MERCHANT ACCOUNT

INTRUODUCTION SERVICE
FOR NON US RESIDENTS

1.

START ACCEPTING CREDIT CARDS
GET THE BEST RATES
GET THE BEST SOLUTION

 

Since 2004, we have helped thousands of NON US RESIDENTS start their own US companies and obtain bank and merchant accounts. With the new Patriot Act, KYC laws and money laundering regulations it is becoming very hard for nonresident to open business account in the US, and especially hard is to open a US merchant account. To resolve this problem, and following requests from many of our customers, we have developed the perfect solutions for non-residents:

 

MERCHANT ACCOUNT
INTRODUCTION SERVICE

 

2.

WHY DO YOU NEED IT?

 

As the world becomes more global & borderless, and as new forms of payments and merchant solutions are being developed it is now more complex to find the best merchant solution for your business, one that will suit your business structure, residency status, products and services, customer type, industry, transactions and expected volume.

You can spend days studying all the different banking options, researching hundreds of merchant providers, and comparing dozens of payment solutions, then go through the lengthy process of applying and then get rejected...

 

OR

You can sign up for our Merchant Account Introduction Service and let us do it all for you and get you the best solution for your business including the best possible rates!

 

3.

WHO IS IT FOR?

Our service is designed for NON US RESIDENTS who are looking to expend their business to the US market.

 

4.

HOW DOES IT WORK?

Step 1: Analysis
We conduct an analysis of the following: your business structure, residency status, industry you operate in, products and service you sell, your customers, transactions and sales volume.

Step 2: Access to merchant database
After we complete the analysis, we will give you access to our enhanced database of leading 100+ merchant service providers.

Step 3: Comparison of top 10 merchants

We will send you detailed list of the 10 merchants that best meet your requirements, including: Eligibility terms to open an account, documents required to open the account, accepted methods of payments, rates and fees, chargebacks rates before account closure and more.

Step 4: Apply to open an account
You will select the three merchants that you wish to apply for an account with and we will provide you with assistance throughout the entire process, including help with all forms and schedules, tax forms such as W8 and W9, help with information requests sent by the merchant provider and more. We will continue to provide support until the account is opened.

 

4.

HOW LONG DOES IT TAKE?


Step 1: Analysis
24 hours

Step 2: Access to merchant database
48 Hours

Step 3: Comparison of top 10 merchants
48 Hours

Step 4: Apply to open an account
1 week or more. This step is mainly depends on how fast you responds to our and the merchant request for information. The fastest you work with us, the faster this step will be finished.

 

5.

WHAT DO YOU NEED TO PROVIDE US?
 

Due Diligence
We must verify your business, your identity and your address. Under the KYC and money laundering laws, we will ask you for the following documents:

  • TAXUSAmerchant application, signed.

  • Valid passport

  • Valid government ID with photo

  • Proof of address from the last 90 days with your name

  • Bank reference letter from your home country

  • Certificate of incorporation of your US company

  • Shareholder agreement / LLC operational agreement

  • Link to your website where can clearly see your services / products

 

6.

WHAT WILL YOU RECEIVE FROM US?
 

Dedicated account manager
Right after you sign up, we will assign to you an account manager, who will be your main contact person for the entire process, from start to finish. You can contact your account manager via email, live chat, skype and SMS.

Access to merchant database
Enhanced database of leading 100+ merchant service providers.

Comparison of top 10 merchants


Merchant providers comparison

We will send you detailed list of the 10 merchants that best meet your requirements, including: Eligibility terms to open an account, documents required to open the account, accepted methods of payments, rates and fees, chargebacks rates before account closure and more.

CPA Assistance with application to open up to 3 accounts
You will select the three merchants that you wish to apply for an account with and we will provide you with assistance throughout the entire process, including help with all forms and schedules, tax forms such as W8 and W9, help with information requests sent by the merchant provider and more. We will continue to provide support until the account is opened.

 

7.

IS IT GURANTEED THAT YOU WILL GET AN ACCOUNT?
 

Although we do everything we can to make sure your application will be approved by the best merchant for your business, it is the sole decision of the merchant provider risk management team whether to open your account and under which terms of to reject your application. We will continue to work with you throughout the process until you are able to open an account.

HOW TO START?
Before you order:
Check if you qualify.
We guarantee results in 24 hours
This is a preliminary review, which designed to check if you qualify to any USD financial accounts. The final decision will be made by each of the bank we will introduce you to. 
Do you have a US company?

If you have US company,

Does it have:

US employees?

Real office with lease agreement?

Is your US company in good standing?

What will be your minimum transaction size?

What will be your maximum transaction size?

What is your expected monthly volume?

F.A.Q

What is the cost of the service?

The entire process costs only $399. It includes: Dedicated account managerAccess to merchant database, Merchant providers comparison, CPA Assistance with application to open up to 3 accounts

 

Do I need a US company?

It depends on the merchant providers. Some of the merchants will require you to open an account for a US Company and not personal account. If you don't have US company, and you will be required to open one, we can open it for you. The fee for it is $399 + government fee of $300. Read more about this here.

I don't have bank reference letter

As we must verify your credential, we need to obtain reference letter from your home country bank or financial institution. If this is not available, we will have to discuss with you alternatives, such as references from customers.

