What is a Forex Trading Merchant Account?
To understand Forex Trading Merchant Account, it is important to note that the merchant’s online account for Forex is used to bridge the monetary trading network with its users. Forex traders directly incorporate the payment portal into their websites, enabling brokers to approve their clients’ payments. Then the outstanding amount is sent to the acquiring bank of the Merchant to complete the transaction.
Although traders use the payment system for Forex to finance their accounts and withdraw cash, the Gateway transfers to the merchant’s account an amount received from the users (e.g. trade fees). Therefore, a Forex Merchant Account is essential for the flow of the revenue from the traders to the merchant. This further allows the business to run wild in the international market which is the base of every business firm.
Why is seeking a merchant account difficult for forex brokers?
When you first attempt to open a commercial account on a conventional payment portal, Forex companies frequently have their transaction denied. Payment Service Provider and Merchant Account provider tend to deny the Forex business with any merchant account or payment gateway.
The main problem stems from the fact that trading services companies often accept unregulated foreign exchange brokers, process some transactions, and then freeze funds in the trader’s account until additional and possibly time-consuming checks are completed. If there is permission, the collected money will be refunded to the seller if it is not provided.
So when it comes to online payment processing, a forex broker needs to avoid this pitfall and make sure that the merchant services company has inclusive policies for all types of brokers. While the ease of obtaining the services is preserved,
But why is this phenomenon happening?
Since forex brokers experience huge trading on their platforms, every day they manage large volumes of transactions, increasing the company’s charging pace.
Payment processors, therefore, classify Forex as high-risk a firm, which means brokers are likely to have to face complications with conventional gateway solutions that reject the merchant account and payment gateway to these merchants.
Alternatively, forex merchants and brokers can look for other expert high-risk solutions for a merchant account and payment gateway. Most of them tend to charge higher prices for the services and commit them to a long-term deal. It, therefore, hampers the business’s maximum potential as the merchants have to limit themselves to a rigid payment service provider.
Luckily, a third alternative is open.
Merchant account service providers such as eMerchant Pro provide advanced security and anti-fraud features with robust KYC/AML surveillance to enable licensed enterprises even in some high-risk industries such as Forex to provide merchant accounts.
However, it is important to understand that only dealers who comply strictly with the regulatory legislation of all nations they are engaged in are accepted in the aforementioned payment solution.
Why are Forex firms known as high risk?
Many banks and financial institutions will not open their Forex Trading merchant account because they are branded “high risk”. Some companies do not deal with forex companies, for example, limiting trading and only allowing those that offer educational services, software, etc. Also, if the trader has some chargeback or credit score issues, the situation may become even more complicated. They may involve issues with the previous company that handled the card, etc.
When choosing a Forex merchant account, what should a merchant consider?
Foreign Exchange companies need to take account of several considerations before selecting a merchant account solution, for example:
Speed: Forex traders must act rapidly to discover possibilities and profit from currency movements. That is why traders must choose a merchant account for the rapid processing of customer transactions. Swift movement of funds to the account is necessary for forex trading. A small move in the currencies will change a lot of revenue for a trader.
Fee: Because forex brokers benefit from price spreads and other trading fees, an economic merchant account is necessary for sustaining profits for their company. At eMerchant Pro we recommend the best merchant account for your business that will help your profits
Exchange of currencies: High exchange costs in the currency will deter traders from using brokering platforms. Therefore, a Forex payment platform solution providing decent currency rates is necessary. It is critical. In an even better situation, the service provides both retailers and their customers with multi-device accounts to ensure the lowest cost of currency conversion.
Methods of payment: While some clients prefer the speed of the payment, others can invest time on deposits and withdrawals for saving money. Therefore it is important to provide traders with multiple payment methods and select a gateway solution. It adds to the consumer convenience and allows them to swiftly complete the payment transactions without a second thought.
How will a Forex trading merchant account be integrated?
Foreign brokers must first register for a commercial account with a service provider if they want to set up a merchant account.
The forex trading merchant account solution can be incorporated directly into your platforms through an application programming interface (API).
Forex dealers can quickly set up using the service provider’s API documentation.
Simple and Convenient Forex Trading merchant account
As a forex broker, a commercial account could be demanded at a conventional merchant account provider.
They will, however, deny your submission.
Given that high-risk processors charge huge fees and have sluggish transactions, forex traders often do not have proper payment gateway solutions.
Fortunately, the problems are solved.
eMerchant Pro, the world-class service provider, offers low-risk business merchant account service. Also, eMerchant Pro provides high-risk marketing strategies for licensed forex companies that comply with the applicable regulatory legislation.
