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Introduction – Our Law Firm clients frequently request merchant accounts for their newly formed corporations and businesses. Merchant accounts are never included automatically with a bank account in any jurisdiction. Merchant accounts require a serious degree of due diligence substantially above and beyond what is required to open a commercial bank account.
Panama is extremely tough with the issuance of new merchant accounts. If you are a foreigner with a new corporation and a new bank account a Panama bank would be extremely unlikely to open up a merchant account for you. Thus we have other options available.
Middle Eastern Merchant Account – You will be processing through a Middle Eastern bank in a major financial center. You will also have a bank account in the Middle Eastern bank. The merchant account and the bank account will be in the name of the Panama Corporation we formed for you. We do not open merchant accounts for corporations we did not form even if they are Panama Corporations. The merchant account provider will not wire funds directly to your bank account anywhere in the world. They will wire the funds into your middle eastern bank account and from there the funds can be wired anywhere including but not limited to your bank account in Panama.
Minimums – The bank requires you to be processing a minimum of $50,000 per month in credit card transactions. If you are a newer start-up with at least $10,000 a month in transactions and can supply a business plan we will consider the proposal providing to reach the $50,000 minimum per month within six moths (approximate). If you are a brand new startup with zero business at present we probably will not be able to help you.
Maximums – There is no maximum.
Travel Agency Merchant Accounts – Welcome we can accommodate your needs including high limits associated with your industry.
Fees – Our basic charge is 6.5%. Yes this is expensive compared to what you are paying in your home country but then again there is a reason why you wish to process offshore or you would not be reading this page. No one goes offshore expecting to save money or pay the same rates. If you are processing $200,000 a month we can improve the rate. If you are processing $500,000 a month the rates will be significantly lower. If you are processing $80,000 a month that is the rate.
Payout – This can be negotiated generally every other week is what is done. If you are a large volume account more frequent payouts can be arranged.
Holdback – There is usually a holdback of one pay period so you are getting paid one pay period behind. There could be a rolling reserve of 5% to 10% required depending on the specifics pertaining to your application.
Chargebacks – The processor will accept a 1% chargeback rate. If it hits 2% you will hear about it and can consider yourself on probation. If the rate cannot be reduced then you will be terminated. Termination can include the processor retaining fees for a period of six months to cover any chargeback’s that may come through after the account is closed to new transactions. The merchant account-providing bank is not interested in maintaining accounts with high chargeback rates. If you have high chargeback rates now this program is not for you. It is incumbent upon the merchant to abide by the policies and conditions of the merchant account agreement. We are not responsible for termination or cancellation of the account with the merchant account provider. We are only performing a merchant account introduction service and once the account is open it is between you and the merchant account provider, we are then out of the loop.
Businesses Not Accepted for Merchant Accounts – Adult, Porn, Gaming, Gambling, Lottery, MLM, Tobacco Products, Online Pharmacies or Pharmacies with Licenses, Guns, Weapons, Explosives or ingredients used to make Explosives or anything that is illegal in your country or in the countries you do business in, with or ship into.
Brick and Mortar Businesses – We do not offer this program to businesses doing in person swipe through transactions like a restaurant, bar, shoe store etc. You must have an online presence with international clientele.
High Risk Merchant Accounts – We will consider what some deem to be high-risk accounts such as travel agencies, jewelry sales, etc. You can have an online deliverable product. You can ship a physical product to an address other than the billing address of the credit card. You are allowed to ship to most countries but there are always going to be some high-risk countries you cannot ship to.
Cost – We supply an Anonymous Panama Bearer Share Corporation, a Panama Corporate Bank Account with online banking, English speakers at the bank and the ability to get a secured Visa card issued, plus a Middle Eastern Bank Account also with English speakers and online banking, and the Offshore Merchant Account for $5000. This fee includes a complete anonymous Panama Corporation and two bank accounts plus the merchant account. It also includes the due diligence fees and a recommendation from our law firm to open the merchant account for you.
Price Considerations - This is a package deal. We do not offer a la carte merchant accounts in the offshore sector outside of Panama. If you already own your own Panama Corporation this would not change the pricing. If you are coming to us for a merchant account and you already have a Panama Corporation we are sorry you were unable to get a merchant account through the people who sold you the corporation which further demonstrates the difficulty in obtaining these merchant accounts in the offshore sector. We do need to recommend you to the merchant account bank and we will only do this if we formed the corporation and are familiar with the history of the corporation from its inception.
Middle Eastern Banking Secrecy – The bank secrecy laws in this country are excellent. They will not cooperate on anything civil at all. They will cooperate on major criminality such as terrorism, genocide, money laundering, narcotics, child pornography or exploitation of children, etc.
Anonymous Merchant Accounts – There is no such thing. The merchant account provider would be bankrupt so fast you would never get your money. Any firm offering this is a fraud. Visa and MasterCard do not allow such things. Your identity can be concealed to some extent by bank secrecy but one cannot be completely anonymous with the merchant account so please bear this in mind.
Due diligence – We as a minimum will require the following:
Offshore Merchant Account Online Application – Click here for our Secure Merchant Account Application Form
Questions – Questions are welcome by email, phone or Skype.
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