Some acquiring banks are unlikely to provide merchant accounts to high risk merchants. With Instabill’s offshore merchant account solutions, that problem is solved. By establishing an account offshore, Instabill has a bank that is more willing and eager to work with you.
What Are Offshore Merchant Accounts?
An offshore merchant account, established with a bank outside your home country, is a special type of bank account that enables merchants to accept credit card payments through their websites. Without the need to incorporate your business in the same country, offshore merchant accounts are perfect for high risk industries such as multi-level marketing, nutraceuticals, financial services, tech support and many others.
Which Merchants Benefit from Offshore Credit Card Processing?
At Instabill, we find that offshore merchant accounts work best in a number of high risk e-commerce industries.
Offshore Merchant Account Charateristics
When a high risk merchant is unable to obtain a domestic merchant account, the owner has little choice. Merchants who need an offshore merchant account are usually categorized by these factors:
- Online sales of products/services deemed illegal in certain countries or regions
- Company registered address is located in an offshore location
- Poor or no merchant credit history
9 Benefits of Offshore Merchant Accounts
- Real-time credit and debit card processing: Merchants are able to process credit and debit card transactions instantaneously.
- Automated billing service: With offshore merchant accounts, merchants can generate their own daily, weekly or monthly statements through automated software.
- Third party processing: Ideal for small businesses or e-commerce startups.
- Security: SSL (Secure Sockets Layers) and 3D Secure (Verified by Visa & MasterCard SecureCode) solutions as well as fraud detection tools such as AVS (Address Verification Service), CVV2, Advanced Fraud Screening software and internal negative databases to reduce chargebacks.
- Application documents: Our merchant account managers will send you the application (to be competed in full). Additionally, we’ll request several KYC (know your customer) documents we’ll need to go forward.
- Multiple currency processing: The offshore merchant account holder has a choice of processing in his/her own familiar currency: Japanese Yen, Chinese Yuan, Hong Kong Dollar, Great Britain pound and many more.
- Customer support: Instabill merchant account managers assist the merchants from the application process throughout the life of the partnership. Reach us directly at 1-800-318-2713.
- Possible tax breaks: Many high-risk businesses opt for offshore merchant accounts because of less tax restrictions in other countries.
- More liberal: Offshore banks tend to be more liberal when taking on high risk merchants than their domestic banks.
Fees and Payouts
Instabill offers cost-effective merchant account fees through its network of banking partners. Once your acquiring bank determines your fees, it will also determine your payout schedule based on the strength of your application.
Regardless of whether you receive payouts daily (three days in arrears) or weekly (1-2 weeks in arrears), you will receive your approved funds on time, every time. Read more about Instabill payouts.
Offshore Company Registrations
Instabill also has a large network of offshore incorporation partners that will make it easy for you to register offshore. Upon receipt of all merchant account application materials, we’ll take care of registering your company offshore. Read more about our offshore company registration services.
Online Credit Card Processing Web Services
As a merchant service provider, Instabill also offers a variety of online credit card processing web services. Whether you need help integrating your site to our payment gateway, need to troubleshoot your gateway integration, or you need help integrating your shopping cart, our client tech support experts are here to help. As an added bonus, we can also help you with PCI compliance scanning and obtaining an SSL certificate for your e-commerce website. Read more about our web services here.