Offshore payment gateways or international payment gateways help firms manage their global business via an online platform. They ensure the effectiveness of business transactions to an overseas location where buyers make payments.
When a shopper wants to make a purchase on an international platform, they are required to input credit or debit card details on the offshore payment gateway. This online portal encrypts the data and transfers it to the processor. The processor verifies information with the international card association before routing back the result for the issuing bank whether the transaction is approved or declined.
In case of approval, the issuing bank would transfer the fund to the merchant’s bank account through a credit card network, with automated receipts being sent to the merchants and customers simultaneously. This lengthy process would be done securely in a matter of minutes or even seconds.
Some offshore payment gateway providers offer clients with higher volume of a transaction compared to local counterparts. Therefore, the rate of declined transactions can be mitigated and enhance your sales.
A customer can make an online payment in their local currency through an offshore payment system. Accepting payments online from diverse currencies can help you develop your business. You can expand your business abroad with just one safe platform integration.
It's a good idea to open many offshore merchant accounts with banks all over the world. You can manage all payment processing accounts from a single control panel thanks to a single plug-in of the offshore payment gateways. On a global or individual account basis, reporting, accounting, and chargeback processing data are all conveniently accessible.
If you aim to concentrate on some targeted markets, you might benefit from foreign policies compared to your local market. It is not only about tax policy but also other regulations from foreign governments and foreign exchange rates. All the attributes of difference in regulation stimulate more trade and commerce.
Card acceptance rates are higher when processing through an acquiring bank located in the regions where the buyer is located. With offshore payment gateway, enterprises can collect different types of credit/debit cards from Visa, Mastercard, American Express, JCB, Discover...
International business sometimes requires the company to open its subsidiary or representative office overseas. That could lead to an extra operation cost in general. As a result, for the first step of going global, online companies should run offshore business with international payment gateway and operate business from home country to reduce expenses.
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