As human beings, being curious is our natural instinct. Because of this inbuilt nature, we check and inspect everything but choose only those that can be useful for us. The exact same thing happens when a merchant searches for a payment gateway for payment processing. It's obvious that a merchant will research and check a lot of options before selecting one from the available options. But the point is, what are the chances of choosing a perfect payment gateway if a merchant does not know how to choose one, and what are the things or features to consider in a payment gateway? This is why it is very important for every merchant to check the useful aspects of a payment gateway according to their business. This article is for forex brokers on what they have to consider in a payment gateway for forex payment processing.
But before going directly into the topic, let's take a
brief look at the global forex trading market to get an idea of what features
have significance in processing forex payment online.
Forex
trading market
In April 2022, forex markets had a daily transaction of
$7.5 trillion, up from $6.6 trillion in 2019. The major seven currency pairings
account for 85% of forex trading volume. London is the world's largest currency
trading center, accounting for 38% of global transactions. EUR/USD, USD/JPY,
GBP/USD, AUD/USD, and USD/CHF are the key currency pairings in forex trading.
In worldwide foreign exchange transactions, the dollar is the most often used
currency, followed by the euro, Japanese yen, and Chinese yuan. 78% of
worldwide FX turnover is accounted for by the United Kingdom, the United
States, Hong Kong, Singapore, and Japan.
The United Kingdom is the largest foreign exchange trading
center, accounting for 38% of worldwide trade, followed by the United States,
which accounts for 19%. Singapore's turnover increases to 9% in 2022, while
Hong Kong's falls to 7%, and Japan's falls from 5% to 4% in the global forex
market. Asia has the most forex traders in the world, with 3.2 million,
followed by Europe, North America, Africa, South America, and Oceania.
Important
features to check in a payment gateway for forex, and why?
Feature:
Chargeback protection
Having chargeback protection in a payment gateway for forex
is essential. Forex is a business that is listed as high-risk by banks because
of its high ratio of chargebacks. In forex trading, chargebacks are a major
concern for both forex brokers (as a broker might lose his revenue along with the
charges imposed by banks for chargebacks) and banks or payment processors (as
they have to deal with the risk of fake payment disputes while payment
processing).
Why
Chargeback protection is a necessity because a significant
number of users of a forex trading platform file chargeback requests. But not
every chargeback request is genuine, as there are a healthy number of fake
chargebacks too. If not detected, these fake chargebacks can cost merchants
their revenue and the additional fees associated with chargebacks. This is why
having chargeback protection is very important for a payment gateway for forex.
Feature:
Multi-Currency Support
In forex trading, having a payment gateway that can process
payments in various currencies is a fundamental need in forex payment
processing. Forex is all about exchanging various currencies through an online
platform. A forex broker has to deal in various currencies throughout the
entire day of trading.
Why
A payment gateway that supports various different
currencies for payment processing is a necessity for forex brokers because it
saves them time and money. Because payment in a foreign currency can’t be
processed until it is converted into the native currency of a particular region
or country and a charge for currency conversion also has to be paid by the
forex brokers. This is the reason for having a payment gateway for forex that
supports multiple currencies.
Feature:
Capable of handling a high volume of transactions
A payment gateway for forex must be capable of handling a
high volume of transactions. Forex trading is a business that runs 24/7
non-stop. And it is quite obvious that if a business is running every second,
then the merchant’s involvement in the transaction exceeds the limit. As a
result, a payment gateway for forex brokers knows how to handle a high volume
of transactions.
Why
As you know, the transaction volume of a forex broker’smerchant account always exceeds the limit. But the problem with the high volume
of transactions is that they enhance the chances of fraud. Because money
laundering activities are done through a technique known as smurfing, where
small but frequent transactions are made in various accounts, and it also
increases the chances of fraud chargebacks because of the high number of
transactions.
Feature:
Support for various alternative payment methods (especially local payment apps)
A payment gateway must support different alternative
payment methods, as forex investors around the globe use various online payment
methods. There are a lot of mainstream payment methods that are not available
in every major country or region.
Why
Having a payment gateway that can accept payments through
many alternative payment methods is a necessity for a forex broker because it
helps enhance the user's experience of a forex trading platform. And it also
helps merchants accept payments from every corner of the world without thinking
about payment methods. This is why having a number of different payment
methods, especially those local to particular places, is important to accept
payments without any problems.
Feature:
Fraud management and data security
Forex trading is a fraud-prone business industry and is
also vulnerable to data security. To overcome these haunting factors, forex
brokers need a payment gateway for forex that has better fraud management and
data security arrangements. Forex trading is a business industry that is most
likely to be involved in money laundering frauds because of its nature.
Why
Better fraud management and data security are the top
priorities of a forex broker because a forex trading platform contains a lot of
financial information about the business and its customers. To safeguard that
data, a gateway must be compliant with Level 1 PCI DSS. Because of online
payments and multiple currency acceptance, a forex trading platform becomes an
easy way for money laundering. To prevent such fraudulent activity on a forex
trading platform, a forex payment gateway must have some fraud prevention
tools.
Get the best
payment gateway for forex payment processing
PayCly is the no. 1 choice for forex merchant solutions, be
it a forex payment gateway or forex merchant account. It is known as the best
payment gateway for forex payment processing in Southeast Asia because:
●
Paycly provides forex brokers with global
coverage, with more than 150 markets across the globe, to grab every possible business
opportunity available anywhere in the world.
●
With more than 100 currencies to accept
payments in, PayCly’s payment gateway makes it very easy for forex brokers to
accept overseas payments without worrying about the cost of currency conversion
or the delay in payment processing due to currency conversion.
●
PayCly provides a multi-lingual checkout page,
which means it supports various languages for checkout to enhance the user
experience with the trading platform and evoke a sense of trust in the user
towards the platform.
●
It provides forex brokers with the option to
accept payments with more than 100 different payment methods (including the
regional payment apps).
●
Paycly has a large banking network (acquiring
banks), including all the major domestic and international banks in the region.
As a result of this, PayCly totally eliminates the risk of delays in payment
processing due to bank failures.
●
PayCly has complied with PCI DSS Level 1 to
ensure data security.
●
It also employed AI and machine learning to
detect any kind of fraudulent activity on the payment platform. And deployed a
professional team to monitor the activities for fraud management and fraud
prevention.
●
PayCly also provides direct payment links to
accept payments without any payment apps.
●
It provides a unique merchant ID to every forex
broker for payment processing services. As a unique ID makes it easy to
identify a merchant and handle the individual's data more precisely,
●
PayCly also provides merchant accounts for
forex brokers, and it provides a merchant account instantly with the minimum
necessary paperwork.
You can also get an instantly approved forex merchant
account with PayCly.
How to
establish a forex merchant account?
Set up a PayCly merchant account by following these steps.
●
Navigate to the website's home page.
●
Select "Apply Now" from the drop-down
menu in the top right corner of the screen.
●
The registration form will immediately appear
on the screen of your device.
●
Fill out the form with all of the necessary
information.
●
To continue, click "Submit."
By following these procedures, you may apply for arguably
the best forex merchant account.
With the above-mentioned information in the article, you
can easily find a suitable payment gateway for forex. But now the question is,
do you really need to find a forex payment gateway when PayCly is available?
PayCly is a tailor-made, perfect forex payment gateway, not just features-wise
but also price-wise. Because there are no hidden charges due to its transparent
fee structure.
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