Offshore Merchant Account
Every businessman which is about to start the Internet sales or business through the use of offshore companies get confronted, earlier or later, with the problem of credit card processing.
- Suitable for offshore based merchants
- Credit card acceptance
- Offshore merchant account gateway
- Accepted business types
- The rates and commissions
- General specification of offshore merchant account
- Contracts and requirements
- Procedure to apply for offshore merchant account
- Middle East offshore merchant account eligibility
Suitable for offshore based merchants
Thetabiz Corporation can help you get an offshore merchant account for Internet credit card processing, fax, telephone and POS orders.
Such offshore merchant account is suitable for offshore companies from various countries.
Credit card acceptance
You will be able to receive VISA, MasterCard, American Express, Diners Club and JCB cards. Our help consist of preparing the application for you while making sure that all needed requirements from your side are met. The merchant account will be based in Switzerland or in other offshore locations. Your data will not be revealed to third parties.
Offshore merchant account gateway
Thetaworld Corporation will provide access and nominate the processing bank and the gateway provider.
The gateway provider is part of the credit card processing group which has partnerships and/or cooperation agreements with several online processing companies in Europe and the Middle East.
The gateway provider is offshore company itself located in the Middle East where they maintain the acquiring relationships with the local banks. The back office is located in Denmark and the gateway provider has been in the online processing business since 10 years.
Accepted business types
Our relation with various banks and gateway providers will help following businesses accept credit card online:
- Adult based business
- General e-commerce
- Licensed pharmacies
- Licensed gaming
- Some tobacco
- Replica sales
- Travel services
- Music business
- Software sales
- Electronics sales
- Various other goods and services
The rates and commissions
We maintain various connections to banks and acquiring companies. Our business is to compile your informations, to prepare the proper documentation and to nominate the adequate merchant account provider for your business. Thetaworld Corporation takes great care of details and helps the online businessmen to comply with merchant account requirements.
The rates vary for each of the types of industries and they also depend on the volume and history of the specific merchant.
The commission rates vary from 5% to 8% of the processing amount.
Other fees involved:
Transaction fee of US $0,50
Rolling reserve: 10% of the authorized transaction amount on the basis of 180 days while in some cases the nominated bank might increase the amount to 15% if they feel that merchant is risky
MID terminal setup vary from US $500 for e-commerce merchant to US $1000 for gaming, pharmacy, tobacco and replica
Monthly fee is US $50
Refund fee is US $10 per transaction
Charge back fee is US $25 for charge back or retrieval
General specification of offshore merchant account
General specifications of offshore merchant accounts provided by Thetaworld Corporation are:
Transaction ticket is without limit meaning that payment amount can be without any limit.
The currency used is US dollar.
Credit cards accepted: VISA and MasterCard
Merchant descriptor (MID) is issued for each merchant.
Volume allowed in first month US $1-2 millions, than gradually up to US $5 millions per month by the 6th month and thereafter negotiable.
Settlement to merchants is on weekly basis after the initial two weeks.
Contracts and requirements
Each sponsored merchant receives own MID and Descriptor, and needs to sign a separate contract with the acquiring bank.
Settlement of funds due to merchants after deduction of fees, and commissions if applies, will be wired on weekly basis into the merchant’s account as per their banking instructions. Wire cost shall be $ 35.00 per wire.
All pharmaceutical merchants must provide legal opinion confirming their compliance to the guidelines established by both Visa and MasterCard.
All gaming merchants must provide a copy of their gaming license.
Tobacco merchants must be either offshore and not delivering into the USA, or in the US and properly registered by the FDA.
If merchant chargeback ratio at any time exceeds 1.00% then they will be charged $ 1,000 for the first occurrence. By the second occurrence they will be charged $ 2,000. By the third occurrence, the bank has the right to close the account.
Merchants shall integrate directly with the gateway provider. For this purpose the API documents will be provided.
Procedure to apply for offshore merchant account
Procedure is following:
Your payment of US $400 for our unlimited help for bank accounts and merchant accounts (acceptance of credit cards) arrives to our company Thetabiz Corporation. There are no hidden fees. Thetaworld™ Global Bank Account Service. The TGBAI service fee is US $400 for unlimited number of bank accounts, merchant accounts, brokerage accounts, and it is one-time life-time membership fee. You can purchase single bank account introductions as well.
You will complete the merchant application form.
The application will be reviewed by our staff and perfected with additional questions.
Your website will be reviewed for acceptance.
The bank will review your application and the website. The bank takes usually about 5 working days to review the application.
The bank will verify if you are on the black list of VISA and MasterCard, so called MATCH list.
You will sign the contract with the bank and the credit card processor.
Upon signing the contract the bank will issue the MID -- Merchant ID. That takes about 3 days.
Once you receive the MID, the credit card processor will send you informations and documents for the setup of the processing online. We can help you with the implementation. You will start with the test of the gateway for credit card processing. Our support might be free of charge, but if it requires extensive work, we might charge additional programming fees.
Once the testing phase is finished, you can start with credit card processing.
Middle East offshore merchant account eligibility
You will be able to apply for the offshore merchant account with your international business company, Panamanian corporation, any other offshore corporation or offshore based company, any U.S. based company or limited liability company from anywhere. It is strongly recommended that you apply only through the use of the company.
The application consist of several pages but it is handled in rush manner and decisions are made fast.
You will be able to accept by default:
- VISA cards
- MasterCard cards
Requirements for this offshore merchant account will be:
- that you have some kind of company somewhere in the world
- that you have valid address and contact data
- that you have your own Internet domain
- that you have a bank account
You can use this offshore merchant account for as many domains as you choose.
Thetabiz Corporation prepares and helps you get the offshore merchant account and guarantees your acceptance by 100%. Your funds paid to Thetabiz Corporation will be paid back in the case that you do not get accepted or in case that Thetabiz Corporation cannot find the merchant account provider for you and your company.
