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off shore accounts for merchant processing

Discussion in 'Business & Tax Advice' started by RSILeads, Feb 21, 2013.

  1. RSILeads

    RSILeads Registered Member

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    I have been approached by offshore companies who have said they can set me up with an offshore merchant processing solution. I have a good understanding of Domestic merchant account set up ( have a few) and I have a small understanding of off shore accounts. I understand that I need a offshore corp (If I am wrong feel free to correct me) so that I can apply for an offshore merchant account processor. The question is, does anyone have any good/reliable offshore processors? Some want to charge up the wazzzoooo and some don't seem reliable. I am looking offshore because domestic processors are staying away from things like biz opp and financial planning which is the vertical/industry I started in.

    Is it true that if you only get taxed on what you send yourself back into the states? I assume I must also pay local country taxes?
     
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    Last edited: Feb 21, 2013
  2. Agent00x

    Agent00x Newbie Premium Member

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    I had one back in 2004 with German Bank, they process cards and wire you $$$ once a week ( it was my setup), after 2 months they terminated services for "low approval rate" meaning that cards had less than 75% approval rate.
     
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  3. RSILeads

    RSILeads Registered Member

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    how did you set up? did you have a rep that set it up? or did you set up the EU corp on your own? do you know the name of the company still? "low approval rate", as in you would run deals and they would decline? or you would run cards and they would CB?
     
  4. Agent00x

    Agent00x Newbie Premium Member

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    I had a rep here ( Orange county ), no eu corp needed, just checking account here to send money to. I signed contract and started processing credit cards through their terminal. I had recurring charges ( $9.95 month). It worked for me for 2 months
     
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  5. Agent00x

    Agent00x Newbie Premium Member

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    as for approval rate-when 25% of your cards got declined that is low approval for them, I've never had this issue with US based merchant services and was surprised to hear such bs reason for account termination
     
  6. RSILeads

    RSILeads Registered Member

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    I have been seeing/hearing more stories of declines being an issue. As if we know exactly what is going on with the clients card (wtf). Could you share (PM) your OC contact with me ? was your 9.95 one time or rebill? It would totally help avoiding getting an EU CORP or any off shore corp (until a reliable source appears), so was this then an agg account? or what this your account and they were the ISO?
     
  7. Agent00x

    Agent00x Newbie Premium Member

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    Hi, 9.95 rebill monthly, it was agg account. BTW processing fee was 6.5-7% which is huge. Overall if you exhausted all the options domestically, you can move to these type of accounts but it is risky and it's expensive. I lost contact info for their rep.
     
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  8. RSILeads

    RSILeads Registered Member

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    There seemed to be a point where A TON of people would jump on and comment for "merchant services/processing" and it seems to have slowed a bit, or My post sucks lol. Feel free BHW to jump on and share your awesome knowledge. I know you are out there, maybe you just haven't see this post yet :)!
     
  9. RSILeads

    RSILeads Registered Member

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    I skyped you... answer when you can..I am close to find and verifying some off shore merchants for HIGH RISK accounts... I will keep the form posted as I reach a final answer.
     
  10. GreasyMidget

    GreasyMidget Newbie

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    I am looking for for a high risk or 3rd party merchant account right now as well. Feel free to pm me also.
     
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  11. sirrobin

    sirrobin Newbie

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    im interested too in case there any reps here. please pm me
     
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  12. RSILeads

    RSILeads Registered Member

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    I did send out PM when you have a chance reply back. I closer to finding and putting together a list of options for HIGH RISK and HARD to place offers and products. I will be making a follow up thread once I have all the solid info.
     
  13. unclemike

    unclemike BANNED BANNED

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    Depending on the amount you are looking to process stealth PayPal accounts can be a solution.
     
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  14. RSILeads

    RSILeads Registered Member

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    do you know the amount that its good for?
     
  15. Platinum_Mike

    Platinum_Mike Newbie

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    Good Afternoon guys, I work with Platinum Relations, which is an established Merchant Account provider that specializes in High Risk processing and has the ability to accept any legal business. I believe we can work together with our network of providers to create a solution that will fit your needs. Please shoot me a line at mike att platinumrelations dott company or Skype PlatinumMikeD if this is something you are interested in pursuing.

    Thanks
    Mike
     
  16. RSILeads

    RSILeads Registered Member

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    @Platinum_Mike, thank you for sharing your info. I believe one of my associates are working with you currently attempting to set up a merchant account. Thus far out of 11 "high risk" processors not ONE has approved my account domestically. My offer is a financial planning coaching offer (most people say its similar to the biz opp model, except there is not a business to sell or money claims, its straight up coaching) and I will confirm to see if that application was declined or not. I understand that you/company will pitch the fact that they can place it etc (not you specifically, merchant reps generally) but domestically its not going to happen. Given, there are domestic companies that I am working with right now and I have two applications that came out of underwriting this morning with stipulations (both domestic) VS denial. I need to show money etc.. but not an official approval just yet... I will keep the form posted.

    Most people reading this need to know that Domestically there are ONLY 4 MAX end banks that ALL applications run through. Each ISO (merchant account provider/reseller) has other companies they run their applications through (basically each other) but at the end there are 4 banks these all run through. It is important to know which companies work with who and what banks they are being submitted through, also which other ISO's its going to be ran through.
     
  17. PaymentMaven

    PaymentMaven Newbie

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    Occupation:
    PaymentMaven.com Merchant account consultant
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    RSI Leads --- let's talk again on Skype as I am pretty sure I can arrange a merchant account for you all.

    Cheers,
    Paul
     
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  18. RSILeads

    RSILeads Registered Member

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    ok sounds good.. I skyped you a few minutes ago and I am looking forward to your reply. I hope we can come up with a solutions .. then I can also promo you ... I will be putting together a update for the form with reliable sources... looking forward to your options (offshore).
     
  19. dbyrn

    dbyrn Power Member

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    "financial planning coaching" is high risk?!
    I thought you were selling some foreveryoung pill)!
     
  20. cdkpay

    cdkpay Newbie

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    CDK Pay has partnered with multiple offshore banks and solutions to place the merchants which have been declined by other banks. If you are still looking for merchant account write to us or add us on skype at cdkpay