Offshore merchant accounts are an advantage for people with international business interests that can be run outside their country of residence. Offshore merchant account facilitates businesses to accept credit card payments internationally. An offshore merchant account can be set up through an offshore merchant account provider. To set up an offshore merchant account, business owners have to provide certain relevant documents and particulars to offshore merchant account provider. best offshore merchant account providers
An offshore merchant account provider requires documents relating to proof of identity, source of investment, and references from merchants? current banker. Merchants may submit a clear notarized copy of one of the documents that contain a photograph, which can be current drivers’ license, social security card, current valid passport or a current valid national ID card as an identity proof. Process of setting up a merchant account usually takes between a few hours to a few business days to be completed, once the offshore merchant account provider receives due payment. Time taken to open an account depends on documents required and provided and time needed to process them. It may allow business owners to start accepting international payments in various currencies almost immediately.
Most offshore merchant account providers have certain criteria that need to be fulfilled before they agree to set up an offshore merchant account. Most providers offer accounts to only legal businesses even though they may be high risk. There are certain areas that particular account providers may consider as illegal and refuse services. Most offshore merchant account providers expect a certain volume of sales to be processed each month to ensure profitability. Merchant account provider may decide acceptable volume of transactions and merchants are expected to comply. However, there are some offshore merchant account providers that offer their services without any volume cap. Therefore, it is advisable to look around for various offshore processors to get the best deal before setting up an offshore merchant account.