Offshore Merchant Account

What is an offshore merchant account?

An offshore merchant account is a merchant account that is based offshore - outside of the United States. Many financial institutions in countries around the world offer businesses offshore merchant accounts. With the use of an offshore merchant account, your business can easily do business with companies and individuals around the world. With an offshore merchant account, you will no longer be hampered by restrictions on who you can and can't do business with, what type of currency you can accept, and how much money you can make in a given week, month or even year. An offshore merchant account can free you up to do a lot of things you were never able to do before.

Is an offshore merchant account safe?

An offshore merchant account is very safe, provided that you have an offshore merchant account set up through a legitimate, scrupulous financial institution that adheres to guidelines and regulations and follows them to the letter. An offshore merchant account is just as safe as an onshore merchant account. The bottom line is that to make an offshore merchant account as safe as possible, make sure that you and the provider of your offshore merchant account are following all of the rules and guidelines, and are dotting your I's and crossing your T's.

What types of businesses qualify for an offshore merchant account?

That largely depends on the financial institution that provides and handles an offshore merchant account. Some financial institutions are willing to take on risks and offer an offshore merchant account to any business that wants one. Others are more picky, and may limit their approval of an offshore merchant account to certain businesses, and exclude others. If you have a business that is considered high risk, including online pharmacies, gambling casinos and/or websites, money exchanging sites, and sites of an adult nature, you may find that your search for an offshore merchant account may be a little more difficult (but not impossible).

Okay, I'm sold. How do I apply for an offshore merchant account?

It is quite simple to get started with an offshore merchant account! Many financial institutions offer easy application forms for offshore merchant accounts that can be accessed and filled out online. Make sure to check that the application forms for these offshore merchant accounts are secure (the URL should start with https://, rather than http://), and have all of the required information on hand - business information, personal information and bank information. Or, you can check with financial institutions in your area to see if they can offer you an offshore merchant account, and then see them in person to fill out the application.