What is an Offshore Account?
The facility of processing credit cards transactions online is extremely detrimental to the growth of any business these days. A merchant account is all that you will require, to be able to process card not present transactions on your website. Obtaining a merchant account these days is a very lengthy and tedious process.
Why go for an Offshore Merchant Account?
An offshore merchant account can be useful for large businesses seeking tax benefits and also for small businesses or startups with no credit history and having difficulty in obtaining a domestic merchant account.
What are the advantages of an offshore account?
- Tax Benefits – An offshore merchant account can help a business in paying low or no tax on the revenue they receive from card payments.
- High Risk Business - High-risk businesses are either refused outrightly by the domestic providers or are charged a premium. This makes going for an offshore account the only feasible option.
How to open an offshore account?
A good deal of research on the reputation of the provider is pivotal and so is reading all documentations carefully before signing the deed. Business should also acquire sufficient information about its bank’s policy regarding acceptance of offshore transactions. It is often recommended to open a separate deposit account. Regular monitoring is also advised to eliminate the risk of suspicious transactions.