Offshore Payment Processing - Five Things You Should Know - PowerPoint PPT Presentation

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Offshore Payment Processing - Five Things You Should Know


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Title: Offshore Payment Processing - Five Things You Should Know

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Offshore Payment Processing - Five Things You
Should Know
  • Offshore payment processing is a complicated term
    for merchants. So let us discuss this merchant
  • What do you mean by Offshore Payment Processing
  • Offshore refers to a location outside of anyones
    home country. And this term is used in the
    finance and banking sector. And merchants open
    foreign-based accounts to process their
  • On the other side, payment processing allows
    processing transactions. And that allows
    merchants to accept credit, debit, or payments
    via digital modes.
  • Offshore payment processing is the process of
    managing the transactions of businesses. Such as
    naming overseas payments and the nature of
    business. So firm that processes offshore
    merchant services is an offshore merchant service
  • What are the benefits of offshore payment
  • There are some ways in which offshore payment
    processing helps to do business.
  • Multi-currency transactions. By using offshore
    merchant services. So the businesses can accept
    payments in different currencies. And in the
    growing world of eCommerce. Merchants can reduce
    cart abandonment problems. Because customers can
    view and buy products or services. And that is
    based on their preferred currency.

Security factors. Offshore payment providers
manage strict security standards. Because
providers offer security measures. Such as fraud
management, address verification systems,
screening systems. And also real-time customer
support to prevent fraud and chargebacks. Decrease
business expenses. Offshore payment processing
is an inexpensive way to sell services globally.
So, the businesses can avail benefits of their
offshore account. And without the processing and
operational charges. So, the merchants can also
save expenses. Because of the reduction of
foreign exchange fees and lower taxes. Boost in
profits. Owning many offshore merchant accounts
allows merchants to increase sales. Because
offshore payment processing allows businesses to
manage transactions. What is the process of
offshore payment processing? An offshore payment
processor will provide you with a payment
gateway. And that allows the processing of
business transactions to a foreign location. And
this is where offshore credit card processing
companies perform their part. Most customers use
the new set of cashless payment modes. Merchants
can receive the funds through an offshore payment
gateway. And here is the process.For example, a
customer is paying by using a credit card.
Customers will be logging on to the merchants
website. And filling in the required details.
Like credit cards, debit cards, net banking. Or
any other payment mode. And the data will be
forwarded to the merchants bank. So, the data
transmits to the credit card network for
verification. The credit card network sends the
transaction details to the customers issuing
bank. And the issuing bank will approve or
decline. So, the exchange will send the results
to the merchants bank. And the processor will
forward the details to the customer. About the
transaction results in real-time through the
merchants website.
And after approval, the issuing bank will
transfer the amount to the merchants bank. By
using a credit card network. Also, automatic
receipts are sent to both merchants and
customers. Because this process takes a couple of
minutes or even seconds. Which types of
businesses get offshore merchant
services? Offshore payment processors forward to
the regions. That comes under the high-risk
categorization. High-Risk Merchants. A high-risk
merchant is a reputed business. And that has the
nature of receiving fraudulent transactions.
High-risk merchants are categorized by the banks.
Because these businesses have chargebacks,
frauds, and various refunds. So High-risk
merchants account are vulnerable to high volume
sales and bad credit card scores. And also
non-compliance with security rules. And these
risks tend to charge merchants higher fees. Or
can also stop them from future transactions. But
not all high-risk merchants are considered
illegal. Some businesses that fall under the
high-risk category are Cryptocurrency
Travel Blockchain Online
Pharmacies Tobacco Gambling Finance Adult
Services Weapons
Low-risk merchants can also get offshore merchant
services. And if their chargeback volume is high.
Some examples of businesses categorized as
low-risk are retail, beauty products,
restaurants, etc. eCommerce Businesses. An
eCommerce can also come under the high-risk
category. And because of the growth of the
eCommerce industry. So online businesses need a
direct approach to payment processing. Because
eCommerce businesses want to reach customers
globally. And providing international
transactions can be a challenge. With an offshore
payment gateway. Online businesses can process
international payment transactions. And they will
also accept major credit cards. And different
currencies from customers outside the businesss
region. So these advantages can help eCommerce
businesses to attract more customers. And it
enhances sales, and increment in profits. How can
you find a suitable offshore merchant service
provider? Merchants must find an offshore
merchant service provider with a successful
record. And also dealing with high-risk merchants
in the same industry type. They should also
include dedicated price support. Moreover, tools
to prevent chargebacks. Avoid extra charges.
Avoid an offshore merchant service provider that
works on inflated fees when dealing with
high-risk merchants.Always be upfront and honest.
Merchants that require offshore payment
processing. So they must clear things with their
provider. About their business nature and
Always be upfront and honest. Merchants that
require offshore payment processing. So they must
clear things with their provider. About their
business nature and operations. Check
testimonials from clients. Reviews of previous
clients will be excellent references. About how
good or bad an image of an offshore merchant
service provider is. Merchants must study and
research their options. And get the right firm
for the businesss requirements. See what they
exactly offer. Merchants must go for an offshore
services provider that can provide quality
services. An offshore payment service provider
must know how to handle merchant requirements.
And also by providing excellent services such as
247 support, troubleshooting, and
maintenance. Go for flexible terms. As business
requirements can change at any time. And
selecting more extended contracts or an automated
renewal feature is not right. Merchants should go
for the providers who can offer flexible term
contracts. Conclusion. With offshore payment
processing as a part of transactions and
purchasing. So, the businesses can also provide
more options for their customers. And that may
lead to many opportunities to make high sales, an
expanded customer base. And also more success for
the business. So if you want to process your
transactions. You can contact us. Because we will
provide you with our best solutions.
Get in touch
Amald provides a payment gateway also for
international and multi-currency accounts. And we
will always provide you with our best services
and 247 assistance. We will also give you better
business ideas to increase your income and a
better hike in your business.
Apply Now for Payment Gateway Solution
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