Merchant accounts are used by many online retailers and ecommerce focused businesses to enable customers to pay for the goods and services online. One of the main reasons why businesses choose to open an offshore merchant account is to take advantage of the countries stable economy and bespoke taxation regimes; however this is not the sole reason why offshore accounts are useful. It is advised that you seek the guidance of a professional consultancy firm to gain a comprehensive understanding of offshore merchant accounts and its uses and benefits for your company.
Offshore merchant account explained
Offshore merchant accounts can be obtained by finding a relevant acquiring bank that has the means to set an offshore merchant account up for you to enable you to accept online payments in an offshore jurisdiction. By providing offshore merchant services to your client base you can reach global markets while also demonstrating to your clients that you business network is solid and expanding.
Many offshore jurisdictions have competitive rates and low taxation which is an attractive feature of opening on offshore merchant account. Obtaining your offshore merchant account will permit your company to accept debit and credit card payments over the internet in a secure, safe and convenient manner.
An offshore merchant account also reduces your business risk of fraudulent activity and will potentially increase you customer base as many individuals feel online payments are a safer option due to the antifraud programs merchant accounts have.