Quadrapay Brings To You Rock Solid International Merchant Accounts In 2021.
Nowadays, the E-commerce market is one of the booming industries. Thanks to the advancement in terms of the digital platform and online services. Now a person can easily purchase the products and services from other countries. As a business owner, you need to go through many preparations to develop a reliable eCommerce platform. In terms of accepting payments online, you need to have a payment processing solution for your international business. Now with Quadrapay, you can easily apply for International Merchant Accounts. If you are using domestic merchant accounts that do not have cross-border payment processing options, you will miss a lot. With international cross-border payment processing solution merchants can sell products in various nations. Cardholders will not face any challenges, and the business will see a better transaction success ratio. These accounts will offer unprecedented capabilities. This detailed article will give you information about the features and benefits of international merchant accounts.
Why US, Canada And EU Merchants Need International Merchant Account Providers
You are aware that Quadrapay works with merchants from many nations. Based on our experience, the USA, Canada, and EU/EEA merchants are the most successful. It is because they probably started earlier than many developing nation. The monthly sales volume of an average USA based merchants can be between 20K-25K USD. In the case of EU/EEA, the figures are similar. The problem faced by these merchants is that many local banks do not accept payments from other countries. Some times these merchants may get the ability to accept international payments, but the bank will only allow USD or Euro as a processing currency. Both the above-stated terms will never work for a progressive merchant, in the year 2021 which merchant will want to be restricted. Quadrapay, with its partner International Merchant Account Providers, offers Cross-border payment options. With these accounts business owners from the USA, Canada, UK, Australia and European union can venture in emerging markets. Some profitable emerging markets are Latam, AP and Africa.
Most businesses rely on their domestic banks/ISO/PSP/IPSP/Facilitator for credit card processing. There are many situations where companies need to pay a lot in terms of processing charges, and sometimes they don’t even get approval for a merchant account solution from a domestic financial institute or bank. Even after approval, these domestic banks are mostly specialised in addressing the national business requirements. If an international bank issues the credit card used on the merchant’s site, the transaction may not go through. Mainly this happens because of 2 simple reasons.
- The Card is only for national transactions. This case is now almost obsolete as almost every bank offers international credit and debit cards.
- The BIN or Banking Identification Number of that nation is blocked. PSPs stops the Bins at the gateway level because of many factors. Some industries like Gaming, Crypto, Forex, Gambling, Betting will always have many bins blocked because of regulatory reasons. However, many domestic banks block international BINS to reduce risk exposure. It is a crucial challenge, and that is why the International Merchant Account is the right solution. In these solutions, merchants experience the ability to accept international card payments with ease.
With Quadrapay, you can easily apply for international merchant accounts by filling a simple merchant application form. After receiving all the details, our team will start searching for the best processing solution as per your business needs so that you can take advantage of the maximum number of benefits at low transaction fees.
Are International Merchant Accounts Better Than Local Options. The Key Features and Benefits?
- Global Is Better Than Just Local. As the name suggests, domestic accounts are for local or national businesses. Most banks will offer payment solutions but can all the banks have the same risk appetite as large international banks. The simple answer is no. It is why merchants prefer to use international merchant accounts as it offers a more significant range of motion in terms of monthly sales volume and financial risk. Most domestic processors will only provide a monthly sales limit of $ 25,000; however, this volume can be even a few million Euros per month with international PSPs. Isn’t that interesting. Yes, it truly is. International Merchant Accounts are not restrictive but open.
- Multi-currency Payment Processing With International Merchant Accounts. With local banks, you may get a solution to accept international cards, but they may only offer national currency as a processing unit. Let me explain this in simple terms. For example, if you are a merchant in the UK and selling to customers in India, then a local solution may force you to accept payments in British Pounds. Honestly, India based cardholders will need a calculator to identify value in INR. International Merchant Accounts are preferred as they offer local currency acceptance by utilising dynamic currency conversions.
- Swift Global Growth. With genuinely global International Merchant Accounts businesses can venture into new countries and continents. When venturing into new nations, it is essential for business owners to offer easy payment methods to cardholders. With our solution, cardholders will have the same experience as they will have with any local eCommerce site. Our Processing partners can customise the colour scheme and add a logo on the hosted payment page.
- High Success Ratio/Low Decline Ratio. As we have discussed BIN Blocking in the above section, you now understand that concept. If the Bins are blocked, then a majority of transactions will not go through. Also, if the payment provider’s infrastructure is not robust, then the gateway may have downtime, which results in higher decline ratio. In a nutshell, all the factors will significantly impact how many transactions will get declined and how many sales you will lose. Quadrapay Partners offer high uptime payment gateway. It means there is hardly any downtime. It reduces transaction risk, thus helps merchants make more sales and more profit.
