Accept Credit Cards

International Merchant Accounts- While merchant accounts allow you to accept and process credit cards that start in your own country, international business may require international merchant accounts. Here is some info on international merchant accounts.

What Is a Merchant Account?

A merchant account is the means of providing a connection between a merchant who wants to accept credit cards and a customer who wants to pay with a credit card. When a customer pays a merchant in cash, no other party is needed to the transaction. The merchant presents the bill, the customer presents the money, the merchant accepts the money, and sooner or later after handing the customer the merchandise, deposits that money in his or her bank account.

In a credit card transaction, the merchant account and the payment gateway take care of the financial aspects of this transaction. Through these services, the credit card is verified, the purchase proffered and accepted or declined; if accepted, it is processed, and the money is transferred from the financial institution from which the customer has the credit card to the merchant’s merchant account, while the amount is added to the customer’s list of credit charges.What Is an International Merchant Account?

With a domestic merchant account, you may find that domestic banks are reluctant to extend credit to offshore institutions. With an international merchant account, also called an offshore merchant account, it is more likely that such accounts would be extended credit. In addition, international merchant accounts are willing to underwrite accounts that carry higher risk that commercial banks choose to underwrite. This may include accounts connected with certain industries, such as gaming, online pharmacy sales, adult sites, telemarketing, infomercials, and travel sites. In addition, sites with a very large monthly volume or a site without a processing history, both of which might be turned down for a domestic merchant account, may find a home with an international merchant account provider. For this reason, these accounts are also sometimes referred to as high risk merchant accounts. Things to Be Aware of When Considering an International Merchant Account

The first thing to be aware of is that the fees charged by international merchant accounts may exceed those charged by domestic merchant account providers. Look got merchant account providers with a number of years of history and a good reputation. If possible, seek favorable reviews that are offered on an independent website.

In addition, since they are often working with a clientele that may have faced challenges getting a line of credit, it is possible for unscrupulous merchant account providers to try to take advantage of this clientele, so research the companies you are considering carefully. Beware of hidden charges or limited information about projected costs.

Check for the frequency of payment transfers and for the precise list of payment types you will be able to accept, including credit cards, debit cards, ACH (check) and e-check transactions. Major credit cards such as VISA, MasterCard, Discover, American Express, and Diners Club. Also, find out what kind of shopping carts or payment gateways the merchant account works with and whether these incur additional charges. It is also important to find out about the chargeback reserve policy (how much is held as a guarantee against chargebacks and other financial threats).

Other things to look for with international merchant accounts concern the customer service and technical support departments. With an offshore connection, it is especially important to assure that customer service will be available at all the hours you need it, not just during business hours in the country from which the international merchant account bank operates. In addition, you will want to make sure that there are customer support and technical support lines staffed by people who are proficient in English, if that is the language in which you prefer to speak when you transact business. When you are seeking support, you don’t want an added communication problem because of inability to understand what the customer service representative or tech support person is telling you.

Merchant W.H.

Charge.com

MerchantExpress