Offshore Merchant Account for non US citizens

[system32]

Hi,


I read here and there that people are opening offshore merchant accounts for their business if they are not located in the US, now I wonder how a "offshore merchant account" differ from a regular merchant account ?


Is WorldPay, Wirecard, Chronopay and 2co.com considered to be a Offshore merchant account provider or no?

 

[JohnLocke]

The mentioned merchant account providers and Acquiring banks are not considered offshore, it most of all depends very much on your location if the merchant account provider or acquriing bank is called offshore or not. Actually the most recognized offshore merchant account providers are located in Bermuda, Panama and the Caribbean, however you will face high rates, complicated procedures to get approved and huge setup fees while you will be forced to incorporate in the country in question.


First Atlantic is such an offshore merchant account provider, Payment Gateway, Online Credit Card Processing, Merchant Accounts, First Atlantic Commerce

 

[christo14]

First atlantic commerce is one of the merchant card facilities I've been told is safe to use. When you speak of high rates and complicated procedures, can you elaborate? PayPal charges me 1.30GBP per sale for my website. I think that's pretty high! My shop based in the UK with UK bank and card machine with WorldPay is only 0.25GBP per transaction.

And when you say I'll be forced to incorporate in the country in question, do you mean Bermuda?

Sorry if these are novice questions, just trying to get the best, most legitimate set up for my website.

The mentioned merchant account providers and Acquiring banks are not considered offshore, it most of all depends very much on your location if the merchant account provider or acquriing bank is called offshore or not. Actually the most recognized offshore merchant account providers are located in Bermuda, Panama and the Caribbean, however you will face high rates, complicated procedures to get approved and huge setup fees while you will be forced to incorporate in the country in question.


First Atlantic is such an offshore merchant account provider, Payment Gateway, Online Credit Card Processing, Merchant Accounts, First Atlantic Commerce

 

[christo14]

To update on contact with FAC... They responded with this to me today