A merchant account is the backbone of every business. Without a properly functioning merchant account, a business is also paralyzed, like a person without a backbone. Merchant accounts are always under the control of a business, so it's very important for a merchant to get a business account that has appropriate business solutions for the concerned business. This article's focus is on forex merchant accounts. If you are a forex merchant, then this will help you a lot because we have picked some important forex merchant solutions that a business account must have.
List of
forex merchant account solutions
Here are some of the most common merchant account solutions
for a forex merchant account.
Multiple
currency support
Multiple currency support is one of the most necessary
merchant account solutions for a forex broker. Because a forex broker has to
accept the majority of the payments in different currencies. If a merchant
account without multiple currency support is involved in such payments, it
first has to go through currency conversion before payment processing. But this
is not the case with a merchant account that has multi-currency support. And it
also saves time and money on payment processing by avoiding currency
conversion.
Large
banking network
It is a must for a forex merchant account to comprise a
large banking network of both domestic and overseas serving banks. Because an
extensive bank is helpful in avoiding delayed payments. The reason for this is
the availability of many options for acquirer banks that can replace the main
acquirer bank in any problematic situation.
Data
security and fraud management
Forex trading is a business that is more vulnerable to data
theft threats. Considering this fact, a forex merchant account must be
compliant with the PCI DSS for payment card data security. And it also needs to
have other fraud prevention tools that comprise AI and machine learning to
predict friendly frauds such as fake chargebacks.
Protection
against chargebacks
A merchant account for forex payment processing must
provide protection against fraudulent chargeback requests. Because a fake
chargeback request can cause a forex merchant financial loss. However,
chargebacks are an integrated part of payment processing, and a merchant has to
pay back for every payback request. Until it is a legitimate refund request.
Because the majority of chargeback requests are fake, it is important for a
merchant account to identify and eradicate such fraud attempts.
Regulatory
compliance
A forex merchant account needs to comply with the
regulations of the local regulatory authority. Although forex is known to be a
business with an unregulated market. But that is only half the truth, because
at the international level, there are no rules and regulations related to the
business, but domestically, every country has set its own guidelines to be
followed by a merchant account provider. And if a merchant account for forex
trading is not compliant with regulations, then it is not worthy of being
chosen as a forex broker merchant account.
Management
of high transaction volumes
The solution that every forex broker wants for its merchant
account is the easy management of a high volume of transactions. Because it is
the volume of transactions for which banks rate forex as a high-risk business.
Managing the huge number of transactions is also important because it slows
down payment processing and delays approval. It also increases the risk of high
chargeback rates because of the large number of payments.
Fast payment
processing
The payment processing period is the key indicator of a
great merchant account for forex payment processing. The time of the payment
settlement indicates whether a merchant account is worthy of being chosen for
forex payment processing services or not.
Transparent
fee structure and competitive price
The fee structure is a very important part of a forex
merchant account. It is one of the merchant account solutions that impact a
merchant more than any other point. The fee structure should be transparent,
and every charge that is taken from the merchant has to be in the knowledge of
the merchant. The fee for a merchant account should be competitive, according
to the market.
24/7
customer support
24/7 customer support is a merchant account solution that
does not get the importance that it deserves. Customer support is a vital
service that helps merchants get solutions for account-related problems.
Providing any-time customer support is a necessity for every merchant account
provider for the merchant’s convenience.
These are a few forex merchant account solutions that a
forex broker must have in a business account to make forex payment online an
easy task. It's pretty difficult for a merchant to get all these merchant
account solutions from a single service provider. But what if we say that there
is a merchant account provider that comprises all these features in its forex
merchant account and that too at one of the most affordable prices? The name of
that merchant account service provider is PayCly.
PayCly is a specialized high-risk merchant account
provider, like a forex merchant account. It is one of the most popular and
biggest merchant account providers in Southeast Asia. PayCly provides one of
the most affordable merchant account services in the entire Southeast Asia
region due to its crystal clear fee structure that does not have any kind of
extra or hidden charges. The additional benefit of applying for a merchant
account with PayCly is that it provides instant approval for high-risk merchant
accounts and requires a minimum set of documents to establish a merchant
account. The application procedure for PayCly’s merchant account is so easy
that even a child can do it.
A merchant can get a forex merchant account instantly with
PayCly by following these steps.
How can I
create a PayCly merchant account?
The prerequisites listed below must be satisfied in order
to open a merchant account with PayCly:
●
Visit the homepage of the website.
●
In the top-right corner of the screen, there is
a drop-down menu with "Apply Now" as a choice.
●
The signup form will appear right away on the
screen of your smartphone.
●
All mandatory fields on the application must be
filled out.
●
To proceed, click "Submit."
By adhering to these recommendations, you can probably get
one of the best forex merchant accounts.
Visit us at: International credit card processing
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