Credit Card Processing - Take It Off Shore

In case you haven't done the math, there are many more customers offshore than there are between the borders of the United States, and that includes the two states that aren't contiguous.  In fact, while Americans may be the most materially wealthy people around, by sheer numbers we are barely a drop in the bucket. Tapping into off shore markets is not only smart, it is essential if you want to survive in our new global economy.  For that you will need credit card processing that has a world wide vision. 

The Legal Aspects

If you are heading offshore, you had better know the local laws.  That is true of any situation, but in business it is that much more important.  Pretty much each country has different standards when it comes to protecting customer data.  Make sure you know what they are and how to follow them.  If you don't, you might not only lose your reputation, you can lose your business as well. 

Just because something is legal in the country in which you purchase it, that doesn't mean it is legal where you transport it.  Certain drugs, for example, are perfectly legal in parts of Europe, but illegal in the United States.  You can end up in jail if you transport them here to sell, and that is true not just for recreational drugs but pharmaceutical ones as well. 

Protect Your Reputation

There are banks and merchant account providers that have a wonderful reputation in one country, but an awful one in others.  If you don't do your research and pick the right provider, you might very well be dooming your business to failure off shore. 

Take the time to investigate this information in each country you want to expand into.  The people with whom you do business will color local perceptions of what type of individual you are; pick those who will enhance your reputation. 

Currency Concerns

Most credit card processing firms will have no problems converting currency from Drachmas to dollars and from Euros to the Ethiopian Birr, but make sure that you compare the rates they charge to do so.  The more commonly used the currency, the easier it is to find a merchant account firm familiar with the laws regarding conversion and global marketing using said currency. 

Credit cards make a truly global economy possible; make sure you can tap into this market when you go online.

Michael Rupkalvis oversees The Transaction Group website. The site provides information on ecommerce credit card processing and offers merchants low fee internet merchant accounts, along with excellent customer service.