Offshore High Risk Merchant Account
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Offshore High-Risk Merchant Accounts
Introduction
Navigating the world of offshore high-risk merchant accounts can be challenging. Many sellers offer subpar services or disappear with your money, leaving you in the lurch. As someone who has experienced both sides of this industry, I understand the pitfalls and how to avoid them.
The Risks Involved
Many so-called providers of high-risk merchant accounts lack real-world experience in credit card processing. They may offer solutions that collapse after a short time, or worse, they might vanish entirely, taking your money with them.
Scam Tactics
Often, these fraudulent processors will keep an account running for just a couple of months before abruptly closing it, leaving you without the funds from recent transactions. Additionally, they may withhold the standard 10% reserve you're supposed to receive after six months.
Another common scam involves poor reporting systems. This makes it difficult to track payments, a tactic often used to delay or withhold funds.
Real-World Examples
One fraudulent processor claimed to operate from Switzerland, yet offered no reliable contact information. Despite advertising a discount rate of 8% and a 10% reserve, they withheld a staggering 53% of processed amounts before shutting down abruptly.
Similarly, a so-called Chinese gateway suddenly lost bank connectivity, leaving transactions declined for weeks without notice. This gateway's system was cumbersome and inefficient.
Some processors fabricate fines from major credit card companies, deducting these from your earnings while pocketing any refunds themselves.
Misleading Brokers
Beware of brokers using false identities. One such individual, using the alias Gany Karim, cost me over $40,000 in direct losses while also deducting unexplained fees from my processed funds.
Bank Connection Issues
Processors under pressure from banks to adjust their processes may ignore these directives, resulting in lost connections and blaming the bank when accounts are closed abruptly.
Finding Reputable Options
Despite these challenges, reliable offshore merchant account providers do exist. Some offer secure solutions backed by real professionals who understand merchant needs. These trustworthy options allow you to accept major cards like VISA and Mastercard, with setup fees around $599.
Conclusion
While high-risk merchant accounts come with their share of scams, informed decision-making can lead you to trustworthy providers. Engaging with a knowledgeable professional who uses reliable processing solutions can make all the difference in protecting your business.
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