An offshore merchant account is a specialized merchant business bank account that’s established with a bank that’s outside of your country of operation. That means the geographical location of your business doesn’t matter when sending in an application for your offshore merchant account. These international acquiring banks are quite frequently more relaxed with their risk appetite for certain merchant types and industries.
There are numerous reasons why a business might want to open one of these specialized accounts, but the most common include:
When applying for any sort of merchant bank account, your payment provider will assess your information to determine your risk. Things like accepting different currencies, accommodating international clients, and being in certain countries and industries can negatively affect your risk rating.
With an offshore account, you can scrub out many of those factors and even enjoy several new benefits that a traditional domestic high-risk merchant account might not be able to provide.
A domestic merchant account is established with a banking institution that’s right within the borders of the country you’re operating in. For instance, a business based in the United States will have a domestic account with a US bank.
The offshore merchant account on the other hand is established with a banking partner that’s located in a country outside of the business’ location. The international banks that offer these offshore merchant accounts to international businesses are often more accepting of higher risk merchants than domestic banks.
The process of opening an offshore merchant account is different from the process required for other kinds of bank accounts. Understanding the different steps required should help you better understand what you need to prepare and who you need to get in touch with to get your offshore merchant account up and running.
Banks have what they call the know-your-client principle, or simply KYC. This means that before they undertake any sort of relationship or partnership with a prospective client, they must first preform their share of due diligence to know who you are and whether the proposed relationship would meet their standards.
Since banks are conservative by nature, they will require various documents to better understand your business, your cash flow, and the legitimacy of your venture. Aside from interviews, they also perform thorough checks on your previous transactions.
If you meet all your merchant acquiring bank’s requirements and they have no further questions for your business, then you can simply wait for their approval. In some cases though, businesses can still fall short of that coveted green light since offshore accounts can be slightly more tedious in terms of documentation and paperwork.
So, what should you do if you just can’t seem to get approved for your offshore merchant account, or if you’re not too sure how to go about the process? Shark Processing can help.
Shark Processing is a well-renowned merchant account specialist that helps businesses looking to set up offshore merchant accounts. We’ve aligned ourselves with countless reputable international banking partners that willingly take on partnerships with hard-to-place merchants.
We do all the legwork for you so you can enjoy fast approval without having to wait weeks or days to get your offshore merchant account up and running. Our team of professionals carefully assesses every application that comes our way to be able to place each client with a trusted banking partner that can accommodate your financial standards in the best way possible.
Unlike other providers that are there to make a quick buck off your plight, Shark Processing values your business. We make it our goal to help grow your venture by placing you with a merchant acquiring bank that’s handpicked for your specific situation.
We offer fast, tailored placement solutions that let you enjoy the benefits of an offshore merchant account — minus the long wait.
✔ Easy applications
✔ Professional advice and support
✔ Quick turnaround
✔ Solutions for all high-risk businesses
✔ No application and set-up fees
✔ Secure and safe
✔ Low rates
✔ Trusted banking partners
We know how disheartening it can be to be met with constant rejection, but Shark Processing is here to change that. Never worry about being declined for your merchant account again when you partner up with Shark Processing.
Ready to take the next step? Here at Shark Processing, we streamline the application process to cut down the time and effort spent just to send your information forward. Enjoy our simplified three-step process to get your offshore merchant account set up in no time.
It doesn’t matter how many times you’ve been met with rejection — Shark Processing is here to get you that coveted approval. As a premier merchant account specialist, Shark Processing has helped many businesses find suitable banking partners from all over the globe. Enjoy fast, easy, and safe placement with Shark Processing — no matter your risk rating.