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!
