Everything You Need to Know About Offshore Payment Processing

Jun 25, 2020

In today’s world of e-commerce, enabling credit and debit card processing is a must. Consumers expect speed and convenience. The majority of payment processors offer a variety of solutions and services to help merchants fulfill this demand; this includes offering different types of merchant accounts, like offshore merchant accounts.

What is Offshore Payment Processing?

What is an offshore merchant account, and does your business need one? Offshore payment processing makes it possible for e-commerce stores to accept credit and debit card payments from major credit card companies like Visa and Mastercard and other credit card providers. These services enable businesses to seamlessly process transactions from any location in the world, along with all forms of currency.

It is easy to see how offshore payments would offer a company an advantage and increase its profitability. Still, many business owners have a lot of questions. For one, is offshore payment processing necessary, especially for high risk industries?

FAQs About Offshore Payment Processing

The following answers to frequently asked questions about offshore merchant accounts should help you decide if it is right for your business:

  • Why is offshore processing sought-after by high risk merchants?

Sadly, once a merchant has been pushed into the high risk category, they will find it incredibly difficult, if not impossible, to secure a merchant account. Most banks and traditional financial institutions will turn down a high risk merchants’ applications. A high risk provider like emerchantbroker.com, on the other hand, specializes in working with these merchants’ challenges and providing solutions. Offshore payment processing for high risk businesses ultimately provides access to a broader market, higher volume capacity and tax benefits, among many other advantages.

  • What business types really need offshore payment processing?

Not every business type will need to secure offshore payments. Most that do acquire this service are from high risk industries, though there are some low risk merchants who also choose this route. Some of the industries that regularly seek offshore credit card processing include accounting and bookkeeping, credit repair, dating services, online pharmacies, furniture, e-cigarettes and vape, travel and weapons.

  • How to find the right offshore payment processor for your business?

It is incredibly important to do your research before partnering with an offshore payment processor. Especially if your business is high risk, you need to make sure the provider specializes in your type of business and the challenges and opportunities it faces. If you are searching for a secure and low-cost offshore merchant account, consider turning to emerchantbroker.com (EMB). EMB is voted the #1 high risk merchant account provider in the US and has an A+ rating with the BBB. With EMB, you can enjoy top reliability, convenience, and ease of payment processing.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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