Merchants can accept online payments in card and currency modes much easier with the help of offshore payment gateways. There are several features in this gateway that help merchants in the easiest way possible. But as always, several newbies are asking about the need for offshore payment gateways.
To clear this doubt, we are going to discuss offshore payment gateways and also why does an offshore merchant need them?
What is an offshore payment gateway?
With the help of an offshore payment gateway, websites can easily accept online transactions. It is easy for merchants to receive online payments with the help of an offshore merchant account. How can you ignore the services of the payment gateways as it is the most important merchant services? A payment gateway is like a channel that helps in processing the payments from consumers to the website.
If you want to help your business and want it to grow, you must have a merchant account. A merchant account is like a bank account that is necessary for receiving the payments.
What does an offshore payment gateway do?
An offshore payment gateway expands the business worldwide. Someone must make sure about good security if they are running a high-risk business.
Merchants always have to make sure that their business is free from high rate chargebacks and online frauds.
What are offshore trades?
Even the business tycoons are well aware of the fact that business has never been easy. There are certain rules and regulations to follow in a business. And over time they diminish just because of the scarcity of money, support, and resources.
But isn’t there any other way? Of course, there is. This choice is somewhat favorable to them. As we know, banks never intend to provide their merchant services or any type of help to merchants. But why do the banks refuse to help merchants? Well, there are many risks involved in such a business. And some of those issues are not easy to tackle or we can say they have very less chances to decrease.
Well, what to do now? There should be someone else who could help in this situation right? Well yes, there is PSP (payment service providers). Let us understand what those are.
If you are a high-risk merchant then you must hire a payment service provider for your business. The PSPs are the service providers who work and act as a stunt man in a high-risk industry.
We are already aware of the fact that high-risk industries contain various high risks. It also consists of various categories of high-risk businesses. Well, unfortunately, offshore business is not an exception. It is also considered a high-risk business platform.
High-risk businesses are always full of issues like- security, online fraud, high chargebacks, and whatnot. Well, these things are normal for any business, and PSPs can easily tackle or give relief from these issues.
PSPs are very helpful for merchants as they decrease the effect of risk factors. There are two main services that PSPs provide-
- Payment gateway
- A merchant account
There is no questioning about banks refusing to provide merchant services to merchants because of several risks. At that time merchants had only one last resort and that was PSP.
PSPs provide their full support to merchants without caring about the cost. They have the tools and tactics to tackle the issues that are harmful to a business.
But as everything has a loophole, even PSPs have some too. You need to find a reliable PSP for your business to get merchant services. There is no doubt that offshore businesses have their benefits but there is no doubt about the risks they inherit.
Paypound Gateways has been offering merchant services since 2009. Enough with the whining. We have PCI DSS level 1 accreditation, which means we protect our customers’ and customers’ info from internet risks.
Furthermore, our customer service team is impartial when it comes to conversing with merchants and resolving minor issues. If something goes wrong with a merchant’s payment service system, they can call for help at any moment. In addition, if a dispute arises between merchants and customers, our customer service team will assist in the most conservative manner possible.
Thanks to several businesses who agreed to work with us on a contract. While assisting them, we discovered several strategies for quickly resolving common issues.
There are several benefits of an offshore payment gateway. And now have a glimpse at a few of them.
Offshore payment gateways- Paypound
As your business grows worldwide you offer your services or deliver your product worldwide. Then this feature acts as a backbone when there are various transactions in different currencies.
With the help of this feature, you can easily receive payments in different currencies. This will help in growing your business, as customers will buy more products from your website. Customer satisfaction is a must for the growth of a business. Consumers will buy more products from your website as they can make the payment in their currency. This feature indeed makes online shopping convenient for them.
It is like a headache for consumers and merchants when there is a problem in a terminal while transacting the payment in time. And it is a common issue that your website does not show the debited amount of a consumer. This issue makes consumers ask for certain chargebacks.
Because of this issue, merchants bear all the consequences. This gateway has the feature known as smart routing, which helps in reducing the chargeback. This feature allows the merchant to transact payment from a different terminal for fast payment. This makes sure of zero chargebacks and merchants will have no issues like that in the future.
You can never stop frauds from happening but, you can surely reduce their rates. Offshore payment gateways have the feature of fraud prevention tools.
This tool starts working during the process of a transaction. If there is any suspicious activity in the transaction, this tool will immediately stop it.
With the help of this tool, merchants no longer have to worry about consumer safety.
Chargeback is not the only issue that merchants have to face. There are other issues related to payments that a merchant has to tackle. Sometimes transactions do not process in time because of certain failures in the system. It is a matter of inconvenience for the consumers. This will diminish the trust in consumers’ minds for your website. Also, they will think a lot before purchasing anything else from your website.
But you need not worry about these problems anymore. This gateway has the feature of bank cascading which contains the support of various acquiring banks.
Different payment methods
Everyone seeks comfort in their lives. We can only get comfort in our lives by working for it. For consumers, one of the most comforting things would be to pay for their favorite products with ease.
For that to happen, offshore payment gateway has the feature of different payment methods. This feature allows the consumers to pay in various popular modes of payment. This feature would provide convenience to the consumers and also will be able to grab a lot of attention from other customers.
This gateway does not have only one fraud prevention tool. It also has a feature of 3D security pay that generates a certain OTP that consumers have to fill before the payment.
The system generates this OTP, which acts as an extra layer of security for the consumers.
Credit card payment
There is no doubt that there is comfort in paying with a credit card and people from all around the world pay for their bills with a credit card. Every consumer loves this mode of payment because of the offers and benefits it provides.
You will need a perfect solution if you want to process the transaction faster and safely. There is also a high-risk processor in this gateway which is quite powerful while transacting high-value payments.
Why are chargebacks a big issue for offshore businesses?
Offshore business comes in the category of the high-risk industry for several reasons. There are always big risks that this business includes like transporting the products from one country to another. There always has to be a secure route and whatnot while transporting. And that’s why precautions must be taken.
You cannot raise any questions when there is a problem with a chargeback. It is necessary to maintain the quality of the product while dealing with an international customer. You get to face chargebacks when you lack the quality of services and products.
There always are some negative remarks regarding the bad or low-quality services.
Now is the time for a better shift. Make your own decisions and reach out to us. Send us an email at email@example.com and we’ll get you set up with merchant services right away!