The very mention of an offshore merchant account has people a little surprised. It seems to be the new way to bank. This is not a new trend really but has not been talked about a lot. After reading this you would understand the advantages of having an offshore merchant account. The benefit of this kind of an account is absolutely infinite and once you have got yourself an offshore merchant account there would be tremendous growth for your business abroad.
An offshore merchant account permits you to accept payment through credit cards both from national as well as foreign clients. International banks have relaxed policies for acceptance of applications. This piece of writing is intended to lay out the benefits of such an account.
The leaning today is towards offshore. Businessmen are more conscious today of the opportunities that lie ahead of then in an international market. What is it that appeals to them that they move from their home banks and wanting to have an offshore merchant account?
Absolutely problem free application – The application that is required for opening an offshore merchant account is obtainable from the respective website. Just fill it and submit. It saves a lot of time and trouble. The processing of the application is also real quick.
Wide range to choose from – There is tough competition among banks so there is a wide range to choose from. One should look out for banks in countries other than USA, as there is a good choice all over the world.
Payment through credit cards – Once you have an offshore merchant account then this lets you accept payment through credit cards via the Internet. It makes it possible for you to accept payments in any currency.
Immediate updating of accounts – Once a transaction takes place thereafter there is no delay in updating the account. This helps you keep a track of all your transactions in the account.
Widens your horizon – Since you have an offshore merchant account there is enormous scope to expand your business. You now have a global platform to market your products and services.
Huge savings – Having an offshore merchant account helps in reducing your taxes to a considerable extent.
The guiding principle and rules of offshore banks are less stringent beginning with the processing of the application. Almost all queries from the world over are considered irrespective of their business history and credit worthiness.
The bases of approving the applications are very well laid down due to which the time taken for processing the application is minimal. They do not require any kind of deposit as sought by local banks. The maximum time you would require to have your very own offshore merchant account is about a week.
There is an infinite choice in choosing the bank where you would like to have your offshore merchant account. You do not have to fear about it being located in a foreign land since they are well equipped to manage their business in a global market.
The competition is less as compared to the scene in the local banks. All your requirements would be met and you would not have to settle for anything less than what you desire.
Security of the money is something that makes everybody anxious. You do not have to fear that your account is held in a foreign land. You could access and verify it anytime. Payment through credit cards is possible through the Internet when you have an offshore merchant account.
This permits you to have a wider market for your products and services. All the products are available at just the click of a button and the mode of payment is also displayed which makes shopping a real pleasure and absolutely hassle free. On purchasing any product you would be asked for your credit card details and the deal would be processed right away.
It would take just a few minutes to know if the transaction has gone through. There are various security tools installed which makes the whole deal very secure.
With the advance in technology you can access your account at any point of time. After an authentication process you would be able to check the status of your account. So being miles away from your bank or awaiting working days to access your account is not an issue anymore.
You can lower your tax liability by making use of an absolute separate entity offshore which would be your company. This company can deal with all the business that is done through credit cards. Taxes would fall drastically by about 15% and it could even be 0% if you are lucky. The advantages that an offshore merchant account offers are innumerable. All you have to do is go ahead and open such an account and it wouldn’t be too far off when you start reaping the benefits.