| Offshore merchant accounts are an advantage | | | | account depends on documents required and |
| for people with international business | | | | provided and time needed to process them. It |
| interests that can be run outside their | | | | may allow business owners to start accepting |
| country of residence. Offshore merchant | | | | international payments in various currencies |
| account facilitates businesses to accept | | | | almost immediately. |
| credit card payments internationally. An | | | | |
| offshore merchant account can be set up | | | | Most offshore merchant account providers have |
| through an offshore merchant account | | | | certain criteria that need to be fulfilled |
| provider. To set up an offshore merchant | | | | before they agree to set up an offshore |
| account, business owners have to provide | | | | merchant account. Most providers offer |
| certain relevant documents and particulars to | | | | accounts to only legal businesses even though |
| offshore merchant account provider. | | | | they may be high risk. There are certain |
| | | | areas that particular account providers may |
| An offshore merchant account provider | | | | consider as illegal and refuse services. Most |
| requires documents relating to proof of | | | | offshore merchant account providers expect a |
| identity, source of investment, and | | | | certain volume of sales to be processed each |
| references from merchants? current banker. | | | | month to ensure profitability. Merchant |
| Merchants may submit a clear notarized copy | | | | account provider may decide acceptable volume |
| of one of the documents that contain a | | | | of transactions and merchants are expected to |
| photograph, which can be current drivers' | | | | comply. However, there are some offshore |
| license, social security card, current valid | | | | merchant account providers that offer their |
| passport or a current valid national ID card | | | | services without any volume cap. Therefore, |
| as an identity proof. Process of setting up a | | | | it is advisable to look around for various |
| merchant account usually takes between a few | | | | offshore processors to get the best deal |
| hours to a few business days to be completed, | | | | before setting up an offshore merchant |
| once the offshore merchant account provider | | | | account. |
| receives due payment. Time taken to open an | | | | |