Easy Ways To Facilitate Offshore Merchant Accounts

What is An Offshore merchant Account Service?

We know very well about the Merchant Account Services, all we need to understand is The term “offshore”, Well It is a type of account for a merchant opened and approved in a non-resident country. So it's a direct account but not a domestic Account. It helps the merchant to process payments through their website and allows them in making the transaction and process their sale. It offers and contains all the features just like the regular and domestic merchant Account even there can also be both the categories which can be supported like High-risk Business and Low-risk Business.

Often People Consider That Offshore merchant account is dedicated to High-Risk Businesses or for Such businesses which can not be approved by their Domestic Banks. But this is not the case its only the location making difference because the bank approving the business is not a domestic Bank or a bank from the Resident Country.

Its Also known as an international merchant account, and in this Context, we can say that it's especially beneficial for the multinational or international merchant. And therefore Offshore merchants Can Sell products to their Customers from different and many Countries Online and provide the solution for Credit card Debit card Processing and even in their own country currency.

International Merchant Accounts empower online businesses with the safety and effectiveness of credit cards. Global payment solutions yielded by these accounts enable merchants to accept multiple currencies of different denominations from their global clients over the internet. International merchant accounts assist in conducting overseas transactions but they aren’t always provided to client businesses operating beyond France, Germany, Italy, UK and US.

What Care needs to be taken while choosing an Offshore merchant service provider : 

• In order to get a smooth processing solution under Offshore Merchant Service category which can be helpful in growing your business one needs to be careful and follow these Steps.
• International Payment gateway: getting the only Offshore merchant account is not Enough but the gateway along with the account should also be an International Gateway.
• Currency Support: It Should be Confirmed in Advance that Account given will Support required Currency.
• Advanced Security/ verification: To protect the transaction there must be advanced Security enabled… like 3Dsecure, Card verification, Address verification facilities.
• Customer Service and Support: Your Account Service Provider must be having a 24*7 and a very Supportive and caring Customer care/Support System in order to provide you with any sales or technical Support at the time of requirement
• On Time payout: Above all the payout must be on time which is a major requirement of each and every merchant.

Merchant Stronghold’s Offshore merchant Services : 

Since Merchant Stronghold started making its presence felt in the market Things have changed. We are a credit-card processing company serving high-profile clients in more than 10 nations worldwide. Merchant acquiring banks in each of these countries have made it easier for us develop such a strong payment processing platform. A majority of online offshore businesses can now avail international merchant accounts due to this merchant acquiring collaboration. Currently, Merchant Stronghold accounts for innumerable international merchant accounts indulging in the processing of payments involving multiple currencies. Payments involving such currencies are beneficial for both moto and online business across 50 nations. An entirely new experience involving credit cards is delivered by this feature.

You’ll be able to utilize specific features once you open your international merchant account with us. Such features may include features for screening frauds, virtual merchant management centre and shopping cart software.

Precious Tips To Help You Get Better At Credit Card Information

Use of credit card for making online purchases is very common nowadays. But due to incidences, like data breaching; customers are more concerned about how sensitive data (personal information of customer as well as credit card details) is being handled by merchants. As a merchant, you need to open a merchant account to carry out transactions and if your payment processor accepts credit card payment, you as a business owner is contractually obligated to provide security to your customer’s sensitive information shared while completing transaction process, which is imprinted in the contract you signed. If you are using third-party software to manage customer’s information, it should be able to protect all the information of your customer.

Here are five tips for proper handling the credit card information of your customer.

1. Use Approved Software: When a merchant uses POS (Point of Sale) terminal, mobile running payment processor software or swipe machine to conduct transactions, as a merchant it is your duty to make sure that your hardware, as well as software, is PCI Compliant. There are many applications and card readers available that come with security loopholes. So, it is advisable to choose reputable hardware and software vendors who take full responsibility for the integrity of their product. For the long run and good reputation of your business make sure to use tested and approved solution.

2. Genuine Service Provider: You can avail services of a reputed service provider to install credit card processing software, manage credit card processing as well as credit card storage for your business. Service provider includes:

SaaS (Web-based software)
IVR phone services

It might also include companies to which the merchant outsources payment-processing functions. Through extensive testing of these service providers, you can make sure that they are trustworthy. Qualified Security Assessor (QSA) who performs a comprehensive audit of policies, procedures and the system of the service providers does this type of testing. You can only use PCI DSS Validated service provider as a part of the contract signed.

3. Storage of Sensitive Information: Payment processing regulations specifically prohibit the storage of credit card security code or any data contained in the magnetic strip of a credit card, although you may have business reasons for storing credit card information. The card security number is designed to know whether a customer who is using the card over the phone or internet actually does have the card in his possession. But if the security code is stolen, this approach will not work. In the magnetic stick, which is on the backside of the credit card, track data is stored, which contains the information of the account that is otherwise not displayed on the card. This data assists with authentication and the card cannot be forged.

4. Encrypted Electronic Storage: For recurring payment authorization or mail order authorization, the merchant might have to store credit card number. If such sensitive data is stored as paper documents, it should be stored in a secure place. If you process recurring transactions, you can also store credit card number via electronic storage but make sure that these files are well encrypted using a robust encrypted algorithm before storing. This provides protection against unauthorized access or if you lose your computer.

5. Phone Recording: To monitor the service quality and proof of payment authorization, a merchant might want to record the phone orders. It is advisable to encrypt recorded calls immediately and store it digitally in a limited access, password protected directory. Additionally, make sure that there is no other software attached to this storage system as it may expose these stored credit card numbers.

By simply following these five steps, you can meet your contractual requirements to protect credit card account information and the merchant can be PCI compliant. It will also help merchant in gaining customer’s confidence and loyalty, which will help in increasing the revenue.