Merchant
Account providers usually publish
a list of restricted businesses and
industries that are inelgible to participate
in their programs. Usually businesses
that deal with MLM, Adult Entertainment, Cannabis Products,
collection agencies, hair loss products
and such are not accepted.
If your business is in a restricted
industry then your alternative solution
is to seek an offshore account, or
an account located outside of the
U.S. It is highly recommended you
seek professional advice about which
country you do business with as it
could adversly affect your tax/credit
environment.
The great advantages to an offshore
account is you can accept payments
globally. It is advised you combine
your offshore account with the international
business corporation.
Some other benefits to offshore accounts
include having no background or credit
checks, all businesses will qualify,
set up times are fairly quick within
a week, you recieve wire transfers
and real time credit card processing
is provided to you.
You may however need to pay a higher
set up fee, discount rate fees, monthly
fees, and transaction fees. You may
be required to place a deposit. Most
of the time a reserve is held back.
Usually 10% to 20% of monthly volume.
Free
Credit Card Processing
offers free swipe terminals when you
sign a one year contract.
