An offshore merchant account (merchant account) is a type of merchant account available to merchants doing online business in a non-resident country. This payment processing option is available to the electronic merchant through their business sites along with other transaction processes.
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A common misconception is that an offshore trading account always carries a high level of risk, but this is not the case. Sellers looking for an offshore merchant account usually do so because offshore acquirers are much more lenient about opening offshore merchant accounts and the products and services that can be sold through them due to moderate laws and merchant requirements. This is the main benefit of getting an offshore merchant account.
At the same time, an offshore bank may even more strictly observe banking secrecy than a bank in the seller’s country.
More about offshore trading account
Bad credit, or a business that has a high potential for customer chargebacks or fraud are typical factors that prevent merchants from obtaining a traditional merchant account. In this case, the business of such entrepreneurs is considered highly risky. And they face great difficulties in getting a merchant account, especially when they turn to traditional banks and merchant account providers. These financial institutions require various documents and a history of past lending transactions with banks. This procedure is tedious and often useless for a high-risk business. The entrepreneur is rejected.
Thus, an offshore trading account is the most suitable option for these online merchants.
If you intend to consistently expand the sales of your business, get an offshore merchant account. This is because local invoice providers may not handle a lot of sales.
An offshore account allows you to transfer money to its owner anywhere. Internet companies like online pharmacies, gambling sites and casinos, e-money, etc. are likely to benefit from opening an offshore merchant account.
We have direct contacts and we can introduce clients to offshore banks for opening bank accounts around the world. These banks offer personal and corporate accounts, including a wide range of services such as online banking, international debit card and 24/7 customer support in many languages. We offer you the freedom to open bank accounts in various jurisdictions without the need for your physical presence there. Let us accompany you every step of the way. Opening an account takes 2 to 3 weeks.
Banks will request additional information and supporting documentation, and their compliance teams will review the information provided in about a week. All of the banks we assist with opening accounts offer a full range of online banking services so that you can manage and access your account online.
Banking requirements for obtaining an offshore merchant account
- Notarized copies of passports of each signatory
- Original bank reference letter (or) 1 original bank reference letter and 1 original information letter.
- A copy of the utility bill confirming the place of residence.
- Original application in the form established by the bank
- Certified corporate documents
Benefits of an offshore merchant account
The main advantage of obtaining an offshore trading account is that it is easier to obtain a merchant account compared to a local merchant account provider. Offshore banks have fewer restrictions on e-merchants operating in high-risk segments of industries such as IT tech support, computer services, etc. to get an account.
Other benefits of an offshore merchant account
- Wide range of banks. When you apply to open an offshore trading account, you are presented with a large list of banks that you can choose from and that match your business requirements.
- Hassle-free obtaining an offshore merchant account. Unlike applying to open a trading account at home, applying to open an offshore trading account is straightforward. Application forms are available on the providers’ websites, which saves you time. You can expect to get results in no time, as well as create a real account. Banking policies and regulations are less strict in offshore banks, which is why high-risk companies generally prefer an offshore account.
- Multicurrency transactions. If you are running a business serving international clients, you obviously need an offshore merchant account. With an offshore merchant account, you will be able to accept payments in different currencies in real time.
- Secure credit card processing. Now you don’t need to worry about leaking your clients’ confidential financial data. With the advent of online payment gateways, accepting online payments to offshore merchant accounts has become safe.
- Real time information. You get real-time information about the transactions made in your account.
- Global expansion. By obtaining an offshore trading account, you have the opportunity to expand your client base around the world. You have the opportunity to promote your business all over the world.
- Low taxes. Taxes are not sparing. They apply to everyone. Trading accounts are no different. However, getting an offshore merchant account will significantly reduce your tax liability. Commissions are significantly reduced. You will receive different tax benefits according to the tax requirements of the country where the offshore bank is located, compared to a merchant account in your country.
- Processing of offshore credit cards. You will be able to process payments in various currencies using offshore credit card processing.
- No restrictions on the volume of transactions. For the most part, offshore banks do not prioritize the number of transactions per month, allowing your business to maximize profits and reach its maximum potential.
Why Choose Wellcoinpay
Regardless of the size or type of your business, from small startups to large corporate organizations, Wellcoinpay, headquartered in London, serves your business with offshore merchant accounts tailored for your business.
Key benefits of getting an offshore trading account from Wellcoinpay
- Sellers doing business with a high level of risk have a high likelihood of approving an application for opening an offshore merchant account.
- Our approval process does not take long.
- For businesses with or without bad credit, we also open an offshore merchant account.
- There is no limit on transaction volume when processing a credit card.
- Low tax liabilities.
Generating new income and entering new foreign markets is possible for business owners with the help of offshore merchant accounts. Sell in new international markets and expand your online business by opening an offshore trading account with Wellcoinpay.