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    Main page » Offshore Merchant Account
    June 11, 2021

    Offshore Merchant Accounts Drive Online Business

    A merchant account for business is a solution that allows to safely accept and process payments by debit or credit cards. Companies open offshore merchant accounts to save money, reduce risks or obtain business benefits that are unique to specific jurisdictions. This article discusses the advantages of offshore merchant accounts for online businesses as well as the concept of chargeback. 

    Merchant Account

    Who needs a merchant account?

    Offshore merchant accounts are used by companies, entrepreneurs, whose activities are related to online services: online casinos, online stores, marketplaces, game sites.

    What are the benefits of merchant accounts?

    • risk reduction through the diversification of payment processing
    • greater flexibility in banking
    • cost saving on payment processing fees
    • asset and cash flow protection
    • revenue growth through additional sales
    • increased security through superior fraud protection
    • strong business expansion through unlimited payment processing

    What is the advantage of an offshore merchant account for an on-line business?

    Offshore merchant accounts allow to process hundreds of thousands of payments and increase sales conversion ratio. But most importantly, an offshore merchant account allows you to enjoy the following essential options:

    Select a reliable bank

    The service of bank Pre approval gives you the opportunity to choose the offshore bank that best meets your business needs and expectations.

    Multi-currency transactions

    Today it is a popular idea to trade things and services via Amazon, ebay, other online platforms. Without an open offshore merchant account, it is highly unlikely to be able to accept currency payment in real time.

    Safe processing of credit cards

    Merchant accounts with foreign banks provide high protection for international transactions. With the introduction of special gateways, the task of accepting, processing online payments and depositing funds into a foreign bank account e-commerce has become even safer and more reliable than ever before.

    Real time access to information

    With an offshore merchant account you can receive all the necessary information on the performed currency transactions in real time. There is no need to wait for the data shipment from the bank. All the necessary reports are available via the personal account app.

    Global expansion

    Some online business owners believe that their advantages expire with opening of a foreign merchant account and accepting foreign currency payments. Such opinion is incorrect, as this financial instrument allows the company to expand its presence and client base worldwide. Europe, Asia, America – all this is possible with a properly selected offshore merchant account for online business.

    Unlimited transaction values and amounts

    Offshore banks do not set the limit for your amount of currency payments per month. The absence of restrictions allows to increase profits and unlock the potential for further business activity. 

    Remote management

    Offshore banking offers remote account management. With your personal account app, you can always perform any transaction in a matter of seconds.

    What does an offshore bank want to know about you?

    In addition to the documents required for the opening of a foreign merchant account, the client will need to submit an application. The data in the application will help the offshore bank to make a decision about future cooperation. When filling out an application for opening an offshore merchant account for an online company you may be requested to provide the following information:

    • current, expected turnover
    • business account information
    • average amount per transaction
    • transaction frequency
    • type of product, service that is offered
    • method of delivery of the product, services to the buyer
    • your web site or web page address

    The process of opening a merchant account takes from 1 to 4 weeks. Each company is considered individually, with particular attention to the possible risks associated with your business. 

    What is a chargeback?

    Chargeback is a transaction cancellation designed to protect consumers from fraudulent acts that might be committed by merchants or individuals. The process of refund payment is as follows.

    Cardholders file a dispute with their issuing bank, after which the seller’s bank writes off the amount of the transaction that was previously credited. The seller must provide compelling evidence to refute any fraudulent activity related to the transaction. 

    If the issuing bank finds sufficient evidence to overturn the cardholder’s dispute, the funds are returned to the Seller. If the cardholder still believes he has been the victim of fraud, he may initiate a second refund, also called arbitration.

    Transactions with chargebacks often lead to sudden blocking of bank accounts. But this can be avoided through compliance with the requirements.

    What are the reasons for chargeback payments?

    As a seller, you should be fully aware of the most common reasons why sellers receive refunds. Please note that most, if not all, chargebacks are initiated by cardholders. This is primarily due to inconsistencies of credit card statements.

    Fraudulent transactions. The most common reason for chargebacks is fraudulent transactions. This happens when a credit card is used without the cardholder’s permission and consent. In such cases, only the seller is responsible.

    Credit not processed. This is yet another common type of chargeback which occurs when the buyer may have returned the goods to the seller (for example, when the cardholder receives goods other than what he had ordered or expected), asking for a refund, but the credit was not credited to his account. In these situations, sellers are also responsible for the payment failure.

    The goods are not received.  This is one of the most common reasons for refunds today. This happens when the buyer has not received the goods paid by credit card. As in previous situations, the seller is charged the appropriate fee.

    Technical problems. Many refund requests are related to technical disruptions in the payment process. Technical problems between the issuing bank and the seller may result in double charges being made to cardholders for the same transaction (called double processing). Problems with the authorization process can also lead to a debit of the account even if the transaction was rejected.

    To avoid technical disruptions during the payment process, we recommend selecting an offshore merchant account having consulted with a professional expert.

    How can you avoid or prevent the chargeback payments?

    Above all, be an honest merchant. Sell quality products, service, accurately describe what you sell, and strive to provide the best customer service in your industry. To avoid chargebacks, sellers should consider the following:

    • excellent customer service
    • customer-friendly refund policy
    • detailed and accurate product specifications
    • realistic expectations of the product/service deliverables 
    • quick search for delivery / tracking information
    • recording of conversations, taking mostly written orders from clients

    How can you open an offshore merchant account for your company?

    To buy a merchant account for an online company, please contact us at the address above. Offshore Pro Group experts will carefully analyze the corporate structure, business model of the company and select the optimal jurisdiction for conducting online business.

    What do banks require from the applicants for merchant accounts?

    To open a foreign merchant account, the company needs to meet the following requirements of the acquiring bank:
    – have a current account to which funds will be received
    – disclose all necessary information about the final beneficiaries
    – prepare, fill out and certify the package of documents, according to the bank’s requirements
    – provide a full description of business activities, website address.

    What are the costs of merchant accounts maintenance?

    The cost of maintenance of an offshore merchant account depends on the business model and turnover of the company, the chosen foreign bank, and jurisdiction.

    Can I start my own processing service and sell merchant accounts for clients?

    Yes, it is possible. To get detailed information on this service, please contact our experts.

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