Overseas credit card solutions are different to the typical American Express, Discover, MasterCard, and Visa that are so common here. While these cards exist in other countries, there are other cards like Carte Blanche, Diner’s Club, and JCB that are commonly used in foreign countries. To make the most profit, your storefront must be set up to accept these cards.
With any internet or e-commerce website, security must be a key component of your checkout process. Look for merchant processors who can handle foreign transactions and offer the highest level of security. An SSL server is essential. If you fail to protect the customers from fraud, they will not return and they are also incredibly likely to bad mouth your website to many of their friends and relatives. You must remain proactive about maintaining security on your website at all times.
Offshore accounts are considered high-risk so the fees will be higher. When you are setting up an Overseas merchant account, you will often find fee tables like this from other companies:
- 3.5 to 10% of the credit card transaction is deducted as a service fee
- Charge back fees range from $35 to $150
- Transaction fees range from 35 cents to $1.50 each time a credit card is used as a payment method
- Monthly membership fees of up to $50
- One time set up fees range from $300 to $700
- Minimum fees range from $20 to $50 per month
Note: We will set you up with an international merchant account with the lowest fees we can get depending on the nature of your business. There is no fee to fill out our application form and receive a quote from one of our account managers.
Some credit card companies will charge additional fees that are passed on to the storeowner. American Express and Discover are notorious for these fees that range from 1 to 3% of the purchase amount. Some merchant processing companies will waive these fees to entice you to do business with them, so make sure the service fees for these companies are not overpriced to cover the waived fees.
When setting up one of these accounts, look for companies that offer 24/7 customer support, online access to your account, payments made daily, technical support, and high-tech security measures to prevent fraud and account tampering. Obviously, your business relies heavily on receiving the money customers have spent in your store. If payments are not received in a timely basis, you will struggle to pay your own bills. Many Overseas banks provide twice weekly payments, but some stick to weekly payments. Try to avoid those that make weekly payments because delays will mean you might go two weeks without receiving any money and this can strain a company’s budget.
When you are setting up an Overseas account, have your list of questions ready and do not agree to sign with any company until you are certain you understand all of the terms and conditions. If you are unsure of anything, ask questions repeatedly until you have documented answers that provide you with the knowledge you need to feel comfortable about starting an account. If you still are not comfortable, look elsewhere. After all, this is your business and you want to make sure that you are spending on a level that you can handle without driving yourself into debt.