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Merchant Accounts For Foreign Businesses
Businesses need merchant accounts in order to accept all the forms of payments paramount for today's internet shopping experience. If you are a foreign business owner but want to accept US payments, you can apply for a US merchant account.
The first place that most foreign businesses will turn to for a US merchant account is to use a third party billing company such as PayPal. PayPal is a great credit card transaction processor to use because PayPal will take care of collecting the payments acquired from your online business and they then see that you receive your payment from the transactions. PayPal works worldwide but you should double check to make sure that PayPal works in your country. If PayPal isn't an option for you, then the second choice is to set up your own private merchant account.
As you prepare to get your own merchant account, you will need to take care of some other details first. US citizens will have to pay about $40 per month which includes leasing out the relevant software that may or may not include the credit card processing fees that are incurred by accepting credit card payments. Along these lines, your business must be registered or incorporated in the US. If your business is not, then some merchant account providers can help set this up with you which will be subjected to an additional one-time setup fee of about $500.00.
If you are not a US citizen, there will be some extra steps you will need to take. You will not have the choice to lrent the software, instead you will have to purchase it for about $1,000. Just like US citizens, you too are required to have your business registered in the US. If you need assistance with this, many merchant account companies can do this for an additional $500.00 set up fee.
As a non-US citizen, you will find that merchant account providers will require you to make a deposit of 5% of what you expect your revenue from 6 months to be. The reason for this is to protect the merchant account provider from dealing with fraudulent business that process credit cards but then skip out on the fees that are due to the merchant account provider for processing them. The deposit is still technically your money and is safely set aside.
It's pretty rare for brokers to allow for non-US citizens to obtain their own merchant account without any history but there are some reputable merchant account providers that pursue with foreign business and can get you approved.
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