Advent of technology bought about a meteoric rise in e-commerce and online business models. Now, daily online credit card transactions have become a norm.
E-commerce merchants are more likely to be exposed to stricter rules and regulations. However, there exists an option for business that operates business across the world to legally position itself in a jurisdiction that favors it the most. Simply put, an offshore merchant account is an account that allows a business to accept credit card payments through a bank that is located in a jurisdiction outside the country where the business operator lives and works.
Offshore banking is even popular with some of the biggest global companies such as Apple and Google who set up offshore subsidiaries in low or no tax jurisdictions and serve different segments of their global market.
Merchants are now taking advantage of the various benefits that an offshore bank account has to offer. The possibility of expanding business and reaching a world-wide customer base possibly being the biggest positive factor. So what exactly makes offshore merchant accounts so favorable instead of a domestic merchant account?
Let’s take a look at some of the advantages –
- Wide selection of banks
- Hassle-free process and Quick Approval
- Multi-currency transactions
- Low or No Tax burden
- Tax-free offshore profits
- Major credit cards are accepted
- High volume transactions are allowed
- Easy approval of high risk businesses
- Real time updates available
- Safe and secure payment gateways that can be easily integrated with your e-commerce business
Any astute merchant will surely want go offshore and reap the many benefits that an offshore merchant account has to offer!
Do you run an online casino business? Looking for an online casino merchant account? Are you thinking of starting credit card payments processing for your business? But facing trouble getting the merchant account approved? The reality is that most of the card processors consider the casino business a risky one and many times, just automatically deny the request for a merchant account.
Challenges faced by the Online Casino Merchant:
There are many reasons why a business is considered high-risk and it becomes difficult to obtain a simple merchant account. Some of them are listed below –
-Numerous credit cards processing regularly
-Customers not available to sign for the purchases
-History of refunds and charge backs
-Frequent change in online casino regulations which imply high risk and frauds
Merchant Account Providers offer great solutions for Online Casino Merchants:
Look for merchant account providers who offer reliable and secure solutions for your online business. They understand the concerns of online casino merchants and their potentials in the gambling industry.
These merchant account providers have good, strong relationship with offshore banks and work together with them. They also have their own underwriting policies. These providers offer their merchant services to high risk businesses without much hassle.
They also provide safe and secure payment gateways for online credit card processing for casino merchants.
Some of the benefits that Online Casino Merchant Account Providers Offer:
– No set-up fee
– No processing of volume caps
– Credit card processing in real-time with quick reliable payouts
– High security against credit card scams and fraud
– Multi-currency processing
Now you only need to worry about looking for the right kind of merchant account provider that suits your business requirement.
There may be no worse embarrassment than sitting in the office of your local bank where you applied for a merchant account to accept debit and credit cards and be told you were declined because you were high risk. You look around to see who is watching and listening and you feel your face becoming very warm. You have never been arrested! You don’t have any unpaid parking tickets! What is this lunatic talking about? What he is saying is that you need high risk credit card processing and banks do not accept high risk accounts.
So what made the bank decide you were high risk? It could be one of many factors. Are you a new start-up company? It does not matter if you are brick and mortar or e-commerce. A start up is thought of like an individual with no credit history. They just do not know how you are going to handle money matters. To them, it puts you on the list for high risk Credit Card Processing.
High risk means just what it says. The powers that be have considered the business you are in to present them with a large liability. This liability comes in the form of chargebacks. A chargeback is when a merchant accepts a card for payment and receives an authorization code. When the transaction is presented to the issuer it is determined that the entire account is fraudulent due to identity theft. Or, a customer receives his monthly bill and sees the charge amount and calls his card company declaring he did not make the purchase. In the second instance it could be that the name of the retailer or service provider is different than the legal name registered with the payment processor. Rather than investigating, the issuer will simply chargeback the amount.
E-commerce companies are always targeted as high risk. This is because the card and customer were not present when the account was charged. There is a high risk that an unauthorized person used the card.
Visa and MasterCard have a laundry list of industries they consider to be high risk. You may not think so, but they are the ones in control. Just some of the types of businesses regarded as high risk are adult dating sites, vitamins and nutritional supplements, credit repair businesses, bankruptcy attorneys, collection agencies, travel agencies and tour operators. There are many, many more.
So now that you know you are high risk and you want to process debit and credit cards, what do you do? You call a high risk specialist like the High Risk Guys. Here is a company that devotes its time and effort specifically in High Risk Merchant Account. They know the challenges you encounter daily. The electronic signature application is easy. There is no application fee and you can be approved in as little as 48 hours. The High Risk Guys are made up of industry veterans that have helped thousands of high risk merchants get approved quickly. And, you will receive some of the lowest rates in high risk credit card processing.