
Finding a Suitable Provider
It is up to the merchants to find a suitable service provider and the country of service. Every off shore service provider is bound by the laws of the country of their origin and of its existence. Therefore, a thorough research of the market is necessary. After short listing some of the service provider, you have to negotiate with them. With the help of this process, you will get the best possible deal. Choose only the one that suits your business at its best. Make all the necessary queries before fixing someone.
Advantages
One of the major benefits of having offshore high risk merchant account is it will give the owners of business the facility to accept credit cards from any part of the world. This will benefit many online businesses like gambling, pharmacy, weight reduction centers, adult entertainment, porno websites etc. If you have all the required documents, it will not take more than few hours to set an off-shore account.
