Offshore Merchant Account
You have got an online business? Great!! Then you also must have a secure online payment option too. You haven’t, and then trust us; this is the high time you get it here at Payment Mantra. If you are dealing globally, you need an offshore merchant account to accept payments online. Offshore Merchant Accounts are a boon, literally.
Merchants who can’t opt an Internet Merchant Account elsewhere often turn to offshore merchant account as a last point to run the business. Mostly they’ve been turned down for a merchant account because the products or services that they sell are considered high risk category. The high risk category includes (but is certainly not limited to) travel, Computer Technical Support, online gaming business, online pharma, adult merchants, outbound telemarketing, escort services and online dating sites, timeshares, and subscription or membership clubs. Other reasons for being declined for a merchant account include being a start-up operation with a poor credit history.
If your business falls into any of above high risk categories, the promises made by your offshore merchant account providers may be enticing. Unfortunately, you find yourself in a big difficult situation if you sign on with one of them. All too often, these are tough operations of merchant service providers.
Are you dealing with an offshore merchant account provider, some of the red flags you must be aware:
Offers that sound too good to be true: This includes unbelievably low processing terms (which may not include hidden or junk fees, or they’re teaser rates) or service and product claims that just don’t hold up to scrutiny.
Fast approvals: When dealing with a high risk business, merchant account providers must be thorough when checking out their qualifications. While a quick approval is what every merchant wants, it would be inappropriate under these circumstances. The offshore provider may be just trying to trap you.
Claims of low or no fraud risk/chargebacks: Reputable internet merchant account providers acknowledge that there’s ALWAYS A RISK OF FRAUD, and they make a point of stating what they do to lower that risk and reduce CHARGEBACKS (charges disputed by the cardholder or bank). Offshore merchant accounts often experience an above average number of chargeback’s, which generate chargeback fees the merchant must pay.
Standing on shaky legal ground: Unless your business is located in the same country as your merchant account provider, you may have no legal standing to settle legal disputes that arise. For example, offshore merchant account providers may freeze your account for little or no reason, and you may have no legal recourse.
Trust issues: Business and their merchant account provider’s deal in sensitive personal and financial data as part of THE CREDIT CARD TRANSACTION PROCESS. When the provider is located offshore and not subject to Indian laws, you may be putting yourself and your customers at increased risk of fraud and identity theft.
Customer service and support questions: Is it likely that an offshore merchant account provider will be able (or motivated) to provide the LEVEL OF CUSTOMER SERVICE AND SUPPORT that high-tech credit card processing requires? Can you expect to get state-of-the-art products and services from them?
Before you turn to an offshore merchant account for your business as a last point to run the business, search for a international option which is much convenience. Many providers will establish merchant accounts for high risk merchants, although the processing fees may be higher than low risk merchants. In the long run, you’ll be paying for superior technology, service and peace of mind. Payment Mantra dealing with USA/EU based merchant service provider to setup your offshore merchant account. Apply now to get Offshore Merchant Account with us.