Now is the age that relies more and more on digital payments and electronic currencies. Offshore credit card processors are assets that we consider practically compulsory to take a modern e-commercial and digitally-enabled business online. A merchant service provider that offers the process of credit card transactions can smash through barriers and expand your customer base. It will enable you to provide your services to a broader range of consumers and result in higher profits.
What is a Payment Processor?
A payment processor is a company that specializes in authorizing and settling electronic transactions for merchants. They play a vital role in increasing commercial reach and brand visibility for businesses to unlock new markets for their customers. Payment processors usually specialize in geographic location, payment methods, or transaction types. These processors function by maintaining backends with banks and payment gateways and networks. They also collate and transmit transactions from their customers to these services and ensure they reach the correct place at the right time. Good processing companies can efficiently and seamlessly authorize transactions in seconds and settle them within 10-12 hours.
Why are payment processors necessary? According to global e-commerce reports, the world’s top markets are moving more and more into the digital space. China reported more than 149 million online shoppers in 2019, while the USA reported more than 82 million. An average American shopper spent almost two thousand dollars in a year on online purchases. These statistics and others show the same inevitable truth: the e-commerce market has never been this lucrative for entry.
Which Offshore Credit Card Processors Offer Multi-Currency Processing
Most people prefer to start their businesses conveniently, i.e., where they live or habitually work. However, such a place may not always be the most sound place to run their payments through, though the customer base and shifting costs necessitate the actual operations that continue. High financial, data, and legal security, alongside low fees and a strong fintech support network, are the parameters a business should consider when choosing their payment processors. There are places set up worldwide, such as the Cayman Islands, the City of London, or Ireland, that offer these same benefits. In such a situation, setting your payment processing infrastructure on foreign shores may go a long way towards reducing both hassle and operating expenses.
Best Offshore Credit Card Processors with multi-currency payment
Finding the best offshore credit card processors might be a hefty task and could take too much of your valuable time. So here are a few top picks for you.
PayKings offers its services to overseas merchants in both high-risk and low-risk industries. While many processors reject firms that don’t suit the company’s brand, PayKings welcomes them with open arms. PayKings works with businesses set in various sectors, including adult entertainment, vaping, CBD, pawnshops, and more.
One of the significant benefits offered by PayKings would be as follows;
- Wide selection of card terminals
- Great brick-and-mortar features
- Discount programs
PaymentCloud has a stellar reputation in the high-risk industry. They primarily specialize in e-commerce, MOTO, and many other high-risk businesses. PaymentCloud has most of its customers from the US. With good reviews, PaymentCloud shines in the field.
A few benefits offered by PaymentCloud are;
- Low and reasonable prices
- Minimal customer complaints
- Free card terminal
- No account registration fee
Easy Pay Direct
Easy Pay Direct works with several domestic and foreign banks, increasing your chances of choosing the right bank to meet your needs. One of the exceptional features offered by Easy Pay Direct is load balancing.
The main reasons to opt for Easy Pay Direct would be;
- No early termination fee
- Own EPD payment gateway
- Variety of bank options
The company is well known for its low prices and contract terms to offshore businesses. SMB Global provides services to various industries, including CBD, auto parts and accessories, online furniture sales, firearms and ammunition, and many more. The company also has an excellent reputation for its customer service.
SMB Global uses a variety of backend processors, and therefore, the contract terms and processing fees depend upon the backend processor your account is using.
The main features of SMB Global are as follows;
- Good contract terms
- Offers an extensive range to high-risk merchants
- Excellent client service
How to Pick a Good Multi-Currency Processor
A multi-currency payment processor is indispensable if you wish to expand your business globally. It will enable you to accept credit and payments from multiple different currencies worldwide. However, picking one among the many available may be a tricky proposition. It is not enough that a processor merely provides multi-currency support. It would be best to look at a wide variety of subsidiary factors before arriving at a decision. Some of these are as follows:
- Ensure that the processor supports your business location. That is a fundamental requirement. It would help double-check this to ensure you don’t fail the registration process as soon as you start.
- Check the list of currencies the processor supports. See if it can make inroads into your desired markets. Carrying 200 different currencies is useless if none of them are of any use to you.
- Check what the settlement currencies supported are. Generally, you want to accept payments in your local currency, spend them quickly, and avoid pesky forex regulations.
- See what the fees are. Don’t let the processor walk away with a large share of your earnings. Also, check whether there are any extra fees for converting between currencies; this should not exceed 1% if present.
An offshore multi-currency credit card payment processor is an essential component of a globalized retail business. However, it would be best if you make this choice with care. Getting stuck with a substandard processor can have the exact opposite effect on your business prospects. It can also bog you down with poor consumer satisfaction and high fees. However, if you can pick the right horse to bet on, you will safely see your commerce catapulted to new heights.