If you are in need of an offshore account, take the time to compare companies and find the right one for you and your IT Company. As part of your new system, you may need to start a new bank account and establish yourself before they will work with you. Also know, some require anywhere from $1,000 to $350,000.
The positive side of things
Looking at the plus side, an offshore account will give you the opportunity to accept payments from over 160 countries and multiple currencies. You will have less trading restrictions and get to keep more of your money. Your tax rate will ultimately be less than what you have been paying, and the transaction caps that you suffer through, will go away.
When cash comes in
You can get payments seven days a week and your reserve will be reduced to 180 days. They give you a rolling reserve with a ten percent deposit from your daily sales. Your cash is available to you any day of the week when you need it.
As with other accounts
With offshore merchant accounts you get fraud protection with 3d secure, a MasterCard secure code and Verified by Visa as an option. A high risk country block, AVS and CVV2 verification and internet protocol with an IP address. A Virtual Terminal for online transactions with a secure Gateway.
If you know someone that has an offshore account, ask them who they are using. That may save you mistakes that you can’t afford to make. If you don’t, you will need to do a lot of shopping. And even if it feels uncomfortable, maybe your bank can give you a recommendation.
The last thing you need is to jump into something that is supposed to be good for you, only to be with someone that isn’t any more than a thief, and you lose everything you have. And as you set this up, it might be a good idea to take out some insurance for such an incident, just in case you don’t see a fraudulent company until it’s too late.
Having an offshore bank to use for your merchant account has a lot of advantages. You may have a few hoops to jump through to find those advantages, but with some work on your part, it could lead to things you never dreamed of.
Take that extra bit of time and search for those references. You don’t want to lay down everything you have for all these new and wonderful things, and have it go all wrong because you found the thieves instead of honest working banks. Don’t give in until you are comfortable with the way things are, and justify everything for going offshore.
Know that your debit and credit card transactions are safe and secure and that you can get your money when you want to. Good luck with your new adventure for your business.