Forex is the trading of currencies over online platforms. It is said to be a decentralized, over-the-counter market for currency trading. It is the most liquidated business in the world. And it is also known as the business with the largest daily turnover on this planet, with a daily turnover of 7.5 trillion US dollars. Forex is a business that is operated entirely via online platforms. It is known as the biggest profit-generating business in the world, but it is also recognized as a high-risk business. There are many reasons why it is considered a high-risk business, such as a high chargeback ratio, a highly volatile market, and many more. Because forex is considered a high-risk business, banks and other merchant account providers hesitate to provide a forex merchant account to forex brokers.
But there are many merchant account providers that provide
high-risk merchant services. One such merchant account provider is PayCly,
which is known as one of the top high-risk merchant account providers in
Southeast Asia. The reasons why it is counted as one of the best forex merchant account providers are here:
Low-cost
services
The most attractive thing to a merchant might be a
profitable deal. And getting a forex merchant account with PayCly is just like
that. Because it provides merchant account services at a very competitive
price. Even though it is one of the lowest-charging merchant account providers
in Southeast Asia. To add more benefits to this, it has a very transparent fee
structure that eliminates the chances of hidden charges in the name of special
services. Plus, it has very minimal refund charges and transaction fees. Due to
all these factors, it provides one of the lowest-cost merchant account services
in Southeast Asia.
Timely
payment approvals
Forex trading is a business with a highly volatile market,
considering that timely payment approvals become more significant for a forex
broker. Recognizing the importance of this, PayCly is determined to provide
payment approvals as soon as possible to merchants. And its large banking
network plays an important role in this. But the real problem with timely
payment approvals is a forex merchant account. Because a forex broker's
merchant account is always involved in a massive number of transactions on a
daily basis, that could be a cause of delayed payment approvals due to the
massive number of transactions to be processed. But PayCly also found a
solution to this problem with the help of its vast banking network and by
managing transactions in such a way that it does not bother payment processors.
Protection
against fake chargebacks
One disadvantage of being a high-risk business is
chargebacks. Chargebacks have the drawback of having the potential to reduce a
forex merchant's earnings by a modest amount. However, this is the case with
valid chargeback requests, which are far preferable to fraudulent chargeback
requests. Since a merchant has to pay out of their own pocket for fraudulent
chargebacks. This is why it's important for forex merchant account providers to
spot these scam efforts. Considering this fact, PayCly employs AI-based fraud
detection tools to spot such illegitimate activities and stop them before they
become a big problem for merchants.
Extensive
banking network
PayCly has a vast banking network with the topmost banks in
Southeast Asia, including both domestic and international service providers.
The benefit of this enormous network is that merchant account providers do not
have to rely on a specific bank or a small number of acquirer banks for payment
processing. The lack of acquirer banks could be so problematic from the
perspective of payment processing that it could cause a delay in payment
processing. But with the numerous options for acquirer banks. This problem does
not stand much chance, and payment processing continues without interruption.
Fraud
management and data security
It is important for a forex merchant account provider to
keep in mind that forex is a business that is known for its vulnerability to
online fraud. Therefore, it becomes a necessity for merchant account service
providers to provide solutions for data security. And one such solution is
compliance with PCI DSS, the highest data security standard in the world for payment
card details. PayCly is also a PCI DSS-compliant merchant account provider that
also has a fraud management team along with machine learning and AI-based tools
to recognize and eliminate any online payment fraud or a fake chargeback
request.
Multi-currency
payment support
A genuinely essential feature of any forex merchant account
solution is multiple currency support. This is due to the fact that
cross-border transactions occur often in the currency industry. A
multi-currency merchant account for forex trading is widely commended by
merchants. Since it speeds up payment approval and reduces the cost of a
currency conversion by avoiding the conversion of foreign currencies to local
currencies. Because foreign currency payments cannot be processed without first
being converted. Except for the merchant account accepting payments in other
foreign currencies. This is why PayCly
offers more than 100 currencies for receiving international payments in
consideration of all these advantages of various currency support.
Regulatory
compliance
Although forex trading is an unregulated industry
internationally, a forex merchant must nevertheless abide by local laws because
every nation has its own rules regarding the industry. For a merchant, not
following the relevant authority's laws and regulations might be troublesome.
For this reason, PayCly assumes this obligation and offers a forex trading
merchant account with the approval of the regional forex trading regulatory
body.
So these are the 7 reasons to get a forex trading merchant account with PayCly.
How can I
set up a forex merchant account with PayCly?
For the purpose of opening a merchant account to engage in
forex trading, the following conditions must be satisfied:
●
Visit the website's home page.
●
"Apply Now" is an option in the
drop-down menu in the top-right corner of the screen.
●
The registration form will immediately display
on your smartphone's screen.
●
The application must have all required fields
filled out.
●
To continue, select "Submit."
You can simply get one of Southeast Asia's best forex
merchant accounts by adhering to these suggestions.
Required
documentation for the application
Two documents related to the merchant's identification,
such as a passport and a driver's license
●
Evidence of the merchant's address
●
Proof of the merchant's business address
●
Website URL
●
a canceled check
●
(Last six months) Business Bank Statement
●
Employer identification number (EIN)
●
An incorporation letter
With these documents, you can easily apply for and get a
forex merchant account with instant approval.
visit us at: High risk merchants credit card processing
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