Merchant account is a form of account that accepts only credit card orders and payments from the customers. The growth of internet business leads to the growth of merchant accounts. They enable the customer to access international market share and to earn income offshore. They also have a more flexible account structure. This type of account is an answer to many problems faced by the business owners. You can set up this type of account from anywhere in the world. An offshore account requires only a much lower opening deposit than any other accounts. These accounts are very easy to acquire and to apply for when compared to domestic accounts.
One of the benefits of an offshore merchant account is the tax reduction. The bank that offers an account is generally located in a different country which allows the business owners to find the best deal from all over the world.
A merchant also enables to accept payments in multiple currencies. Offshore accounts made it easier to process high volume of sales for merchants. Other major advantages of services are privacy and security. This type of accounts is useful for high-risk companies such as gaming, credit repair, phone card sales, multilevel marketing and pharmacies as it provides tax-free transactions.
Offshore merchant accounts have more relaxed procedures and guidelines. Some customers doubt that there is a possibility of fraud in a merchant but most of the service providers use fraud protection systems. Because of the reduced tax, business owners can offer their products to customers at a much lower price than the competitors. The business owners can expand their business globally by providing more options of credit card acceptance and currencies from any part of the world.