A spike in the Foreign Exchange firms created a surge for the merchant account providers worldwide. Merchant Account Providers are competent to offer Forex Trading Merchant Account to FX brokers around the globe.
Yet, the FX merchant faces several obstacles while getting a merchant account. Moreover, many FX brokers find merchant account providers to be fake and fraudulent. It becomes crucial for a forex business to get a trusted and secure merchant account provider for the company.
The Little Changes for FX Merchant Account
A need for a merchant account for your business makes you hunt for the merchant account provider. As forex is considered to be a high-risk business most banks conventionally deny a merchant account for your FX broker business.
The volatility of the market creates a huge barrier, to begin with. You can take certain changes into account that will make a huge difference in attaining a Forex Trading Merchant Account. It will be a kick-start to your brokerage business online.
- Research the Merchant Account Provider: You will find a great deal of information while you research for a Merchant Service Provider. There are different aspects to merchant service. The features, the benefits, the assistance, even the support of a company are different from the other.
Background checks, reviews, and other trusted sources will serve as a backbone to the research and your business as well.
- Don’t just aim for a Merchant Account: A merchant account is not enough for your business to take the right stance. In other words, a Merchant Account is just a bank account that will receive the online payments for your business.
You need a payment gateway to process digital payments. Online transactions through your website are possible via a payment gateway alone. The transfer of revenue from the consumers to your acquiring bank needs a bridge or a payment processing channel. A payment gateway is exactly what you need for the payments to be processed.
- Aim for a Trusted Third-party Merchant Account Provider: High-Risk Businesses are mercilessly denied a merchant account due to its volatile nature. As we mentioned before, Forex does fall under the High-Risk business category. It is recommended to take a trusted merchant account provider into account.
Also Read: Scams related to the forex industry
A Merchant Account from a third-party service provider has certain features and benefits that a bank will deny in the first place. Fraud protection, chargeback management, multi-currency and multi-language support, modes of payment, and much more.
- The Paperwork: The paperwork forms the most crucial part of the contract that you make with the merchant account providers. Therefore, it is your duty and responsibility to read the paperwork thoroughly.
There are two reasons for the same. One all the charges and the conditions are clearly stated there. Secondly, you will have a clear idea of what they are offering you and for what you are paying them.
- Ask for Security and Compliance: Setting up a PCI Compliance, Fraud Prevention, or Chargeback Management system on your website is a huge task. Not to mention the cost of installing one of these.
As we mentioned before, the merchant account needs a payment gateway, it is important that you chooses a service provider which is PCI Compliant, has features of fraud protection and chargeback management. It saves you money and will help your business to get better consumer retention.
- Build your Business Credit History: Business credit score is a major requirement for your business to get a merchant account and a payment gateway. Unfavourable credit history can be a serious downfall to a business and can hamper the long-term goals of a business. Therefore, you need to build a business score.
Avoid chargebacks and stay away from frauds. The timely repayment of loans and a good relationship with a merchant account provider proves to be a great support for the credit score and credit history.
- The Transaction limits: The large-value payment system of a company will significantly boost the business idea of yours. FX requires constant transactions from low to huge amounts. The daily run of foreign exchange trade needs you to accept the payments from the traders.
Therefore, putting a limit to the transaction volume or the number of transactions per month will cost you heavily.
What is the Best Choice for your Business?
The Forex Trading Merchant Account from a trusted Account Provider such as eMerchantPro is a great choice. Merchant Account with a Payment Gateway will help you to process and accept payment on your website seamlessly.
The easy integration of the algorithm into the website ensures that your business can readily start with payment processing and payment acceptance.
The best part is the benefits you get with the combo of payment gateway and merchant account. Here is a small list of the benefits:
- PCI Compliance
- Multi-currency support
- Multi-language support
- 3DS or Non-3DS Payment Gateway
- Seamless Integration
- Quick Approval for the Merchant Account
- Fraud Protection
- Chargeback Management; etc.
There are several features and benefits that you can expect.
To sum things up, a Forex Trading Merchant Account needs to be accompanied by a Payment Gateway. It is wise of you to onboard a service provider that offers both. Moreover, do take into account all the pointers that we discussed to reach a better possibility and result for your FX Broker Business.