Performance Card Service is a leading offshore merchant account provider for those who have difficulty qualifying for domestic credit card processing. Businesses in this category often rely on eChecks, ACH or wire transfers to accept payments. Yet these solutions can be time-consuming and expensive — especially when dealing with large transactional volumes.
However, many international banks allow merchants to process credit cards without being incorporated locally. Applying for these offshore merchant accounts usually involves providing the standard Know Your Customer (KYC) documents. Though once approved, there are no limits on capacity or volume — and this allows you to continue expanding your business.
Done correctly, an offshore merchant account can be a lifeline if your current business requires secure, fast and convenient credit card processing. However, before exploring this option, it’s important you understand how offshore payment processing differs from most domestic solutions.
The Limitations of Offshore Merchant Accounts
Below are some of the key challenges you might face when using an offshore payment processor:
- Funding cycles are usually weekly. In some cases, money may be tied up for several weeks in arrears. Such delays can negatively impact your cash flow. Thus, it’s important that you plan accordingly.
- Some banks convert payments into their local currencies before authorizing and completing transactions. This means both you and your customers may see currency conversions on monthly statements. As a general rule, you should alert your customers of this fact during the checkout process. At Performance Card Service, you can avoid this issue. The process used by our primary bank means customers will see the same charge at checkout as they do on their statement.
- International banks are not subject to U.S. financial regulations. It is imperative that you select a reputable payment processor that takes data security seriously. Even still, there is always the risk that some transactions get delayed.
- When working with offshore merchant accounts, you may face a higher rate of declined transactions. This is because many card-issuing banks in the U.S. use Geo IP filters to automatically flag or block transactions initiated abroad.
Once aware of these limitations, it’s possible to manage them successfully.
That’s where we come in.
Choosing the Right Offshore Payment Processor
Since 2001, Performance Card Service has helped countless merchants around the globe build thriving businesses with a range of cutting-edge offshore payment solutions. With one of the highest approval rates in the industry, we can help you qualify for an offshore merchant account — even if you’ve been turned down by other domestic or international banks in the past.
If you choose to work with us, our team of experts will meet with you to select an offshore payment processing solution that addresses your specific needs.
This consultation begins with an in-depth analysis of your current payment challenges — followed by a detailed examination of the various risks you face. Thereafter, we custom-design an offshore merchant account solution to help reduce your risk exposure and mitigate the limitations outlined above. This allows you to begin securely accepting credit card payments as you continue to grow your business.
To learn more about Performance Card Service’s offshore credit card processing solutions, schedule a free consultation with our merchant services team today.