Do I need to notarize the documents?

You will have to notarize the documents if we approve your application. At that time, we shall ask you to notarize the documents (Public notary or qualified attorney can do that for you) and courier the documents to our headquarters in NY.

What Is a Merchant Account?

A merchant account is bank account with a bank. It is not a regular bank account that you use for deposits, withdrawals, savings, and investments. In fact, the merchant has very little control over the merchant account. Instead, a merchant account is an account into which a merchant can accept card payments.

Banks that offer merchant accounts are usually called acquiring banks or acquirers. Not only banks are acquirers. Non-bank entities can be acquirers. This comes from the role they play in a card purchase. They acquire the card information and pass them on to the issuer.

The issuer in many cases refers to a bank, namely the bank that issued the customer's card. However, issuers can be non-bank entities, such as financial services companies or just any regular company that has been licensed by a card scheme to issue cards.

 

What Is a Card Scheme?

This originally referred to Visa and MasterCard only, but nowadays also includes other brands, such as American Express (AmEx), JCB, China Unionpay, Diners Club, Discover, and various localized cards.

The card schemes either issue their own cards or license issuers, such as banks or credit card companies, to issue cards with their brand.

 

Offshore Merchant Account

This can mean one of two things: either a merchant account with an offshore bank (acquirer) or a merchant account with an onshore bank held by an offshore entity.

 

The most common is the former. The latter is not quite as common, since onshore banks prefer to deal with merchants in more reputable jurisdictions than the jurisdictions where offshore companies are mostly registered, such as Seychelles, Belize, British Virgin Islands, and so on.

 

There is a common misconception that an offshore merchant account is automatically high-risk. This is not the case. However, merchants who seek offshore processing are usually doing it because offshore acquirers are far more lenient when it comes to issuing merchant accounts and what type of goods and services can be sold, due to more relaxed laws and requirements on the merchant. This is one of the greatest advantages of having an offshore merchant account.You may also be subject to stricter banking secrecy with an offshore bank than you would otherwise.

 

The main disadvantage of offshore merchant accounts is that they cost a lot more. You typically pay up to double, if not more, per transaction with an offshore acquirer, and there are usually monthly fees on top of that.

Whether it's worth the extra cost is up to you as a merchant to decide. I often find in the long-term it costs less to register a company in a low-tax but reputable jurisdiction (Malta, Gibraltar, Ireland) and get a merchant account with an onshore acquirer. The lower processing fees make up for costs of accounting and taxation quite quickly.

 

What Is a Chargeback?

A chargeback is a dispute of a card payment. Chargebacks are raised by the cardholder in case of card fraud (stolen or skimmed card), non-delivery of goods, or when an unknown transaction appears on the credit card statement or bank statement. The latter is called friendly chargeback. This occurs when the cardholder authorized the transaction (meaning no fraud took place) but does not recognize it on the card statement. For example, this can happen if your company is called Example Trading LLC but your website is www.flowers.com and the customer sees Example Trading LLC on their monthly statement; this is called the billing descriptor.

 

High-Risk Merchant Account

Acquirers classify merchants into risk categories, usually just low-risk or high-risk. The risk profile a merchant gets is predominantly based on the goods and services sold. These are sectors that have an innate high-risk for chargebacks, be it due to stolen cards, non-delivery of goods, unsatisfactory goods, or unclear billing descriptor.

The following are examples of high-risk merchants:

  • Airline, travel, hotel bookings

  • Gambling (casino, poker, sports betting, bingo)

  • E-cigarettes

  • Tobacco

  • Pharmaceuticals

  • Adult entertainment

  • Subscriptions

There are three (3) major types of Merchant Accounts:  

How you are going to actually collect your customer’s card data at the time and point of sale will dictate what type of Merchant Account you should consider.​

  1. Retail Merchant (Swiped) Accounts: This type of account usually offers the lowest transactional costs because the merchant is face-to-face with the card holder, and the card is physically swiped at the point of sale. 

  2. MOTO Merchant (Keyed) Accounts: Mail Order/Telephone Order accounts tend to charge higher transaction rates and fees than a Retail “Swiped” Account. Why is that?  Merchants cannot verify that the person calling in to place the order is in fact authorized to use that particular card. More risk equals higher processing costs. 

  3. Internet/Website Merchant (Keyed) Accounts: Internet merchant accounts, also known as "Gateway" accounts" are similar to MOTO accounts, have higher risk and thus higher processing costs than swiped accounts, and can only be used for Internet/website transactions. A shopping cart is often used to simplify the product or service selection process for the consumer. 

Merchants MUST comply with all MasterCard/Visa/Discover/American Express Payment Card Industry - Data Security Standard (PCI-DSS) and EMV Terminal/Equipment guidelines and requirements to minimize all forms of credit card processing fraud and chargebacks.  Should a Merchant fail to comply with these well established PCI & EMV rules and regulations, they will be subject to a 100% cost liability shift back to themselves, as MasterCard/Visa/Discover/Amex will not share in any chargeback or processing losses with the Merchant.   

Please visit the following sites for more info on PCI-DSS and EMV:

www.Visa.com

www.Mastercard.com

 

 

 

©2004-2019 by Tax USA Inc.

 

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