In the USA, Canada, Mexico, Greenland, Iceland, Cuba, Colombia, Guyana as well as the international transactions of eMerchant Pro have collaborated with financial institutions from seven APAC nations.
What Benefits will you get with eMerchant Pro’s High-Risk Merchant Account for Forex?
Depending on the challenges that a Forex Business faces there are certain High-Risk Merchant Account benefits that eMerchant Pro gives. Online payments are essential for the success of Forex meeting the needs for fast, reliable, versatile, and convenient trading. Get the payment processing you need to grow your business. These are exclusively tailored to the Forex Businesses based on the needs of the business.
- Responsive Support: you can completely rely on our services to provide the best support to your Merchant Account. We have a 24 x 7 support system to promptly respond to your issue. Putting merchant problems at our priority we try our level best to provide them with all the solutions for the facing problem. Clearing your path ahead to swiftly carry on the Forex Trading Business.
- Security Protocols: serving merchant accounts with top-notch security support is our priority. With anti-fraud tools and chargeback security and management, our merchant accounts are safe for Forex merchants. Ensuring end-to-end encryption of the data adds to the reliability of the merchant account.
- Tech support: we have an expert tech team at our disposal who will extensively assist you with all your needs. It may be the integration of the payment gateway or other credentials to follow on the technical ground to set up a merchant account.
- Flexibility and Customization: with reliable and secure services we offer flexibility and customizations to your Merchant account and other payment services. Flexibility to customize all the forms and payment gateway as well.
- Prices: affordability is the key to buying a merchant account for your forex business. Thus, we have extremely competitive rates and affordable prices for payment gateway as well. Choose from the range of it and contact eMerchant Pro for more information.
- Expertise: with a 100% success rate, 10.8k+ clientele, 10k+ feedback we give credit to our team of professionals who help every merchant individually tailor their needs through our services. Our solutions are present and given keeping your business in mind and exceptionally designed to suit your needs.
How to book a Forex Merchant Account for your business?
We try to find the best choice for you, and we need to know about your business. Your Credentials and business type are what matters the most.
Thus, our team will understand your concerns and your needs to tell you more about the solutions that we can provide. We need to know all the details of your business for official purposes. What we need is your cooperation and other things will fall into place automatically.
API requirements for Forex Merchant Account
Several documents are mandatory for your brokerage to authorize and develop Forex trading merchant services. The approval takes a day or two until the processor has them.
- Request completed
- ID released by government (Passport)
- Corporate documents
- Record of use (Confirming Address)
- Domain Registry Snapshot (Proving Domain Ownership)
The provision of a full application to the underwriters would help improve the account’s approval period. Similar to other forms of financial items, banks must know with whom they work to avoid the risk of illicit activities, including money laundering and terrorism.
What more do we have for your Forex Business?
Other than the Merchant account for your Forex Business, we offer other payment services like Payment Gateway, credit card processing, eCheck processing, and ACH processing as well.
But the merchant account must have a payment gateway through which the traders can complete the payment processing on your website. It offers many benefits to your business and creates better openings in the online market. Here are the benefits you get when using our Payment Gateway Services.
- Global Reach: Accepting payment from across the world makes the business boom out to all the countries in the world giving a greater platform for the business to perform at its best.
- Multi-Currency processing: In addition to the global reach you need to accept payment from all the countries. Thus, providing the convenience to the consumers to pay in their local currency adds reliability to the business.
- Multiple modes of payment: Another UX feature that allows the consumers to pay through their most convenient mode of payment.
- Fraud protection: Forex is a rapidly moving industry and frauds are common in a fast-paced high-risk environment. Thus, we provide fraud protection services to safeguard your business from fraudsters and scammers.
- Chargeback management: Chargebacks are also quite common in the Forex business thus we keep an eye on the chargebacks and screen them through. Only the highest priority chargebacks are sent to the merchants for reporting.
Smooth and Easy Integration: We use API, Mobile SDK, and other Plug-ins to integrate our payment gateway to your website or mobile application to ensure that payment processes are up and running for the company
Increased Transaction Rate: Allowing consumers to pay online significantly increases the transaction rate for any business as online payments are a thing of today.
You as a businessman must keep in mind that the merchant account is nothing more than a bank where the funds will be transferred. Hence, one needs a payment gateway to process the consumer’s bank account payments to the merchant’s acquiring bank. That way you can count on the profits and revenue will be generated. We also provide White Label Payment Gateway that is polished according to the Forex business.