Merchant 2020 - offshore merchant accounts?
 

I met Neil of Merchant 2020 in Miami '05. He claims he can get me a merchant account on offshore bank (phillipines, bahamas, or israel). There won't be any $1500 annual v/mc registration fees.

Do you know this company? Any comments?

Any pitfalls to watch out for when getting an offshore merchant account?

In what might be a bad sign, I asked if they are platform compatible with NetBilling (I told them all of Netbilling's platforms) and no answer in 24 hours.

Ol Neil has robbed several of my merchants their money. He's been
setting up offshore merchant accounts for a few years now and everyone
I've ever talked to that used his company has gotten ripped off. He lets them process a few months then keeps their money.

He also doesn't pay out commissions on referrals but he'll talk a good game !

Merchant2020 is such a nono.... I remember laughing hard at their website texts...

Btw, I understand you are looking for high risk MAs but Bahamas and the Philippines really are..... (guess)

Actually there are alot of high risk processors using a bank in the Philippines. Adult, tobacco and a few others are using them.

I don't trust them but what I've seen the rates aren't too bad if you want the risk.

Yes, you are right.. problem is they tend to disappear alot more often than other banks.... (which is a pity btw)

If your going to trust your business to a bank that might dissappear your risking a whole lot to gain a few extra % here and there. Better to take the extra couple of months and find the proper legit place to deal with than go with some shaddy merchant bank IMO.

Go through Netbilling.com
I belive the Visa / Mastercard fee's does not apply to merchant account owners but only PSPS (or whatever the *** it is called)
At least we didnt pay that with our merchant account