03 Mar 2022 By PAYCEC
Offshore payment processor is a payment service provider that processes payment data which is sent from the payment gateway. This processor is located outside of the residence of a business merchant.
As a merchant, you might think that customer’s payments will be kept by the payment gateway, and this is not true. In fact, the process of acquiring online payments on ecommerce platforms or websites shares a similar operation between offshore payment processor and local payment processor.
The difference is that local payment gateways are limited to accept different types of international card payment or digital wallets or cryptocurrency outside the host country. This reduces competitive ability in the global ecommerce environment.
It is easy to manage your fund with an offshore payment gateway because you can register an offshore payment processor with any international bank account that you want. Therefore, managing cash flow and withdrawing money are simple like you usually do as domestic practice. Furthermore, the offshore payment processor does not keep your money, it is only incharge of transmitting communication between acquiring banks, card associations and issuing banks. That is why integrating an offshore payment processor into your website or ecommerce platform is totally secure for your money and your funds.
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