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