How Offshore Merchant Accounts Work:
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Upon approval of an offshore account, you are sent instructions on how to configure your website to process through an offshore merchant account able to process credit card transactions. These are the following steps involved
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Credit Card Authorization:
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| 1. The customer initiates the online checkout of goods or services on your website and submits their credit card information. |
| 2. The credit card information is then checked for authenticity and place in queue for an authorization number |
| 3. The card is then checked against an extensive "blacklist" of fraudulent credit patterns. |
| 4. An immediate authorization or decline is received from the credit card company's issuing branch. |
| 5. If the card is accepted, the transaction is completed. |
6. If the card does not receive authorization, both you and the customer are notified and the sale is rejected.
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| The authorization process takes approximately 30 seconds, depending on connection speeds and the internal computing systems in the country where the credit card was issued |
Offshore Merchant Accounts Transaction Processing:
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| The Offshore Merchant Accounts transaction is processed in real-time. Transactions are cleared with the credit card companies, settled with banks and the funds are transferred to your offshore corporate bank account. |
Click here for a complete list of Merchant terms |
