What Is Offshore Credit Card Processing Exactly?

Offshore credit card payment processing are generally online accounts created by a business with an international bank to collect payments from customers all around the world. Online businesses usually desire offshore credit card payment processing because local banks will often dictate more restrictions, or ask for more documentation before opening an account. Domestic banks for example may ask businesses to provide certain documents or a past credit history of transactions. Moreover they usually do not permit high sales volumes or dramatic changes in sales volumes.
Offshore credit card processing however, are generally more flexible in situations such as customers they choose to accept, and usually more distinct allowing merchants a greater protection of privacy. Business Accounts in an offshore jurisdiction can also lower a business's tax liabilities, due to the account or merchant is based in a place where there is no business tax.
Business Accounts are identified according to risk based on the type of business. Credit card payment processing are ranked as high risk when there is a high volume sales, risk of chargeback and refunds, fraud, insolvency and/or no credit history. This involves a greater degree of risk for the bank or merchant account offering a service. Merchants classified as high risk will in most cases look offshore for a credit card payment processing. Typical high risk businesses include: online casinos, sports betting, adult entertainment, travel, digital money and online pharmacies.

Boring Faces of Credit Card Merchant Accounts? Wait No More!

Credit card merchant accounts have been an essential part of our lives during these modern days. As technology advances, credit cards will be putting on a new face soon. They will be going from flat and dull to more technology advanced and modern. In fact, the newly designed 2G (second generation) Citibank cards are featuring two buttons on them.

Not only buttons, but there will be tiny lights that permits customers to choose between paying with credit or reward points. These choices will be made right at the register at almost any business joint, which is a major step forward in rewards points.

Besides the buttons, other credit card issuers are going to launch cards that will double as both a credit and debit cards, as well as cards with fraud protections within the card. This type of credit card will only reveal the entire account number after the PIN is entered by the cardholder. Some cards may even hold multiple accounts.

The credit card will still use the 1950s-era technology for its magnetic strip (which was introduced in the 1970s), yet, they are getting a major makeover with the help of possible microchips instead. However, even though credit cards are getting revolutionary makeovers, they may not be around for that much longer.