Get to know how to get an offshore merchant account. Every year, our opportunities to do business globally grow even more. 35% of consumers globally report having made purchases in online stores located outside. These are outside of their own country, and this number is expected to keep increasing.
If your business doesn’t already serve foreign customers, then maybe you are reading this. You want to start tapping into that vast potential. Read here to learn what an offshore merchant account can do to help your business achieve its goals. Also, get to know how to get an offshore merchant account to get started on your global expansion.
Benefits of an offshore merchant accountIf you are tired of having to deal with the same selection of domestic banks, then open an offshore account. It means new freedom of selection. This is particularly interesting if your business has a bad credit history. It makes it difficult to get the services. if your business is operating in a high-risk industry. Consequently, then you likely can’t get a merchant account from a regular domestic bank at all.
Hence, an offshore merchant account can be a great solution. Allow your customers to pay in different currencies. An international merchant account will also give you better options. Now you can see the exact price they’ll pay without fearing any exchange rate surprises. These are more likely to jump the gun and do business with you.
Not to mention that it will make it easier to process international credit cards and debit cards. This is making it easier to reach and serve an even larger customer base. And finally, an offshore merchant account will usually not come with the same limitations. A merchant account from your regular bank does. There are no caps on how much you can process per month or year. This can be such a frustrating hindrance to business growth. No more losing sales and profits due to arbitrary caps – you can keep scaling your business in full confidence.