Offshore High Risk Merchant Account
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Summary:
Get the experience from not just a seller of a high risk offshore merchant account but a merchant who has been thru all the hoops and has seen everything from both sides.
The risks of offshore high risk merchant accounts
Most sellers of such high risk merchant account are delivering low-grade products or simply take your money and run away (this has happened to me several times in the past). These sellers have never processed 1 single cent themselves from credit c...
Keywords:
Offshore high risk merchant account, high risk high volume account, offshore merchant account
Article Body:
Get the experience from not just a seller of a high risk offshore merchant account but a merchant who has been thru all the hoops and has seen everything from both sides.
The risks of offshore high risk merchant accounts
Most sellers of such high risk merchant account are delivering low-grade products or simply take your money and run away (this has happened to me several times in the past). These sellers have never processed 1 single cent themselves from credit cards and therefore do not know (or care) about the requirements of a merchant. They only know how to sell a useless solution that will go down after 1-2 months of use.
These days the scam artist make your account run for 2 months and then suddenly it gets closed and then you never see the funds from the last 3-5 weeks processing plus the standard 10% reserve that you normally should get back after 6 months.
A new variation of this scam is that the high volume high risk merchant account processor has very poor reporting system making it difficult or impossible for you to see when and how much you will get paid for which period.
For example a gateway processor that claims to be located in Switzerland (they have no telephone that actually works) and be operated by a Swiss person shows only 7 transactions per page and has no reporting system whatsoever. This processor claimed that their discount rate was 8% and reserve was 10% - but actually, they kept 53% of all processed amount and after7-8 weeks the account suddenly closed. This so-called Swiss gate also put a chargeback belonging to a completely different merchant on my account and never removed it even though they promised to do so. Another chargeback I was able to prove that the product was delivered but the chargeback still remained.
Another example was a so-called Chinese gateway processor using a gateway went down (lost their bank connection) also after 6 weeks of processing with them and never told anything to me - ever so for 2 weeks all my orders got declined making my potential customers upset and me very frustrated. Besides the cheating then this gateway is so badly built that you can only use Internet Explorer to access the gateway with and you must disable popup blockers. The DNA-gateway does not permit you to use the mouse for copy/paste of customer info which makes it very slow to use. This doesn't really matter because they never pay you 1 single cent.
A great way that these sellers also make money is to make up fines from Mastercard or VISA that supposedly requires 1-4 years litigation. These fines do not exist at all or at a much lower amount or, are only temporary fines that are refunded to the processor after a short hold-period. The processor has already deducted these funds from the merchant but the merchant never gets these funds again. Ever.
A processor broker/seller having a foreign name Gany Karim (this is not his real name just the name he uses for his customers so he can not sue me for defamation and supposedly located in Canada sold me those 2 solutions. The total loss was more than 40.000 USD in direct losses plus I was not able to process for several months waiting for a new solution to be made which never came. However, all his fees that ran into 2.000 USD including extra fees that were never explained to me was deducted from my processed funds and funny enough I never saw 1 cent at all.
Before a processor loses his bank connection then the bank has for some time asked the processor to change certain procedures which the processor chooses not to do so. Then the bank closes the processors merchant account and then the processor blames the bank for the problem.
When you ask the processor which bank they use then they will never tell you.
After a couple of years you have forgotten all about it and have moved on which is what these scam artists hope for.
These processors also have no or very poor customer service (before they close down your account). And after they close down the account then they have zero customer service and you can not get hold of them at all or not talk to the decision maker.
Other times then the processor sets up another corporation which they process thru. Then in your contract it says that the processor is not liable for losses incurred if your processor is not paid. The funds will then be in the other company (that the processor also owns).
Are there any offshore credit card processors that are not con artists?
Yes, there are some good offshore merchant account processors out there. I use some of them myself for my own websites so I know that they are reliable.
You will get your own MID account and be able to accept VISA, Mastercard, ACH and maybe other cards also (depending upon your business area) for a small setup fee of $599.
You also get to talk to a real life person who knows the requirements of a merchant and uses the very same processor solutions that I sell. So, I practice what I preach so to speak.
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