Why Get an Offshore High Risk Merchant Account

If you are a growing business and planning to accept credit card payments from your consumers directly, a merchant would be required to facilitate such provisions. No business can remain competitive without a high risk merchant account; as instant payments have become the norm. In a scenario where a merchant account is must, one that is offshore is the ideal choice, on ground of myriad advantages over a domestic one.

Offshore and Domestic Accounts

As far the definitions for the two go, offshore merchant accounts are provided by banking setups beyond the borders of the country, whereas in case of domestic accounts the provider is a domestic one.

Having a domestic account comes with the added baggage of local concerns. For example, if you are a high risk business or one that may bring bad name to the merchant itself, domestic banks, with a view for their own reputation will steer clear of you. With offshore accounts, this is not an issue.

Advantage of Offshore accounts

·         Offshore accounts provide for accepting multiple currencies, thereby allowing you the opportunity to expand into foreign territory.

·         Offshore accounts come with lower taxation charge, often based around the resident country of the banking service.

·         No trading restrictions in case of offshore accounts, which ensures you can expand and grow without the fear of local scrutiny.

·         There is no volume cap to put a restriction on the amount of business you do.

With its many advantages it is clear that an offshore merchant account is much more rewarding than a domestic one.