Offshore Merchant Account Frequently Asked Questions and Answers

An Insight into Offshore Merchant Account Frequently Asked Questions with Answers

As a payment gateway company, we also help people get an offshore merchant account through our vast network of acquirers. Normally we receive multiple queries from merchants about an offshore merchant account. However, most of them are similar and common with a different ways to ask a question.

But still, we find it necessary to keep informing the merchants now and then about the common but important things. We are working with merchants of different industries for years, but we understand that for the merchants, many things can be as new as a first-time incident. This blog is dedicated to frequently asked questions with relatable answers that are practically applicable.

Why Offshore Merchant Account is more accessible for a Merchant but not an On-Shore Account?

On-shore merchant accounts are indeed less accessible for a merchant if he belongs to any high-risk industry such as casino, forex, etc. The reason is that normally the traditional banking system and conventional financial industry of a country do not support high-risk industry merchants. These businesses are prone to threats like hacking and a higher number of chargebacks. This in turn creates unnecessary complications in the traditional financial system.

The banks and other finance companies cannot forward the threat to the other individual and low-risk business clients. A hacker who is trying to hack a casino player’s account may also intrude and steal the identity of a simple, salaried individual. Money can be taken causing a big loss to the other bank account holders and also to the goodwill of the bank or the finance company.

Why do Offshore Merchant Account Providers Accept High-Risk Merchants?

The simplest answer to this is the commercial benefit of the merchant account providers. Yes, working with a high-risk business can indeed be risky. But in return, the acquirers charge high fees from the high-risk merchants. For the businesses, the deal can be expensive but no need to mention that a payment gateway can help its merchant bargain with the acquirer. But it can usually happen if the payment gateway company connects a merchant with an acquirer from its network. Both the merchant and the merchant account provider have their commercial benefits and that is why offshore providers are ready to accept high-risk businesses.

Payment gateways work in close connection with many merchant account providers. In such a situation when they start processing the payments for a business, they help a merchant get a merchant account. EskayPay, an offshore payment gateway for high-risk merchants helps merchants get their merchant accounts smoothly.

What are the Applicable Fees on an Offshore Merchant Account?

The list is a bit long starting from the application fee and set up fee. Besides that, the MDR which is Merchant Discount Rate, and the TDR which is Transaction Discount Rate are there. Not forget that fixed and monthly transaction fees, refund fees, and chargeback fees are among the most common ones. The chargeback fee can be volatile if the chargeback percentage is not stable. Both are interconnected.

A payment gateway can always help its merchants bargain with the merchant account providers for the most part. EskayPay has done that many times for its client businesses and have helped the businesses get their merchant account. We are ready for you as well if you are a company owner in any risky industry.

What limits are applied by the Processors on an Offshore Merchant Account?

When it comes to high-risk businesses, the merchant account provides always provides the monthly transaction limit and maximum ticket size. On this part, you do not need to worry about anything. The high-risk merchant account solutions are designed to serve only the businesses from risky industries. It is the nature of these accounts and accordingly the fee structure is also different.

A low-risk or medium-risk business cannot get the merchant account designed for a high-risk business. From the industry type to the transaction fee and the ticket size, everything is different. This is why, when it comes to the limits of the transaction of a ticket, the acquiring banks always provide the maximum. The minimum limit to tag a business as high-risk is $ 100, 000 monthly. You can understand if the minimum is big then the provided maximum limit will never disappoint a business owner.

Conclusion

We always get the above questions from our visitors and we immediately solve their concerns. Getting an offshore high-risk merchant account and getting the payment processing done need attention to the details. It is the reason; our clients ask us so many questions when we start working for them. If you want to connect with us personally our customer care services are available 24×7. EskayPay is an established brand and we work to deliver 100% customer satisfaction. Our presence needs your trust and through conversation, we can design your payment gateway solutions. Also, if you need to apply for an offshore merchant account we can connect you to many acquiring banks in our network. Together we can flourish to strengthen your business roots to hold the soil of progress strongly.

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