A Forex Trading Merchant Account holds an important position for the merchants in general. The FX world is expanding even as we speak. Therefore, a Forex Broker needs to take their business online and accept payments readily.
“Over 50% of forex transactions are conducted in the UK (34.1%) and the United States (16.6%). The rest of the market share is divided between Switzerland (6.1%), Japan (6.0%), Singapore (6.0%), Hong Kong (4.1%), Australia (4.2%), France (3.0%), Germany (2.5%) and Denmark (2.2%). The other locations make up the other 15.0%,”
Forex Market History
So, isn’t it crucial to get hold of the online business as soon as possible? Let us tell you how you can save money on a Forex Trading Merchant Account and get your profits to shoot upward.
Save Money on Forex Trading Merchant Account
The FX market is most of the time open. To accept payments online your business as a broker needs a Forex Trading Merchant Account.
If you want to save money on an FX Merchant Account you need to understand what should be needed from a merchant account. In other words, the features and benefits of a merchant account are where you can save your money.
To be precise the Merchant Service Providers play a vital role in saving the money, let’s tell you how
- Choose the Merchant Account Provider
Choosing the right service provider is a must. They are like your best buddy or like a partner working in the same department.
If you can converse fluently with them and crack the best deals necessary for your business you will find the best services at the lowest cost. Some of the Merchant Account Providers are like Diamond in the rough and all you need is some research.
- Additional fees
Some of the providers have hidden charges kept somewhere in the documentation. Therefore, read the terms and conditions carefully.
Make sure that there are no charges apart from what you are agreeing upon. It is crucial for various reasons. Your profits will be hampered if you have to pay additional charges late in the business.
- Research the Service Provider
Two factors are working on the account of choosing a merchant account provider online. As simple as that, the first is the years of experience and the next one will be the scale of the company.
Years of experience will help your business to get instant approval and straightway to get the merchant account.
And the scale of the company’s networking influences your company’s future as well.
Think about it the better the networking of the merchant service provider the easier you will be able to get a merchant account. eMerchantPro has a huge clientele and years of experience to account for.
- Mind the difference between a merchant account and a payment gateway
A merchant account is just like a bank account for your business. It can accept money from the consumers that pay for the goods and services.
However, a payment gateway is a payment processing channel that allows your consumers to pay for the goods and services.
Both of these are two separate entities, nevertheless, both of them are important. Your business can only profit when there is a payment processing channel and at the same a merchant account. Therefore, if you are searching for a third party for your payment services then you may like to get a provider that has both the services available.
- Get personalized services
Personalized services are a must. You need complete assistance with what you are buying. You will be able to talk to the company directly and get all the features that you like.
Bargaining can only be done when you are talking to them one on one. You will be able to get a clearer idea of what you need and what you don’t. On-Call makes the charges more visible. The basic charges will be conveyed to you for every payment, every month, year, and various others when you are aided on call. The assistance of a company through calls makes it more viable.
- Opt for a Bank?
That will be a big NO! A conventional bank will deny a Forex Trading Merchant Account due to its High-Risk probability. If accepted, there will be a tonne of charges that will be way too over for your profits.
Do you want to keep the profits for your company to compete in the market?
The answer to the question is inversely proportional to the question of choosing the bank.
How will it shape your company’s future?
Getting a merchant account service provider like eMerchantPro for your Forex business is a must. The traders out there are waiting to begin the trade.
Still, you need a payment gateway to process the payments into your account. Opening an account is not enough in the online world.
Thus, a payment gateway with features like:
- Multi-currency support
- Multi-language support
- 3DS and Non-3DS payment gateway
- Fraud Protection
- Chargeback Management
- Smooth Integration; etc
Is necessary for your business to let the traders into your website.
Always check all the details, documents, and credentials before you start the dealings. It will surely save you a lot of money.