Offshore merchant accounts refer to a payment processing solution that exists outside the jurisdiction of the United Kingdom.
If your business falls under the high risk umbrella, you are likely having trouble finding banks who will process customer transactions or credit card processor who are willing to offer services for your website.
With Orbit Card Services you don’t have to worry about that. We accept almost every type of business as long as it is legal in your country and we can help you open a merchant account without the need for any special financial documents at one of our corresponding banks in Europe.
Let’s have a look at the top 5 following reasons you may need to open an offshore bank account:
Reason #1: You are a High Risk Business
One of the main reasons you may need an offshore account is because you are a high risk merchant account. In other words, you are either a start-up business, or your business poses some other risks to banks such as excessive chargebacks and poor business credit.
Here are some examples of high risk merchants: online gaming, gambling and sports betting; crypto-currency and ammunition; collection agencies; loan merchants and online lending; adult entertainment; travel agencies and ticketing services.
Reason #2: You want to protect your Assets
Another reason you may be interested in opening an offshore merchant account is to protect your assets. While there is no such thing as 100% protection, an offshore account is often more secure than other accounts.
In the event you get hit with a lawsuit, you might not have sufficient resources to invest in legal matters. Having a mixed portfolio of merchant accounts including an offshore merchant account allows you to pay legal fees and keep business running as usual.
Reason #3: You would like a Non-UK Banking Solution
Opening an offshore merchant account will give you added insurance that your assets are safer from domestic instability, as well as being managed by world-class institutions.
In the event of downturns in the United Kingdom economy, having overseas accounts can help protect your business and its assets.
Reason #4: Peace of Mind
An offshore merchant account works like an insurance policy:
- It helps protect you from unsound banking systems and the destructive actions of a bankrupt government
- It allows you to pay for medical care abroad and it makes you a hard target for frivolous lawsuits
Knowing that you have taken a strong measure to protect yourself from these things should give you a certain degree of mental comfort.
Reason #5: Currency Diversification
Holding foreign currencies is a great way to diversify the risk in your portfolio, internationalise some of your savings and ultimately protect your purchasing power.
Conclusion:
While many business owners seem to be apprehensive about opening an offshore merchant account, doing so could prove to be one of the wisest decisions you have ever made.
No matter how long you have been in business or what your industry is, Orbit Card Services will help you create an offshore high risk merchant account that suits your business needs.
Are you ready to apply? Get started today and fill out the application simply by Clicking Here
