One of the largest economic markets in the world is none other than forex industries with the everyday transaction of $6.1 trillion.The world of forex and financial services is continually evolving, and new products are frequently released every second.The forex market is still trendy and has the potential to be high in moneymaking.The one who wants to make more and more money should invest in forex Industries.
But, it is not an easy task.You have to face many challenges in this industry.
The first challenge that comes in front of you is to have a suitable forex trading merchant account.The forex merchant account is essential to process financial transactions with the customers.
With normal businesses, you can proceed with any traditional payment processor services but not with forex industries, as it is considered a high-risk industry.
So, it is essential to go with the high-risk merchant account providers such as PayCly who support forex industries and have experience working with the high-risk business.
How to get a forex merchant account?
Obtaining a forex merchant account is a little bit tricky.The different merchant account service provider has their own rules.
The conditions that must be fulfilled for you to become a Forex merchant will also change depending on where you are located.
At the very first, you have to do lots of research regarding the merchant account service providers who fulfil all your forex business requirements.I know, it is not easy work.But many service providers deal with the forex industries and offer merchant accounts at a reasonable rate, for example – PayCly.
Yes! PayCly payment providers have a contract with many acquiring banks and it helps you to obtain the merchant account.To impress your acquiring bank and to get approval for your merchant account fast, you can show a low chargeback rate and six months of process history to the bank.
If you are completely new and don’t have any processing history to show, in this situation you can go with 2-step authentications.
But, it has a drawback also.It stops conversions.So, make sure to go with the more user-friendly payment processor like PayCly which provides more conversion-friendly versions.
Once your basic criteria are clear with the acquiring bank, you have to submit some financial records.Different acquiring banks ask for different lists of documents but if you decide to go with PayCly, you have to submit the following documents –
Ownership details
Utility bill to prove the merchant address
Domain registration information
Some government Photo-id cards
Why traditional merchant accounts do not work with the forex industries?
The traditional payment service provider never accepts your application form for the forex business.
The reason behind this is most of the bank and financial industries consider forex industries as high-risk industries.
Do you know why forex industries consider high-risk industries and why you need high-risk merchant accounts? Not only one but there are too many reasons which make the forex business a high-risk business.Due to the high-risk business, an individual need a high-risk merchant account to fulfil their business needs.
Due to the following reasons, the bank classifies the forex merchant account as high risk and never accepts their application forms.
– Forex Merchant accounts have a higher rate of fraud and chargebacks.
• As forex is a global market, there is no single jurisdiction over another currency.
• Most of the forex platforms are not licensed.
• Higher possibility of fraud risk, money laundering, and chargebacks.
Possessing the required licenses as well as effective anti-fraud and anti-money laundering filters will make it simpler for you to have your forex merchant account approved.If you have properly licensed your Forex merchant account throughout the underwriting step, many of these problems can be avoided and you can easily grow your business.
How PayCly help you to grow your forex business?
PayCly offers the perfect solution for all types of businesses either small or large which is labelled as high-risk business.It delivers reasonable high-risk merchant accounts for high-risk businesses such as forex industries.
PayCly is one of the leading forex merchant account providers all over the masses.Join your hand with us and we will deliver you the best solution for your forex business at a reasonable rate.
Let’s check how PayCly makes your forex merchant account more attractive –
Various payment methods –
PayCly allows their client to integrate the various payment method on their websites.
With various payment options, the merchant can easily attract customers.It allows making payments via credit card, debit card, net banking, etc.It also offers alternative payment methods such as e-wallets and crypto-currency.
Allow accepting multi-currency –
As PayCly is a global service provider, it allows the merchant to accept payment in various currencies.These features of PayCly help merchants grow their businesses globally without any extra cost.
On the other hand, foreign clients easily make payments in their currency without any conversion charges.
High-level security services –
PayCly offers their clients PCI DSS Level 1 compliance.
It allows them to make online transactions more secure and also protects them against identity theft.It offers you and your customer a completely secure environment.
Real-time reporting –
PayCly allows the merchant to track every transaction and manage its history.In case, if something went wrong, it will notify its owner.
Conclusion –
The fact is that the forex industry has been in operation for many years but still many acquiring banks see it as high risk, so you need to open a forex merchant account to run your forex business successfully and smoothly.
For any merchant, the priority is to provide their customer with the best experience, conversion, and payment security.
PayCly will provide all these priority solutions to you and ensure that its service is great all over the masses.
To run your forex business successfully and smoothly, just shake your hands with PayCly..
