Small businesses feel further pushed by a lack of essential features and exorbitant prices put together by domestic merchant services. Business owners lose patience and peace of mind. They don’t know whom to approach next. They feel they have been unfairly targeted. You have one shot left- Offshore high risk merchant account providers. Businesses find hope coming back as they explore features. At some point, they accept the country-specific limitations that bind the hands of domestic services. They don’t blame them now.
High risk merchant account providers are the same, more or less. Merchants should know that territory-based commerce and tax policies prove decisive. An offshore merchant account levels the game up for high-risk business owners. The ever-growing gulf between domestic and offshore high risk merchant account providers highlights the need to explore new shores. Merchants have realized putting international merchant services last in the queue limits their chances.
Technology advancements favor small businesses. They’re cut off from the technological revolution earlier. The high risk business type proved too risky for service providers in the past.
What makes banks and payment service providers (PSPs) stay away:
- Regulated industry
- E-commerce store
- Excessive chargeback ratio
- Fraud susceptible
- Recurring billing
What are your first thoughts? Some of the points, such as an e-commerce store or subscription billing, are the norm of the day. The high risk industry type shouldn’t hold a merchant responsible who hasn’t even started its venture.
Domestic high risk credit card processing services had a lot of expectations riding on them. They share some of the load but fail at critical junctures. The dominance of international merchant services shows the entrepreneurial spirit of the corporate culture- Offering a solution to an age-old problem. Well, the problem has been there for some time.
Offshore High Risk Merchant Account Providers: Empowering the Merchants
Entrepreneurs launching their online ventures have an innate desire to trade in foreign markets. They start looking for offshore high risk merchant account providers. The tactic is simple- They want faster approval and better services.
Offshore high risk merchant account providers outperform domestic ones in key parameters:
- Accept applications from taboo high risk players (Adult entertainment, Gambling, CBD products)
- High-value transactions approved (No-limit approach)
- Simple application process, Better approval system
- Lower Tax Rates, Liberal trade policies
- Competitive advantage in foreign markets
Entrepreneurs select an offshore merchant account to serve the cause of their industries. They want to ease the restrictions around their industry. Or show a door to other players in the same field or another high risk business.
The more we read, the lesser the domestic players stand a chance. High risk merchants are staring at two opposite realities- Domestic and Offshore merchant accounts.
New Possibilities Emerge with Offshore High Risk Merchant Accounts
Opening an offshore high risk merchant account embarks brands on a self-discovery journey. Why did we say that? Think of the tactical advantage in security and credit card processing areas.
Your Merchant Services Rep (YMSR) considers offshore merchant account services to have more experience. They have worked on industry-specific challenges and with brands from different countries. They’re aware of the intricacies of the system. There is every possibility they have figured out a way around it and offer unique custom solutions. You should invest in their domain expertise.
No one could argue that international merchant services offer lower credit card processing fees. Technically, they’re most suited to quote better prices. It is a default benefit of working with an offshore merchant account.
A wider set of payment options enhances brand reputation and brand popularity. You have more flexibility in accepting different types of payments. International merchant account providers support entrepreneurs operating in multiple geographies.
Offshore High Risk Merchant Account Providers: Fraud Prevention Tools Enhance Reputation
Your Merchant Services Rep (YMSR) suggests checking the fraud prevention and chargeback protection tools in particular. Spend some time researching the services and what other offshore high risk merchant account providers offer. We have listed a few techniques used by top services:
- Behavioral Analytics
- 3D Secure Authentication
- Machine Learning
- Address Verification
- Proxy Detection
What is your role in detecting fraudulent activities? Real-time detection tools help to cancel orders or transactions before they cause menace. There is a lot you can do to stop them at every level. Your team should have adequate knowledge of common fraud patterns. They should know how to tackle these cases. It all begins with having the best detection tools. A combination of technology and human instincts is the right approach.
The whole chargeback saga points towards due diligence not being paid at the checkout point. Offshore high risk merchant account providers have industry-leading tools to stop high chargebacks and unsatisfied customer complaints.
Conclusion:
Offshore high risk merchant account providers empower merchants to represent their brands and industries. One thing is sure they cannot compete with half the resources and high processing fees. Why limit to domestic merchant accounts? Justify your brand potential by associating with merchant services with relevant experience in the international markets.
