The Forex market is a massive virtual market where currencies from different countries are bought and sold. Different currencies are traded by buyers and sellers at prices determined by the market. These prices are also well known around the globe as foreign exchange rates. This lucrative digital industry has no centralised location and all trades are done over electronic networks. This gives rise to the need for payment solutions.
Because Forex merchants fall into the high-risk category, selecting the right payment processor and system for your business is paramount. Let’s consider some of the more important factors to look for in a high-risk merchant account provider for your Forex business.
Criteria your payment processor should meet
Acceptability: The payment processors you use should be able to process all currencies. Foreign exchange, as its name describes, is the transfer of currency into and out of different countries. Accepting payments for your forex services in any currency from customers in any part of the world is imperative.
Security: Your merchant account provider should provide several layers of security to protect the payment details, identification of users and, of course, all trade-related data. As of 2020, each day a massive US$6.6 trillion is traded on the forex markets. This volume of money attracts fraudsters from all corners of the world, and being prepared has never been so important.
Legality: Try not to be roped in by merchant account providers offering the moon and the stars. Many fly-by-night companies are hoping to get in on the action and are not aware of all the legal implications payment processing gateways need to adhere to. Your payment gateway needs to be reputable.
Customer care services: You might think that this is not important, but customer service is probably at the top of the list as far as merchant account provider necessities are concerned. You need to feel that your processor is your partner, and all communication should be easy, quick, and around-the-clock.
Credit card processing for Forex Merchants
The most popular Forex payment method is using a credit or debit card. Almost all reputable Forex brokers accept them. Without a way to process credit card payments, your company will fail to measure up to competitors. Offering wire or bank transfers is time consuming and expensive. The Forex market is volatile and instant card payments are necessary for trades to make a difference. A credit card processing account allows you to accept payments online via credit and debit cards. Your fast and effective payment solution is available now from Octapay.
High-risk forex merchant accounts not only allow your customers to make online payments via debit or credit card safely, but they also provide your company with expert guidelines to ensure future success. Octapay has over a decade of experience with experts that have created partners out of our current Forex companies. We provide payment solutions that are able to accept more than 100 currencies in over 196 countries. 24/7 customer service is also provided to the customer guaranteeing there is never a misunderstanding or a blunder. Call one of our specialists today to see how we can help you.