PayCly Blog

In this 3rd largest ASEAN economy, people are fond of forex trading; seeing this, the government has imposed many restrictions on conducting forex business in the Philippines. Still, many forex brokers and trading platforms are providing their services to fulfil Filipinos' needs. They are regarded as unregulated forex merchants, but they allow Filipinos to earn money from forex trading. To support these brokers, we, PayCly, the best forex payment processor in Southeast Asia (especially in the Philippines), provide every forex payment solution, such as forex merchant accounts, forex payment gateways, and offshore merchant accounts. Forex merchants need not worry now, as we are here to help them.

What is a Forex Merchant Account, and why is it considered High-Risk?

A forex merchant account functions similarly to a business bank account. It allows forex brokers to accept, hold, and withdraw money from their traders as a business bank account does. On the other hand, a forex payment gateway connects the issuer, acquirer, and forex broker and enables online payment by transmitting payment information between them. These two mechanisms are necessary for any forex broker who wishes to accept payments online through credit card, wire transfer, cryptocurrency, etc. Without integrating a payment gateway and merchant account with your forex trading platform, it is impossible to accept online payments.

The FX market is considered high-risk due to the following factors:

• Potential for more chargebacks.
• Potential for more fraud.
• The foreign exchange market is an international marketplace; thus, no government has jurisdiction over it.
• Inadequate rules and regulations.
• Due to the high volume of tickets.

Why should you choose PayCly?

PayCly is one of the top forex payment processing companies in the Philippines, offering forex merchant accounts, offshore merchant accounts, and payment gateway services for forex brokers. Our customer-centric strategy keeps us one step ahead of our competitors. We provide customized payment services based on the needs of currency merchants. We offer the most affordable MDR prices in the Philippines. We protect your payment from fraud and erroneous chargebacks using cutting-edge technology like AI, ML, encryption, tokenization, SSL, SET, AVS & CVV checks, and 3D secure authentication. Additionally, we adhere to the highest PCI-DSS compliance standards.

Additionally, we enable your traders to fund their trading accounts using 150 foreign currencies and over 100 different payment methods. We offer speedy payment settlements and are available to you around the clock. We also provide forex merchant accounts to regulated and unregulated forex brokers. Plus, we designate a dedicated support manager for you. You can access a number of advantages by selecting us as your currency payment partner, some of which are listed below:

To Sum Up

In the Philippines, where 100 million+ potential forex traders live, many forex brokers seek to start their forex trading platforms. Therefore, in order to meet the payment needs of forex platforms, an FX payment processor is needed. To address this demand, many businesses provide payment services, but PayCly is the best due to its customer-centric policies. It provides forex payment processing at the lowest MDR to both regulated and unregulated forex merchants. 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 additional information.

Frequently Asked Questions (FAQ)

1) What documents do you need to have before applying?

• 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 offers them every payment solution, such as high-risk merchant accounts, credit card processing, international merchant accounts, international payment gateway, etc. PayCly offers payment solutions to all high-risk businesses, such as casinos, gambling, fantasy sports, escort services, adult toys, tobacco, e-cigarettes, online dating, etc. Further, we have drafted some state-of-the-art merchant accounts with high-risk and industry-specific characteristics using our expertise in the following industries: