Boost Sales and Generate Revenue with the Aid of Offshore Merchant Accounts

If your business has a great deal of chargebacks and returns against it, it will be categorized as a high risk business. These high returns and chargebacks make it tough for you to have a merchant account with a bank. This is when high offshore merchant accounts prove to be of great help. 

How Offshore Merchant Accounts Support Your Business

Offshore merchant accountproviders help merchants increase their businesses by offering reduced rates and high-security mechanisms to prevent fraud. 

You can increase your sales and expand your business by finding an offshore account provider without any volume limits

These accounts charge lower penalties and chargebacks compared to normal merchant accounts. You can save a lot if the number of chargebacks against your business is too high

These accounts reduce the risk of your business receiving a TMF

Since these accounts are specially designed for high risk businesses, they allow you to accept credit cards. More transactions mean more business and a higher profit

5 Tips on Getting Your High Rick Merchant Account Approved

You always need an authenticated payment mode for any online business that you own, so that you can accept payments made through credit cards. Most common platforms are a merchant account or a PayPal account. 

You may find problems getting your account approved, especially if you have bad credit. But, this does not mean it is totally impossible.

Try the following tips to ensure approval:

Do Research

Carry out a research and try to find a merchant account provider that you think is right for your type of business. Try to know what most high risk merchant account providers are looking for in terms of formalities and what is the scope for your application. 

Improve on Credit

A high risk merchantaccount provider will always pay serious attention to your credit before approving your application. Start taking care of your credit issues to increase your chance of getting approved without having to pay a high fee.  

Make Your Cover Letter Appealing

A well written cover letter will improve your chances of approval. Address all major concerns a provider has about your business and give clear, logical reasons.

Difference between a Processor and a Payment Gateway

People often confuse a payment processor with a payment gateway and vice versa when they have to set up payment modules. The confusion is obvious for various units are involved in the process. When understood carefully, however, the two terms exist independently with either having its significance! 

Difference between Payment processor and Gateway

A Payment Processor

A payment processing company or processor represents various payment processing payments. It functions as a middleman, connecting website holders with gateways and banks. The website owner needs to send the processor an application with their credit history and all required product details. 

A Payment Gateway

A payment gateway is a body that connects a website with a customer’s bank and a processing bank. It verifies that the information provided by a customer for payment matches customer details with the bank. The gateway company informs the customer’s bank every time an order is placed by a customer on your site.

Setting Up an Offshore Pharmacy e-commerce Merchant Account

Plus market research is another important factor. But the most vital part of e-commerce business is credit card processing, which complicates it further for the online pharmacy stores and other high risk businesses.

The procedure of opening an online pharmacy store requires quality time to settle down legal issues. Once you are through with the legal issues, the next problem online pharmaceutical business face is the failure to satisfy exact requirements of credit card processing banks. If instead you opt for high risk merchant service providers, they might as well charge you exorbitantly for their services. 

 

Following are the 3 basic solutions for your problem:

·         Opening an Offshore Merchant Account: This will expand the option of many international credit cards processing banks for you.

·         Opening a High Risk Merchant Account: With such accounts, merchants can carry their online  credit cards transactions without thinking about termination due to chargebacks

·         Opening Offshore Pharmacy Merchant Account: These accounts offer you joint benefits of various options available for the online pharmacy stores.