An offshore merchant account is kind of bank account primarily for e-merchants created in a non-resident country. It lets the merchant process payments via their website and also, let other transactions. Many businesses based on the internet, especially those come under the category of high-risk face many barriers in opening merchant accounts via domestic account provider and banks.
Sadly, local banks need merchants to provide a lot of documents and their past credit transactions history. It makes a very time-consuming process for merchants to open an account. That’s why it is better to prefer an offshore merchant account for such kind of online business.
Online firms that are probably to get benefit by just opting for an offshore merchant account include casinos, electronic cash, tobacco items, biotechnology, travel-based, sports books, internet drugstores, adult entertainment and many more. No matter how long you have been in business or what company you are presently operating in, high-risk merchant account offshore can aid your firm in many ways beyond your expectation level. So, let’s explore the major reasons why you need to open an offshore merchant account:
1. You are a “High Risk” Business
One of the main reasons why you opt for an offshore merchant account is because you are a high-risk merchant. It means you are either a startup or younger business or have some other sort of risks to banks, such as excessive chargeback’s, or your business credit is poor.
Thus, if your firm comes under the umbrella of high risk, then you are probably having difficulty seeking banks that will do customer transactions. There is no doubt that if you are backed by one or more trustworthy bank, then you can have long-term success for your business. Luckily, offshore high-risk merchant account providers have a useful resource for business at high risk.
2. Protect your Assets
Another major reason why you should go for an offshore high-risk merchant account is to protect your assets. Suppose you go through a lawsuit – even if the case goes in your favor, it will still take money and time to deal with the situation. Sadly, smaller companies or companies at high risk cannot afford to lavish their resources which are already limited to the legal matters.
Happily, if you open an offshore merchant account, then you can reduce the risk of getting hit with lawsuits. In fact, even if the case reaches the door of courts, you can able to give legal fees and run your business as usual by having an offshore bank account.
No matter which company you run or operate in, it is an ideal business decision to diversify your assets for many reasons. Moreover, you as a merchant can always have the risk of facing bank problems, such as excessive chargeback’s. It can lead to the freeze of your processing abilities. Luckily, an offshore merchant account can help you to have some light or hope when you ever deal with banking problems in your business. If someone sees deeply or analyze carefully, then an offshore merchant account has many things to offer for the high-risk business.
4. Decrease Vulnerability
It is very good saying “Never put all of your eggs in one basket”. If you do it, then you are at high risk of losing your all investments and money. It is always a good idea to transfer your some assets to a secure and safe place. The smartest way to reduce your financial vulnerability is to put your money offshore. So, if you want to reduce the chances of facing a financial problem in your business, then it is now the right time to opt for the best offshore merchant account.
5. Higher Interest Rates for Deposits
The European Central Bank and Fed have maneuvered interest rates to near historical laws. These artificially low-interest rates amount to a wealth transfer from savers to borrowers. Moreover, if you are living in the West, then there is a good chance for you that interest you are earning on your savings is not even keeping pace with inflation real rate.
6. Medical Care Abroad Access
In the situation, you are denied treatment in your native country and you may want to need treatment in a foreign country. Or in other words, you can’t get the medical care in your home country and you have to go overseas. It means you will need to transfer money in a foreign country to pay for it. However, it can be very hard to transfer funds you need to pay for your medical care if capital controls are forced. That’s when an offshore back account role comes in. Having a merchant account can ensure you always get access to medical care abroad. All it is because an offshore bank account does not hold hostage to capital controls in your native country.
7. Enhance your Personal Freedom
High-risk merchant services providers provide you with many options and more options directly mean you will get more freedom. It is a vital step in which you can free yourself from complete dependence on one country. So, if you want to increase your personal freedom, then it is the right time to opt for an offshore merchant account.
8. Great Peace of Mind
An offshore bank account is similar to an insurance policy. It aids in protecting you from backing systems and unsound backs and also, harsh actions of a bankrupt government. Moreover, it also makes you a difficult target to giddy lawsuits. By knowing you have made a strong step to protect your high-risk business from all harsh things, you can have great peace of mind and can run your business without much stress.
That’s all on why high-risk business should go for an offshore merchant account. As opening offshore online merchant account is becoming difficult and that’s why you should act fast to protect your business from various risk.