High Risk Offshore Merchant Accounts - Payment Guru

Certain banks view certain kinds of companies as high-risk, and even be concerned about negative publicity from these types of businesses. These include pharmacist merchant accounts and telemarketing accounts as well as an Internet merchant account. These types of companies are usually denied the merchant account or being charged a hefty charge due to their high-risk classification. In the end, businesses may choose to open an offshore high-risk merchant account since the banks onshore may not offer facilities to establish accounts for processing credit cards.

Offshore banks initially assess the possibility and nature of business operations of the person who is applying to establish a merchant account with them. The risk is assessed in light of the possibility of over-chargebacks, return charges and potential legal violations in the sale of specific types of products or services and the financial liabilities that the bank may incur.

The ability to accept payments in different currencies can increase the revenue generated by the business. A merchant account offshore allows companies to accept credit cards to make international payments. However, there are certain rules for high-risk businesses by special high-risk offshore merchant account service providers. They typically approve merchant accounts that processors onshore might find too risky as long as they do not engage in illegal activities.

In order to establish an offshore merchant account that is high-risk, the business owner must comply with a set of basic requirements and provide specific documents. Merchant account providers offshore permit merchants to choose foreign banks with a high credit score and offer adequate protection for their customers. The majority of merchant account providers will have requirements for accepting the application to set up an account. These criteria are generally simple and not too difficult.

The high-risk offshore merchant accounts are not just preferred by large corporations, but by business owners who have international business interests. Business accounts with high risk typically have a higher cost however most business owners see it as an investment that is necessary to reap long-term benefits.

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