What is the best solUtion for my business?

[Bekiz]

Hello!


Here is the business I operate.There are countries where credit card processing is very rough with many restrictions imposed by government. But there are many tourists who ready to buy things using credit/debit cards.


What is the best way to process the transaction when buyer and seller meet face to face but payment processing is being done via offshore bank in order to get money from western clients and to reduce taxes?


May be someone has done something similar to this, so any assistance would be appreciated.


Thanks.

 

[JohnLocke]

What you will want to look into is a Offshore company with a corporate bank account to which you ask your customers to pay to by Wire Transfer, alternatives are Moneybookers, Alertpay and 2co.com where your customers can paye with credit card and you can withdraw the money to the offshore company's bank account.


That would be the simplest solution.

 

[Bekiz]

What you will want to look into is a Offshore company with a corporate bank account to which you ask your customers to pay to by Wire Transfer, alternatives are Moneybookers, Alertpay and 2co.com where your customers can paye with credit card and you can withdraw the money to the offshore company's bank account.
That would be the simplest solution.

Thank you!


Offshore company with corporate bank account sounds good.


As of moneybookers and alertpay - most tourist a.k.a customers do not have them. Even if make them new accounts at the place of sale it will take some days to deposit funds in order to make the payment.


Do you know of any service that makes that kind of transactions faster ... 1 hr at max.


Are there other ways to charge credit cards and get the payment to the account in another country's bank?


THANK YOU

 

[clemens]

As of moneybookers and alertpay - most tourist a.k.a customers do not have them. Even if make them new accounts at the place of sale it will take some days to deposit funds in order to make the payment.

That is defiantly not an option, you will need a POS terminal to charge your customers, if they are tourists as you mention then they want to pay by MC/VISA etc. so you will want local merchant account that will offer you a POS terminal!

 

[Bekiz]

What about multicarD processing services?


are they reliable or it is a scam?


2-4 days wait period is not an option in my case.

 

[JohnLocke]

MultiCards is located in the Netherlands (as far as I remember) and have been in business for several years, I don't think they are a scam, but you should ask them if they will accept a Offshore Company for instant in the Seychelles or Belize or if they only accept European companies, if so, Cyprus may be the best place for you to incorporate.

 

[Bekiz]

MultiCards is located in the Netherlands (as far as I remember) and have been in business for several years, I don't think they are a scam, but you should ask them if they will accept a Offshore Company for instant in the Seychelles or Belize or if they only accept European companies, if so, Cyprus may be the best place for you to incorporate.

Thank you for the assistance.


Cyprus works the best.


Is there any way to charge credit cards using offshore corp instantly?


I asked some guys here - what they do is they call some chinese partners and those charge credit cards using ATM at their physical shops in China and then take 15% comission and the rest 85% wire transfered back to the real place of transaction.


I was thinking about going to established trading platforms (kind of ebay, amazon), establish accounts there (linked to offshore account), list some goods and then sell via web site. But the major drawback is the time for the customer to register their information and their credit cards at those web sites (presume customer can wait upto 1-1.5 hrs in order to pay for the antique staff - now transaction is being done within 30 min).


As of offshore accounts and business is there any way to do it fast via internet? What about the idea I described? Step by step guidance would be great.


Thank you.

 

[JohnLocke]

Is there any way to charge credit cards using offshore corp instantly?

With a Cyprus company you can apply with any merchant account provider in Europe, Cyprus is part of the European union so accepted by such MAP's.

I asked some guys here - what they do is they call some chinese partners and those charge credit cards using ATM at their physical shops in China and then take 15% comission and the rest 85% wire transfered back to the real place of transaction.

Never heard of such exercise before, sounds funny and not a way to build up a stable processing company.

 

[wosniak]

We started the process today with offshore company + bank account, they say it takes up to 4 weeks to accomplish all this, lets see how goes.


A step by step guide would be great admin.


Bekiz, can't you use 2co or RBS Worldpay with a virtual terminal?

 

[Bekiz]

Never heard of such exercise before, sounds funny and not a way to build up a stable processing company.

indeed sounds funny (I couldn't believe until I've seen transaction itself) and sales volume is pretty big- $20000/month, with perspective to grow higher.


