As a high risk payment processor, we often need to find international and offshore banking solutions for merchants. Therefor, the application process requires a host of offshore merchant account documents.
While it’s true that offshore merchant accounts have benefits that domestic counterparts do not – i.e., acceptance of high risk industries and higher volume caps – applying for such is different than the applying for a domestic merchant account.
Different, but not overwhelming. And we’ll walk you through it.
There are eight core KYC documents (know your customer) needed when applying for a domestic merchant account, which we recently blogged about. There are eight additional documents necessary for an offshore account – but each has its purpose. The domestic merchant account documents we need include:
The offshore acquiring banks with which we are partnered are more thorough in vetting and underwriting potential merchants. In addition to the eight items above, Instabill and our acquiring bank partners also require the following:
Instabill merchant account managers don’t only help your business to begin processing credit card transactions, They’re on hand as your resource for the life of your offshore merchant account through Instabill.
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