9 Common Misconceptions About Offshore Merchant Account
It is irrelevant to keep misconceptions about an Offshore Merchant Account. Therefore, we are the misconception buster for you. eMerchantPro is ready with all the myths or misconceptions that follow Offshore Merchant Account.
We will be addressing each of the misconceptions and will also tell you what features you get from us that correspond to deal with it.
Misconceptions
Misconception 1: Tax is eradicated
Truth 1: Offshore Merchant Account can significantly lower the tax charges for the business. It does not necessarily remove the tax completely for your business but it will reduce the taxes. Different Countries have different rules regarding business. Thus, eMerchantPro offers Offshore Merchant Account that is settled in countries with no business tax whatsoever.
Misconception 2: Offshore Business is untrustworthy
Truth 2: Simply think about those huge eCommerce chains. They have a set up in the offshore countries and are regulating from those distant lands. Yet their reputation follows. It is all about your business model and the product or service.
Misconception 3: Offshore Account is a secret account
Truth 3: You get a secure, private account offshore. But it is not a secret account whatsoever. The bank will need all your personal and business details from you to open and operate an account.
Misconception 4: Offshore investing is the worst
Truth 4: Getting an offshore merchant account is one of the best decisions for your business. It lowers the taxes that you have to pay in your country. Moreover, there are certain features like asset protection, security, privacy, no volume caps, etc.
Misconception 5: Physical presence is necessary for opening an account
Truth 5: Most international banks allow you to open an offshore merchant account without reaching the bank physically. Moreover, you may reach out to professional merchant account providers like eMerchantPro to take you through the process. We will also handle the opening of the offshore merchant account for your business. All we need are the credentials of your business and we are good to go.
Misconception 6: It is expensive to open an offshore merchant account
Truth 6: Offshore Merchant Accounts are cost-efficient in many ways. Moreover, a merchant account has monthly and yearly charges for maintenance. The one-time fee is dependent on various touchpoints.
Misconception 7: It is illegal to have an offshore account
Truth 7: Having a merchant account in Tax Haven Countries is not illegal in any regard. However, it is important to note that banks will never promote illicit practices and funds. They will surely take any official steps if anyone tries something of this sort.
Misconception 8: Nobody needs to invest in Offshore Merchant Account
Truth 8: Investing in an Offshore Merchant Account has been proven to be one of the best long-term solutions for a business. It significantly decreases the taxes on the business. It also helps your business to reach a global audience faster. As you are dealing not only in your residential country but also with the country your Merchant Account is in. That will help your business to reach worldwide areas faster.
Misconception 9: Merchant Accounts are only for the ‘Big’ Companies
Truth 9: Being a big company is not a criterion of selection. The feasibility of the company, the potential, reach, and sales of a company are some of the criteria. There is more to consider than just being a big gun in the market. The Risk sector is also one of the parameters that define the Merchant Account for your business.
These are some of the common misconceptions related to an Offshore Merchant Account. And you mustn’t fall prey to these.
What does eMerchantPro offer for an Offshore Merchant Account?
We, at eMerchantPro, offer world-class services to a merchant. Starting from complete assistance for setting up a merchant account to 24 x 7 support services. We keep the credentials safe and secured.
Our company’s scalability allows us to get instant approval for a merchant account. Moreover, for an offshore merchant account, we try our level best to get the account open.
We are also one of the leading payment service providers. That makes us affordable, secure, reliable, and flexible with every feature. It will help your business to reach further and attain a great global platform.
Summing It Up
That brings us to the close of the blog. It is crucial to take note that the misconceptions have been in the business sector for long enough. It is time to remove the myths and misconceptions and take a serious step towards offshore merchant accounts.
Offshore Merchant Accounts are one of the most cost-efficient ways for your business to reach the bigger competition. The High-Risk Sectors are the most affected business because many banks deny them Merchant Accounts.
On the other hand, eMerchantPro accepts them with open arms. We understand the need of the market and work to get your High-Risk Business Instant Approval so that you can start with your business as soon as possible.