That's why I am trying to build the system that will bring this kind of transactions to a higher level.

 

[Bekiz]

We started the process today with offshore company + bank account, they say it takes up to 4 weeks to accomplish all this, lets see how goes.
A step by step guide would be great admin.


Bekiz, can't you use 2co or RBS Worldpay with a virtual terminal?

2co - is not an option as it takes 1-3 days for the buyer to get confirmation.


What we need is - instant buyer confirmation (seller is confirmed)


we are considering to build either our own web site or go to any platform where we can sell the product. The main issue is the time for the buyer to pay by the credit/debit card. So far there are only options that are being followed by taxes that take all the fun out. If this is the case then we'd better go with funny process by calling to China to charge the credit cards via the place in there (they take 15% commission - huge, huh?!)

 

[JohnLocke]

I would not recommend to go with this Chinese processor, you will need to ask you the questions: how long have they been doing this? How reliable are they?


Also it is against the Visa / MC regulations what they are doing, once they get cought they will face huge fines and everybodies money will be frozen.


There must be other solutions available which will work for you... I will have to think and get back.

 

[Bekiz]

There must be other solutions available which will work for you... I will have to think and get back.

THANK YOU.


that's why I am on the forum )


was checking payment gateways and if they work with offshore accounts ... still waiting for their response ... looks like it would work, but I am not sure.


what about accountants?


what if I produce the product in country A, sell it in country B, but collect money in country C - how do I calculate taxes, how do I calculate expenses etc etc.


Is here any expert?

 

[nastathin]

Will this work:


Company A (EU company) opens merchant account and run the processing for the business. Company B Invoice Company A so much that it only can pay it's expanses the rest goes to Company B - Company B (non EU company) get Invoiced by Company C(non EU and only an additional layer of privacy) for all amounts.


I have been looking into such solution for some time but never moved it anywhere..

 

[Bekiz]

Will this work:
Company A (EU company) opens merchant account and run the processing for the business. Company B Invoice Company A so much that it only can pay it's expanses the rest goes to Company B - Company B (non EU company) get Invoiced by Company C(non EU and only an additional layer of privacy) for all amounts.


I have been looking into such solution for some time but never moved it anywhere..

actually it is sounds good.


Only if there is no kind of business tax that imposed not on profit but on sales or something like this.


Did you think about this? Or did you find any country that is not offshore per se but has very low tax rate in EU?


Thanks for you assistance.

 

[JohnLocke]

It seems like a working solution! For the EU company I would for several reason suggest Cyprus not because we are able to help there but rather because it has the lowest tax within the EU further it has several double tax treaty with offshore jurisidictions like the Seychelles, that means you can pay the tax in the Seychelles (0% Tax rate) if the company is controlled and managed in the Seychelles can be done by nominees.

 

[Bekiz]

It seems like a working solution! For the EU company I would for several reason suggest Cyprus not because we are able to help there but rather because it has the lowest tax within the EU further it has several double tax treaty with offshore jurisidictions like the Seychelles, that means you can pay the tax in the Seychelles (0% Tax rate) if the company is controlled and managed in the Seychelles can be done by nominees.

as of now I came up with two countries


Czezh as EU country that is not offshore, then Cyrpus as it is both EU country and offshore, who will make those invoices.


what is the tax rate in Cyprus on the kind of business I descirbed?


is there companies like PSBill, GSPay or RBS Worldpay that are reliable and offer lower fees? (GSPay is offering 6-7% fee, PSBill promissed to send their offer, RBSworldpay - 7.5% )

 

[wosniak]

is there companies like PSBill, GSPay or RBS Worldpay that are reliable and offer lower fees? (GSPay is offering 6-7% fee, PSBill promissed to send their offer, RBSworldpay - 7.5% )

How much monthly volume do you have?

 

[Bekiz]

How much monthly volume do you have?

we expect to start with sales of $20k a month and increase it shortly up to $50k

 

[JohnLocke]

There are two options for you, first is to go with such mentioned processors and eat the rates they give you to start with and later once you have grown your business to re negotiate them. The second option is to approach a local bank in your country which may give you way better rates and fees then what you find with foreign processors as the above's.