Offshore Merchant Accounts

Offshore merchant accounts have been in high demand with the advent of e-commerce and the use of online payment systems.

Opening a merchant account offshore can be regarded as a financial relation between you, the offshore bank and the credit card processor. All three parties work alongside each other to ensure that customer information is protected when making online purchases or other transactions, and this is achieved with technologically advanced transaction monitors and alert systems.

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Offshore merchant accounts can be either a regular merchant account, so that payments made by swiping machines can be deposited into the account, or as an internet merchant account through which internet sales (e-commerce) are processed and collected.

With regard to an offshore merchant account for e-commerce, offshore card processing takes place in real time and data feedback is instantaneous, capable of informing a customer as to whether or not he or she is able to make a purchase based on the availability of funds in an offshore account.

An offshore merchant account can be managed along with other regular checking and deposit accounts. It is the norm at offshore banks to have accounts denominated in various currencies; the offshore merchant accounts being no different.

Offshore merchant accounts are exempt from tax on interest or any other benefit that the account may subject to receiving. Along with other tax free offshore accounts and strategies, businesses are provided with an effective solution for reducing tax liability. Offshore merchant accounts can thus be ideal for an international business company that conducts its business online or may require credit card processing facilities for receiving card payments at its store locations.

Prudent banking and tax advice are among other factors that help managing an offshore merchant account successful. Offshore banks are subject to privacy rules and are consequently required to keep offshore merchant account activities of their customers confidential. But this does not mean that the bank will not conduct its necessary due diligence duties.

Offshore merchant account opening requires customers to respect all application procedures and prerequisites. Account opening is generally straightforward though certain due diligence requirements may be rigorous where a business may be required to furnish the offshore bank with a detailed business description or plan.

Many offshore banks do not promote certain investment schemes and adult entertainment activities, therefore offshore merchant accounts will not be opened for such businesses by most offshore banks. Applying for an offshore merchant account could be quicker and simpler if the applicant is an already established and known customer of the bank.

E-business is considered highly beneficial to companies since extending sales to other markets via the internet is capable of growing a business and its profitability. A merchant account offshore is only the icing on the cake for success when taking on a global market for the sale of products and services.

In fact, through offshore merchant accounts, businesses that manage overseas and online sales outlets often have better chances of experiencing high and immediate turnovers, as opposed to a company that solely depends on the domestic market, or runs an online store but has no internet merchant account offshore for processing payments.

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