What Processors Look For In Your International Merchant Account Application.
The following are essential factors which merchants must be aware of to improve the chances of approval. The purpose should be to prepare as per the requirements of the underwriters. Let see a few factors that are more important than others.
- Business Model. Be aware that you are applying for an International Merchant Account. It means this account will have a more significant risk than a domestic account. Underwriters will be interested in looking at an easy to understand Business Model. A website and business plan can do this. If you have a website or mobile app, make sure that it is live and complete. Think of it as your company on the world wide web. A convincing website with the right social media presence will help improve the chances of approvals.
- Agreements/Licences. Some industries may require special licences or agreements. In most cases, these are public documents and are not confidential in nature. For example, Gaming, Forex, Betting And Crypto Licences are general licences; These should be visible at business /Website/APP. If your company requires these licences than show them online before making an application. Many merchants hyperlink these to the site. These licences can be verified online at the association or statutory body website. A hyperlink can help underwriters quickly check the licence. If you are reselling or white labelling/dropshipping the products, underwriters would like to see the suppliers’ agreement. If your company is a member of any well-known industry association, then display the same. If your company has received some massive fundings, then share the information, and you may also talk about it in the blog section of your site. If your company is on stock exchanges, then share that information as well. It truly helps.
- UBOs/Directors Profiles, Just like company registration documents, it is essential for the PSP to know about its people’s background. For an International Merchant Account, the PSP will ask for the KYC documents of all directors. Underwriters are looking at working with UBO’s With a good credit score and excellent social/business reputation. It also includes checking his/her personal bank statement and credit scores. A historical analysis of owned domains and businesses is also possible. Now you know why we say that you should not try to fool payment processing companies. They know how to check all endpoints. If there is a problem on your profile, then be transparent and let us know. You know that we work with a vast number of payment providers. Some may say yes to merchants with a low credit score or business from a high-risk industry. You should also know that you may not apply for six months if the PSP rejects your application.
Quick And Easy Way To Apply For International Merchant Accounts With Timeline.
In most cases, you will get the result or pre-approval request within 1-2 business days. In most cases, accounts are made live in a week. Some large stores with complex structures and various risk elements may take longer. The on-boarding procedures for international merchant accounts are simple and straightforward. A business merchant needs to fill the merchant application form with all the required details like business registration, processing volume. It is also necessary to submit a set of KYC documents for verification along with the form. KYC Documents For International Merchant Account Includes The Following
- ID Proof like a passport or driving licence for all the directors UBOs.
- Latest bank account records up to the previous six months.
- Latest processing records up to the last six months (If you are currently processing or had processed earlier)
- SSL certified website
- Company registration documents, as well.
- Utility bills for the business.
- Voided Check under the full business registered name
After submitting all the documents for international merchant accounts, you may get an approved merchant account within one day (submitting all required information and KYC documents).
Website Compliance For International Merchant Accounts
To get your website approved, you will have to ensure that the below-stated information is available on the site. Let’s see each of these individually for the sake of clarity.
- Social media presence. We are mentioning this before website as many merchants do not focus on the same. Social media helps underwriters to understand about your engagement with your customers. How active your company is on social media? Do you share information about the latest products and news on social media or not. It helps underwriters identity how innovative your company is and how much engagement you have on the internet outside your website.
- Complete Website. Should Not Be Under-construction Or Beta Version. We get so many applications for many websites that don’t even open. Many are incomplete, or some have errors and coming soon page. These websites are a big no-no when it comes to international merchant accounts. The reason being the seriousness of the merchant. Do you think a genuine merchant will apply for a merchant account without ensuring the website is active? No one goes for an interview without dressing correctly.
- Traffic On The Site. The website should be live and active. It must have Traffic. These days most processors only want to work with merchants that have processing history. A simple way of checking the possibility of business on the site is by checking the Traffic. How much Traffic is there? Which country is the Traffic From? What keywords is the website ranking for, which are the top-performing pages? What anchor text is being used on the internal and external links? Make sure these all represent the right image of your business.
Quadrapay The Best Connection For International Merchant Accounts.
We have been serving merchants since 26th Dec 2016. Over these years of experience, we have established some perfect relationship with international merchant account providers. As we have multiple partner solutions, our merchants have better chances of approvals. There is one more thing that makes quadrapay your preferred choice. We are 100% Transparent. We will introduce you to the processing company, and then you can negotiate with them directly. We will assist you in the application process, but if you wish to do the talks on pricing or fees, you can do it with the registered processing company.
So why are you waiting? Get a mighty International Merchant Account in 2021. Feel free to email us on [email protected] or fill the form on this page?