What is a Forex Merchant Account?
A forex merchant account is similar to a bank account. It acts as a traditional bank account, allowing you to accept, hold and withdraw the funds received from clients. What? It acts as a bank account, then why am I not taking a forex merchant account from a well-known bank? Some of you might know the answer if you tried to get it from your bank. Let us make it clear to all, Traditional banks and financial institutions do not provide you with a forex merchant account as they consider forex a high-risk business.
But you do not need to worry, as several payment service providers (PSPs) offer you a merchant account. But, PayCly is the best of all as it customizes its forex merchant account according to the need of Botswana merchants. We tailor our services according to your requirements and do not differentiate between regulated and unregulated, as we offer our services to both merchants.
Why is Forex Business Considered High-Risk?
There are many reasons why banks consider forex a high-risk business and do not provide a forex trading merchant account; a few of them are mentioned here:
As we know that forex is a high-risk business and runs 24 hours a day. It needs some specific features so that the forex broker payment gateway and forex trading merchant account can fulfill the merchant’s requirements. Some features we are highlighting here:
Alternative Payment Methods:
Forex is a global market. A customer from any country can trade on a foreign exchange anytime. Nowadays, there are numerous payment modes available, including credit cards, crypto, etc. and every region and nation has its own choice of payment mode. A forex payment processing company must offer its merchant as many payment modes as possible, including credit card processing for forex and crypto settlement.
Multi-currency acceptance is necessary for forex traders as people worldwide make trades in the forex market. A customer makes an account on your app, and when he wants to add money to a forex account, the local currency option must be given with the alternative payment methods so that he can easily add and trade via your app or web. A payment gateway for forex brokers must accept payments in multi-currency; this facility helps increase customer loyalty.
Chargeback and Fraud Prevention Tools:
The merchant must opt for a PSP with strong fraud protection because the FX market has a higher chargeback and fraud risk than other markets. A PSP must offer anti-fraud algorithms and systems that recognize, evaluate, and ascertain fraudulent transactions in order to strengthen the security of a merchant's account.
Quick Single-Click Payment
Every millisecond counts on the currency market. Transactions must be completed instantaneously without delay in the forex market, where currency rates are constantly fluctuating. One-click transactions encourage customers to trade more and boost loyalty toward the merchant.
Round-the-Clock Customer Support:
As the forex market works around the clock, a forex trading merchant account provider must provide 24-hour customer assistance. Customer support should be available in multiple languages and respond appropriately and timely to any difficulties.
Advantages you get by acquiring PayCly’s Merchant Account
We’ve seen several factors of the forex market, and we are now all aware of what features a PSP must offer in a forex merchant account and forex payment gateway. After analyzing many forex payments processing firms, we concluded that PayCly is what you all need. One of the best things PayCly has is that we consider a merchant its partner, not a client. We tailored our services according to your requirements. Our forex merchant account is a perfect blend of international payment gateway and high-risk merchant account, as both features are essential for forex business. We suggest you choose PayCly. For further info, please visit us at https://paycly.com/.
Frequently Asked Questions (FAQ)
What are the Differences between Payment Gateways and Merchant Accounts?
A payment gateway is a system that makes payment transactions by securely sending payment information. A merchant account, however, functions more like a bank account and takes, holds, and withdraws the funds credited by the customer. PayCly provides a comprehensive range of payment solutions, including international payment gateways and high-risk merchant accounts.
What Other Payment Solutions Does PayCly Provide in Addition to its Payment Gateway?
PayCly offers each and every payment solution that your company needs. We provide a comprehensive range of payment services, including high-risk merchant accounts, offshore merchant accounts, and credit card processing (card not present payment), in addition to payment gateways. All regulated and unregulated businesses are supported by PayCly, and we've created a few merchant accounts with high-risk qualities and industry-specific functionality. We have extensive expertise in offering merchant accounts and payment gateways to the following industries: