Getting started with ecommerce is relatively easy. Setting up the actual shop, coordinating some rudimentary delivery methods, advertising your new product and getting in the first sale. All of that can be very simple, and with the right product and some simple local advertising, you’ll be up and running your business in no time.
But running a business online is about more than just advertising your product – you also have to deal with the most important aspect of any business- getting paid. Typically, the most efficient form of receiving funds is through credit card processors – but for many, that’s easier said than done.
Why You Need an Offshore Merchant Account
As per the Nomad Capitalist, an offshore merchant account is a merchant account based in a country you aren’t based in, used for ecommerce transactions. Through a processor like eData Pay, your company can then utilize an offshore merchant account through other companies to get credit card payments processed, without having to worry about fraud.
These offshores merchant accounts are done in order to offset the risk associated with some online ecommerce transactions, particularly the higher rate of fraud and chargebacks in certain industries.
If the products or service you are selling are considered high risk, you might need to consider an offshore merchant account.
It’s all in the service.
There is huge risk associated with certain industries, such as travel, and being able to work with credit card processors that enable you to obtain an offshore merchant account is paramount.
One needs to ensure that the processors you’re working with are competent, reputable, and most importantly experienced with all the services related to your specific industry. In addition, have customer care tools that are needed for your business relationship.