Offshore Merchant Account
Most businesses now realise that refusing to accept credit and debit cards on their website will simply send clients to other sites that do offer such services.
However, for many businesses, this is a complex subject with many hurdles set before them.
First Global have endeavoured to offer you a simple solution to this problem.
Why set up an Offshore Merchant Account?
A merchant account enables your business and website to accept credit card payments within a secure environment.
These funds are deposited into your bank minus any service fees. If you wish to benefit from the tax saving possible offshore you will need an offshore merchant account because with a normal merchant account the funds would be “onshore” prior to being sent to offshore bank account. Thus they are likely to be deemed taxable (depending upon jurisdiction etc.)
Another reason why so many require an offshore merchant account is that Banks typically require detailed documentation including past trading history and are very conservative.
This makes it very difficult for new businesses or “high risk” enterprises to get a merchant account at all. Thus an offshore merchant account is the only solution.