Greece, the land of the earth's greatest heroes - Homer, Socrates, Plato, Aristotle, Hippocrates, Archimedes, Pythagoras, Leonidas, Alexander the Great, and so on—is one of the oldest civilizations in human history. Not only it introduced great heroes to the world, but also it gave the greatest games, the "Olympics," to the world. There was a time when it was one of the world's most prosperous countries. To regain its title, Greece set its goals and vowed to achieve them. On the path of progress, it is now an advanced, developed, and high-income economy. It's now part of the European Union. The currency trading business is currently at an all-time high in the Hellenic Republic. Greeks are becoming fond of forex trading as it provides a chance to earn money during currency fluctuations. These forex trading platforms are provided by forex brokers, and we help these brokers by providing forex payment solutions.
We are PayCly, the best forex payment processing company in Greece. We provide all forex payment solutions to the forex brokers, such as merchant accounts for forex brokers, payment gateways for forex brokers, etc. I want to draw your attention to the fact that banks and financial institutions consider forex a high-risk business. As a result, they do not offer any payment solutions to forex brokers. But you do not need to worry, as we have already assured you that we are here to help you. Forex payment service providers (PSPs) provide payment solutions to forex brokers and empower them to work hassle-free.
What is a Forex Merchant Account, and why is it considered High-Risk?
A forex merchant account is somehow similar to a business bank account as it allows forex brokers to accept, hold, and withdraw funds from their traders. After receiving the funds, you can either keep them in your merchant account or transfer this amount to your regular bank account. On the other hand, a forex payment gateway links the issuer, acquirer, card company, and forex broker and enables online payment by transferring payment details between them. These two apparatuses are essential for any forex broker who wants to accept payments online via credit or debit card, wire transfer, crypto, etc. It is only possible to accept online payments by connecting a payment gateway and merchant account with your FX trading platform.
Due to the following reasons, the foreign exchange market is seen as high-risk:
- Possibility of greater chargebacks.
- Possibility of greater fraud.
- Because the foreign exchange market is a global market, it is outside the purview of any particular government.
- Insufficient laws and rules.
- Owing to a large number of tickets.
How to select a Forex Payment Processor?
Selecting a payment processor for your forex business is a complex task. Before choosing a forex payment processing firm, you must be aware of several things that a PSP must have. Let’s have a glance at the features a PSP must have:
- A forex payment processor must PCI-DSS compliances.
- A forex payment processing firm must provide top-notch security to its merchant and shall have 3D secure authentication, geological tracking, SSL, SET, AVS & CVV checkers. For advancement, it may employ technologies such as AI and ML to eliminate possible fraud.
- Chargeback is one of the major issues in the forex industry, so a PSP must offer futuristic tier-three chargeback prevention tools to safeguard its merchant from false claims.
- A PSP must provide alternative payment methods and international currency support in order to increase customer retention.
- It should keep all the information of its merchant 100% classified.
- A forex merchant account provider must offer timely pay-out.
- A forex payment processor's assistance team should be available all the time.
- The pricing and packages should be adequate and comparable.
- It should offer quick approval, easy integration, and same-day onboarding.
These points we have noted that a forex payment processing firm must provide in its high-risk forex merchants. Also, there may be some other factors too that can affect it.
To Sum Up
In Greece, officially the Hellenic Republic, where 10 million+ potential forex traders live, many forex brokers aim to start their forex trading platforms. In order to accept online payments from traders, the forex brokers need an FX merchant account and a payment gateway forex. To fulfill the need for forex trading platforms, many PSPs provide forex payment services, but PayCly is the best due to various factors, such as customer-centric policies, the lowest MDR, the safest payment environment, dedicated support, and so on. PayCly provides forex payment processing to both regulated and unregulated forex merchants in Greece. Additionally, PayCly offers credit card processing for forex brokers, forex trading merchant accounts, and all other forex payment solutions. Please visit https://paycly.com for further information.
Frequently Asked Questions (FAQ)
1) What documents must you collect before applying for a Forex Merchant Account?
- Website URL of your business
- Directors' name and contact details
- Business name & contact details
- Place of business
- Last three months' business bank account statements
- Memorandum and Article of association
- The license of business (if applicable)
- Some other documents may be required according to the business
2) What other Payment Solutions does PayCly provide?
PayCly is a one-stop solution for all high-risk businesses. It provides clients with all available payment solutions, including credit card processing, high-risk merchant accounts, foreign exchange merchant accounts, international payment gateways, etc. All high-risk industries, including casinos, gaming, fantasy sports, escort services, adult toys, tobacco, e-cigarettes, online dating, etc., are served by PayCly's payment systems. Additionally, utilizing our experience in the following industries, we have created certain cutting-edge merchant accounts with high-risk and industry-specific characteristics: