Are you excited to know "How to connect a forex merchant account to your websites?" Well, if your answer is yes, this is the right destination.
With $7.5 trillion in daily transactions, the foreign exchange market, also known as the forex market, is one of the world's largest and most liquid marketplaces.
Technology has helped the forex market grow beneficially. For instance, since the platforms make it simpler to transact on the FX markets, shops are increasingly embracing electronic trading. The demand for top-notch customer service from brokerage companies and forex enterprises has only grown. It will keep rising as more traders and brokers join the market daily.
Accepting the majority of credit and debit cards is one of the best and most effective ways to win customers' trust. Customers today wish to avoid dealing with the old traditional payment methods in this highly technological era. However, a merchant must have a good forex trading merchant account or a forex merchant account and forex payment gateways to take card payments.
This blog will discuss how to connect the forex merchant account in detail. So, let's start with the simple definition of the forex merchant account.
Foreign exchange is referred to as forex. Foreign currencies' trading, buying, selling, and speculation occur globally. Forex is one of the most liquid markets, with daily transactions totalling more than $7.5 trillion. It is open every day of the week and most holidays.
The forex market is managed using two main business models.
- One model is based on the interbank market, where banks trade currencies.
- The second is for those carrying over-the-counter currency transactions using brokers or trading platforms.
In a simple sentence, a forex merchant account is the business's bank account which is essential to accept credit/debit card payments or digital payments.
As a result, Forex traders, Forex information services, and Forex trading platforms can all benefit from having a forex merchant account. But having a forex merchant account is not enough. Merchants also need a forex credit card processing and forex broker payment gateway.
Forex is one of the most liquid and high-risk businesses, so the merchant needs to have a suitable account. Due to the following reasons, most acquiring banks and financial service providers classify forex industries as high-risk.
- No clear regulations.
- The high amount of chargebacks
- Money laundering concerns
- High volume transactions
- Lack of financial documents
Because it is considered a high-risk industry, so traditional service provider never offer their services to this industry, due to this reason, the merchant should look for a specialized service provider that offers them a suitable forex merchant account.
One such type of service provider is PayCly. PayCly has many years of experience, so it completely understands the needs of the forex industries, and the best thing is it offers the same. With PayCly, the merchant can hassle-free get the forex payment processing, payment gateway for forex, and forex trading merchant account.
Connecting a forex merchant account to your online forex websites is a hassle. The top management of a firm, as well as the company itself, is subject to numerous different verification procedures from banks.
Let's examine the website's prerequisites to connect a forex merchant account. The list of requirements may differ from one bank to another, so keep that in mind. The overall situation is unchanged, though.
Online forex websites should be ready –
Before applying for the forex merchant account, you should ensure that your websites are operational and on standby. None of the bank or financial service providers accept the application form from the companies whose websites are still under development. It is almost impossible to connect incomplete websites with the forex merchant account.
Must have an SSL certificate –
Additionally, it is necessary for all online websites because it protects communication security.
The forex website must have the following pages –
The forex website must have the following pages -
- Private Policy Page
- Must have contact details (either phone no or email id)
- Terms & Conditions Page
- Conversion rate display
- Display the company's legal name and logo
- Footer with the company name
- The websites must use HTTPS and SSL certificates.
A full description of the services and goods -
The website must include a thorough description of the products and services offered.
In the case of forex brokers, the website must provide a comprehensive list of the services offered by the forex broker (such as trading, analytics, and consulting services), as well as, preferably, a place, a short but insightful description of such services. Prices for goods and services should also be stated in the currency used for payment.
Including the logo of the payment systems that the business will use on the website's home page is another prerequisite for banks to register a forex merchant account.
Along with these, the bank also needs the following data -
- Information regarding the protection of the customer's data.
- Information on transaction security on the website.
- Conditions of the transaction during the whole order process.
- The presence of the button that asks you to "Click to Accept" before using a product or agreeing to a money-back guarantee.
Final Thoughts -
You know that forex is one of the most active markets in this world, but also classified as a high-risk business because of the no clear regulations, high amount of chargebacks, money laundering concerns, high volume transactions, lack of financial documents, etc.
So, forex merchants should look for a service provider with experience dealing with forex industries. For example – PayCly has many years of experience dealing with the forex industries. Also, it offers you a secure and safe forex merchant account, forex payment gateway, and forex payment processing for your high-risk forex businesses.
Using the specialized knowledge and network of connections, PayCly connects clients with some of the most aggressive merchant services suppliers, ensuring their specific needs are addressed.
If you need assistance deciding which forex merchant account is right for you, get in touch with us for the information you need and bids on new services that will work for you.