The term ‘offshore’ is basically used to describe banks from countries other than home country or foreign lands. An offshore account is like any other merchant account opened in any country other than the merchant’s home country. The main benefits of an offshore account are the security and the option of accepting major currencies. It also helps the merchant in increasing revenue due to tax relaxation, provides greater privacy to merchants and helps in gaining more customers (major currency acceptance).
E-commerce and offshore accounts are highly linked as merchants, irrespective of their industry types. It aims at attracting a majority of customers and look for maximizing sale to earn good profit. To achieve this, the merchant needs to have a merchant account that accepts the majority of credit cards. But it is not that easy to open a merchant account, as it includes many requirements and lengthy procedures, which is not the case with an offshore merchant account. Most of the businesses like to maintain an offshore account as it provides many financial and legal advantages to its client.
Most of the merchants choose offshore accounts over merchant accounts for various reasons. Few of them are below:
- Hassle free procedure
- Low initial costs
- Low taxes/ tax relaxation
- International Reach
- Major credit card acceptance
- Different currencies
Why are Offshore Accounts so Popular?
No matter how small or big business you own, any merchant can get an offshore account. Especially, merchants who are planning to set up an online business, irrespective of their size, prefer offshore account over merchant account due to low initial cost.
Every merchant running an online business wants to hit the international market at a certain point of growth. Offshore merchant account makes the acceptance of various currencies as well as credit cards much easier. Although, merchants who are dealing with local customers with the prime objective of capturing the domestic market don’t get enough benefits from offshore merchant account as compared to the merchant targeting the global market.
Things to Remember
If you are searching for an offshore Merchant account provider, there are many providers available online. But it is completely a merchant’s choice to decide which one is better for their business and which one will turn out to be more beneficiary. Making a decision and choosing a suitable offshore account provider is very important because benefits provided may vary from one provider to the other. So take your own sweet time to think, decide and choose the right one to enjoy the benefits of an offshore account.
Wonderful blog, thanks for sharing informative content on Merchant Account. If someone who is looking for best high risk merchant account provider or high risk payment processors then you should definitely have a look here. Highriskmerchantexpert provide the most reliable high risk merchant services, high risk merchant account instant approval , high risk credit card processing.
ReplyDeleteThank you for the update, very nice site..
ReplyDeleteEuropean bank account
There is a saying among travel agents that travelling leaves you speechless, until it turns you into a storyteller.The same can be said for choosing the wrong payment gateway for travel agency business only the stories you’ll tell won’t be pretty. As romantic and picturesque the travel industry can seem to outsiders, as full of risk it seems to bankers and other people who deal in payment solutions. As a consequence, travel agencies score very high on these bankers list of high risk businesses.
ReplyDeletePositive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. North American Bancard Agent Program
ReplyDelete