Consumer surveys indicate a major shift towards plastic money in the past decade or so. It’s safe to that credit cards are taking over cash payments. Businesses, especially e-commerce merchants cannot afford to lose customers by refusing electronic payment options. This is made possible with a merchant account.
Now, with the variety of merchant account providers available you might feel a bit confused and lost. But with the right information, you will be able to choose just the kind of merchant account provider suitable for your business. Here are some points to consider:
- Study their services – Since you will be lost in a sea of merchant account providers offering services for every kind of business, be meticulous in finding the right company suiting your business needs, which has good reputation and reviews. Save time by asking the right questions and for credible references.
- Reasonable rates – Understand and review the rates you will be charged for recurring, per transactions and overall servicing. Fees usually depend on the kind of business you operate. High-risk merchant account are charged higher due to the risk involved.
Carefully review the agreement terms with your service provider to make sure there are no hidden fees involved.
- Technical tools – Make sure your service provider offers tools to manage frauds and chargebacks and also prevent identity theft by securing customer information. Customer security is extremely crucial with cybercrime on the rise.
- If you have been classified as a high-risk business by your merchant account provider, find out if there is a possibility of your business being reclassified into a low-risk category after taking corrective measures to prevent further chargebacks. This will lower your fees considerably.
- Monthly processing volume – Make sure you do not have a capped processing volume on monthly sales. You do not want to incur extra fees once you have reached your limit.
- All round customer service – Make sure your provider offers excellent customer support. Do not be hesitant to ask questions. If they are unwilling to answer you or offer you technical and functional support on time, move on to the next company.
At the end of the day, merchant account providers play a crucial role in managing your finance. Due diligence is the key to finding the right merchant account provider for your business.
Offshore merchant accounts are commonly used these days. By setting up online businesses, merchants have to interact with customers across the world. Regardless of the size or type of online business, merchant accounts and credit card processing services is a must for each one of them.
Various financial institutions offer different types of merchant accounts. Among them, offshore merchant account is most commonly used by E-commerce merchants. One of the benefits of offshore merchant account is that it does not require huge initial set up cost which makes them popular with small businesses in particular.
Different merchant account providers offer different setup charges. But most of them charge zero for initial set up which is a huge benefit for small businesses.
Offshore accounts obviously operate outside your own country and since you would be out of the tax regulation laws of your country, you will be exempted from paying taxes. For small businesses and even online business start-ups, the reduced burden of additional costs is a huge relief.
All types of businesses, whether large-scale or small-scale, can be victims of frauds and scams. Start-ups and small businesses especially cannot afford to be tangled in frauds and losses. Unfortunately, these merchants are more vulnerable and can be conned easily. This makes offshore merchant accounts hugely beneficial as merchant account providers take necessary steps for the safety and protection of their clients from online frauds.
Businesses with offshore accounts have to deal with transactions done with different currencies and all kinds of credit cards all round the world. This translates into higher chances of expanding your customer base. Along with clever business operations, these small businesses have the potential of boosting sales and profits. For small businesses that do not have to invest much into these accounts, this is a massive growth opportunity and benefit.
International Payment Processing Solutions With IBS
Selling your product online? All you need to choose a payment processor for your customers to pay you. Finding the right, reliable and secure payment processor company is quite a complex process, so do all your homework well before choosing a right payment processing company. We at IBS Ventures Ltd. gives you a variety of International payment processing options, including credit, debit and electronic checks at a cost effective manner. This allows your customers the liberty and elasticity to pay you faster and inconvenient manner.
The payment processor provided by us is suitable and manage all payment operations more excellently from multiple payment types. This enables you to concentrate more on your business material facts rather than on handling transactions. The records related with transaction are also being stored so that you can easily find out the transactions and make report related to it. We possess an ability to work with all major merchant account providers, so that your transactions are flexible and no need to setup extra software for online payment transactions.
We have been created at all our current features of payment processing solutions and providing the finest services to our customers and ensure them to provide trustworthy and reliable payment services with new and innovative features.