5 Things Anyone Working in Offshore Payment Gateway Should Know
Business knows no boundaries. No other country is a better example than the United States of America. Approximately 70% of the world’s business has been dominated by American companies. No matter it is APPLE, GOOGLE, or AMAZON all have marked their international presence.
If any merchant has the competence he can easily get through the entire world with the global payment solutions available. Having the right strategy along with a promising payment partner can simply flourish your business.
Offshore payment gateways are one of the most preferred services opted for worldwide service. High-Risk merchants prefer it over other because it serves them a wider scope of business with increased margins on sales.
High-Risk merchants can service those businesses which have severe rules associated within their countries. Also getting payment services is not easier and very expensive. Let us learn some laws associated with anyone working in offshore payment gateway should know.
1 – Understanding the Offshore Payment Gateway
The term offshore is widely used in the finance and banking industry. Understanding Offshore is easy. It simply refers to an account that is outside the country of the merchant and handles all payment operations from overseas whether it may be depositing or an investment.
Importantly acquirers are from other countries offering payment services. The convenience to merchants may come in the form of getting a payment service with reduced operational and service fees which may not be possible in the merchant’s country.
In several countries, there are restrictions to certain high-risk businesses so merchants look for the offshore payment gateway to do their business from the account associated with Banks or Acquirers abroad.
2 – Understanding the difference between the Payment Gateway & Offshore Payment Gateway
Payment gateway is a web-based technology that enables payment transfer no matters whether it is receiving or transferring payments irrelevant to the source of payment service provider location.
Whereas an offshore payment gateway is a payment technology in which the source of service is outside the merchant’s country. However, in both cases, payment gateways work in a similar manner. No matter the customer is from which country it is powerful enough to quickly accept payments.
3 – Getting a Offshore Payment Gateway for yourself
Getting an offshore payment service can be tricky. Every Acquirer has got their own set of rules and regulations for issuing services to High-Risk Merchants.
A well-experienced channel will be required to get payment services from Acquirers especially in the case of High-Risk Merchants. Banks don’t give payment services to high-risk businesses that easily.
A long list of documents waits with thorough authentication to pass for payment services. Merchants falling short of financial stability and huge chargebacks and frauds are simply denied for service.
Getting the application prepared well and documents in the right order can get you payment services. Creating a cover letter containing your strength, experience, and good bank reserve can convince your payment service provider. The list of documents required for getting payment services are
- Live website
- SSL certificate
- Business formation paper
- Tax ID of enterprise
- Photo with owners ID
- Bank Statement (3 months)
- Certificate of bank stability
- Chargebacks and refund information.
Getting a payment service is difficult but not with us. We assure our merchants of the fastest approval in the market. Contact us to know more.
4 – Pros & Cons of Offshore Payment Gateway
There are several benefits of Offshore Payment Gateway
- Support multicurrency payment transactions: With this option in a payment gateway, the customer can see and buy services or products in their preferred currency.
- Reduced Business Expenses: Having an offshore payment service comes with an advantage. Various processing and operational fees are skipped along with foreign exchange and tax charges are saved.
- Increase in profits: Getting benefits of reduced business expenses results in increased benefits. Having multiple offshore payment services encourages larger sales and thus increased profits.
- Security Measures: Provider takes stringent measures to safeguard merchant’s account and transactions from chargebacks and frauds.
- Equipped for High volume simultaneous transactions: Offshore payment gateway is designed to manage high volume transactions that too without any lag and real-time reporting.
- Easy to integrate: Integration with an API is possible to instantly start the service with ease.
- Simple to pay local vendors and workers: Having full control over the currency of various parts of the world it is easier to pay local retailers and workers in their native currency.
The only drawback with offshore payment services is that you have to spend a lot to reach your acquirer. If your payment service provider doesn’t respond to your request then it will cost you high to reach them.
But this is not in the case of reliable payment service providers like us who are having very responsive customer support to instantly solve the merchant’s problems.
5 – Associating with the right, Payment Service Provider especially for you
Getting the right payment service provider is a hard-hitting job. If it is hard to get within our country then how is it possible to find reliable Acquirers abroad? Well, the answer is to get in touch with us. With our broader network worldwide there is a number of possible Acquirers eager to offer payment services to merchants.
- Look for the tried and tested: Always associate with the payment service provider that has good experience in dealing with High-Risk merchants. This will sort various issues that frequently arise with such merchants. Even the services with them are good.
- Save money by avoiding additional fees: Avoid Service Providers that intentionally charge high from high-risk merchants for their service.
- Be forthright and truthful: The payment service provider should be genuine and transparent in terms of policies, charges, rules and regulations.
- Examine any previous client testimonial: Client reviews serves as the best method to know the service reputation of any payment service provider. Simply avoid companies with bad reputations.
- Take a look at what they have to offer: Service quality is the prime check for association with any payment service provider. Top-notch services should always be preferred over slow and expensive services.
- Select the terms that are both short and flexible: Service associations should not bind any merchants with a long-term period. Good payment service providers always have short and flexible plans for alliance.
Offshore Payment Gateway is a wonderful solution for global business. If you are not able to find a right service provider in your country and want to get rid of various heavy operational and interchange charges then this can be the best solution for High-Risk Business. Accepting payments from worldwide customers with good margins is a remarkable feeling which is easily possible with offshore payment gateway.
Get in touch with us to get most advanced offshore payment gateway.