Forex payment gateway enterprises are one of the most active markets all over the masses. Every day more than 6.1 trillion transactions trading, which is one of the largest transactions that occur in any field. It is one of the best enterprises to invest in. You can also say that it offers an excellent opportunity to make a profit on currency trades.
But, to do this, forex enterprises need a forex payment gateway. With the help of the forex payment gateway, an individual can deposit and withdraw funds in a hassle-free manner with reasonable transaction fees. But the most challenging task is to find the best forex payment service provider that offers forex merchant accounts as well as a forex payment gateway.
As there is a lot of competition in the financial markets, so you as a merchant offer your clients some advantage so that they can get attracted to you. Always question whether you are offering smooth and effortless ways to make the deposits and withdraws fund from the trading account.
Are you providing your customers with various payment modes so that they can select their preferable one? Etc.
There is a simple solution for all this. You just have to select the reliable and powerful forex payment gateway.
Here, will discuss some of the points which help you to select the best forex payment gateway and also will recommend the best option for your high-risk business. So, continue reading this blog and gain knowledge.
Why it is difficult to have a forex payment gateway?
As a forex merchant account, when you try to open a forex merchant account with a traditional fintech service provider, your application will get rejected. Do you know why this happens?
Well, forex enterprises have a huge volume of transactions every day, which increases the chargeback rates. Due to this reason, forex enterprises are labelled as high-risk businesses. It means that merchant has to face rejections if they apply with the traditional fintech service provider.
So, as a forex merchant, you can open your forex merchant account at a suitable payment service provider who has specializing in high-risk businesses. But, most high-risk payment service provider offers higher fees and hold the customer fund for a longer time, to take the advantage of the situation.
You as a high-risk merchant also have another solution. You can choose PayCly as your fintech service provider. It has specialized in dealing with high-risk businesses. Later, will discuss PayCly and its benefits.
What should consider while choosing the best forex payment gateway?
Nowadays, it is easy to find a payment gateway that has experience in dealing with high-risk businesses but this type of fintech services transactions rate is very high. So, as a merchant, you have to look for a forex payment gateway that offers the best services at a reasonable rate.
To provide your customer smooth and reliable payment experience, choose the payment gateway that must meet several requirements. These are –
Low fees and instant transfer –
Forex industries make a profit from currency movements. So, instant transfers are required to gain profits. Delay in the transfer can lead to slipping in forex trading. This is the reason, forex merchant has to choose the payment gateway that offers very fast transfer.
Along with this, they should also go with the fintech service provider which does not hold the merchant funds for long periods.
As you know, the profit of the forex broker depends on price spreads and other trading fees, so always go with the cost-efficient payment gateway to keep your forex enterprises profitable.
Various Payment modes –
Forex enterprises are dealing with multiple currencies all over the masses. So, as a merchant, you have to offer various payment options for your customers. In case, if the customer does not find their preferred payment mode, they can easily switch to some other place.
Today, most customers prefer to make payments via credit cards such as Visa, Mastercard, American Express, etc. but not all customers do. Alternative payment methods, gradually becoming more popular as the customer can make the payment without sharing their card details. Some of the most popular alternative payment methods are net banking, e-wallets, mobile payment, QR code payment, etc.
Multiple currency acceptance –
The forex industry works on the global market. As a merchant, you should look for a payment gateway that supports multi-currency. It helps your customer to make the deposit or withdraw funds from their place without paying the conversion charges.
Chargeback protection –
As the forex industry is considered a high-risk industry, minimizing its chargeback rate is a big challenge for forex merchants. This feature helps you to protect against fraud. Also, it helps you to gain satisfied clients. So, we suggest you have a forex payment gateway that offers the best chargeback protection tools to protect the merchant and clients from fraud.
Tech-savvy security –
Nowadays, almost every payment gateway is available with tech-savvy security tools. As the forex industry has a higher risk of chargebacks and fraud, the merchant needs to have a payment gateway that holds customer-sensitive data and funds secure. Make sure that your selected payment gateway has anti-fraud, anti-money laundering, PCI DSS level-1 compliance, etc.
Also, you know that forex trading industries are globally so, your fintech service provider must comply with each jurisdiction, where your service is available.
The best solution for forex enterprise
As the forex industry is considered a high-risk industry, so it is quite challenging to find the best fintech service, provider. Here, we recommend you the best forex payment gateway. Yes! It is none other than PayCly.
PayCly is one of the most prestigious payment service providers available nowadays. Its service is available all over the masses. This fintech service provider has experience in dealing with the forex enterprise and it completely understands your business needs and goals. We offer a reliable and fast forex payment gateway and also a forex merchant account.
Security is our priority. You will get the PCI DSS level 1 compliance which protects your and your customer’s sensitive information. Also, we offer anti-fraud tools, anti-chargeback tools, etc.
We support multi-currency and allow the customer to make the payment in the way they want. We also allow the merchant to accept the crypto-currency.
With us, you can get the best possible solution for your high-risk enterprise at a reasonable rate.
Final thoughts –
As the forex industry is considered a high-risk business due to the high volume of transactions and high chargeback rate, it is very difficult to choose the best fintech service provider for this.
Before choosing any of the payment gateways, you as a merchant make sure that your selected payment gateway fulfils all the criteria which we already discussed above. These criteria are –
- Low fees and instant transfers
• Various payment mode
• Multi-currency acceptance
• Chargeback protection
• Tech-savvy security
These features of the forex payment gateway help you to run your high-risk forex business smoothly without any headache.
In case, if you are not able to find a suitable forex payment gateway for your forex business, you can go without a preferable fintech service provider – PayCly. PayCly has experience in working with forex industries so you can blindly trust us. We offer the best possible services according to your business model at a reasonable cost.