Two Options for International Businesses Seeking Merchant Accounts
Posted on January 19, 2008 - Filed Under Business |
Merchants that live outside of the United States and wish to set up merchant accounts for payment processing in the US can expect to pay a lot. Some banks simply won’t provide merchant accounts for foreign businesses. Others charge exorbitant rates to do so.
One way to reduce the cost and hassle of trying to set up foreign merchant accounts is to establish a U.S. presence. This involves incorporating your business in the United States, and there are firms that can do the work this involves for you.
A firm that specializes in helping foreign businesses incorporate handles everything from setting up a mailing address and telephone number to completing incorporation paperwork. Such firms usually charge around one thousand dollars to set businesses up in operation within the US. Although this sounds like a lot, it might not be in comparison with the cost of setting up a foreign, non-US based merchant account.
If you aren’t ready to incorporate in the US, you can always opt to set up a merchant account with a company that specializes in serving foreign businesses and providing International merchant accounts. Services such as PlanetPayment and iTransact.com will allow you to accept credit card payments without a bank account in the US, although they often charge significant fees.
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