WHY SHOULD YOU OBTAIN HIGH RISK MERCHANT ACCOUNT SOLUTIONS FOR FOREX BUSINESS?

Forex is one of the largest markets in today’s financial world with the average daily trading turnover being $5 trillion. Growing market means new traders entering the market every day along with brokers and businesses offering forex platforms and services to these clients.

With the introduction of new technologies, the way trading is done undergone change and the market has become more competitive for the merchants too. One of the advantages wherein a business can gain significant leverage is by offering their traders options in terms of accepting credit or debit cards while trading.

A Forex High Risk Merchant Account has become an absolute necessity for merchants that have clients trading on their trading platforms.

Of course, obtaining a merchant account for forex businesses is not so easy. Being a high risk industry, one of the many difficulties that these merchants face is the difficulty in finding a secure bank or merchant account.

Challenges In Getting A Forex Merchant Account

The risky nature of the industry is a major factor in banks and processors shying away from the business. Forex businesses are governed by strict rules and regulations that they must adhere to. They are subject to heavy regulatory scrutiny and require proper licensing presenting a challenge in obtaining a regular Forex Merchant Account.

Another issue is the high number of chargebacks associated with the business. Forex businesses are often faced with a number of challenges and conditions that a regular merchant would not usually face.

Leverage your Forex Business with High Risk Merchant Account Solutions

Apply for a Forex Merchant Account

The faster pace of forex markets requires equally fast and efficient payment processing system. With the advancement in technology, such payment processing options are being made available to the merchants. Mobile payments, E-wallets, debit and credit cards, etc have become the preferred mode of payment that has been adopted by customers as well as merchants for speedy transactions.

When applying for a high risk merchant account for your forex business, ensure that your business has a license. Without it, you may face further complications in your application process.
A long and positive processing history (minimum 3-6 months) ensures business stability and profitability which increases your approval chances.
As a risky business, forex merchants need to avoid any and all kinds of suspicious activities relating to your business. A lower chargeback ratio is also necessary.
Along with obtaining high risk merchant account solutions, forex merchants should also integrate 3D Secure Payment Gateway services for safe and smooth transactions.

These key points are important to fulfill in order to increase your chances of approval when applying for a forex high risk merchant account.

If you are looking for high risk merchant account services for your forex business, IBS is a top-rated merchant account provider specializing in high risk verticals with over 95% merchant approval rate.

How To Choose The Right CBD Merchant Account Provider?

Major shift towards plastic money in recent years means businesses cannot afford to continue accepting payments in cash only. Variety should not just be limited to services and products offered by a business but also payment options.

In order to accept credit cards, you need a merchant account. Now obtaining a merchant account is fairly simple unless your business comes under the high risk category. And if you are a merchant selling CBD, you are almost guaranteed an outright refusal from a regular bank or processor even though you operate in a lucrative industry worth millions which is only expected grow further and predicted to reach 1,182.65 million by the end of 2024 at 31.26% CAGR.

Not all hope is lost because there are several reputed merchant account providers who are willing to take on your CBD business. But how do you choose the right one for you? Here are a few tips to follow while looking for a CBD Merchant Account:

Payment Options –

While credit card processing is an obvious choice, it is not the only choice of payment. There are several payment options that you can opt for when looking for a CBD Merchant account.

You also need to consider what suits your business the best. If you are a CBD store planning to expand into the e-commerce space in the future, you need to look for online payment processing solutions. So before settling on one, make sure they offer all the possible options you might need so you don’t have to waste time looking for another one in case your current provider isn’t enough.

But if you only need a POS Terminal to accept payments, you don’t want to end up paying for extra services you don’t even need.

Apply for a CBD Merchant Account

Additional features –

Chargeback protection tools, fraud prevention measures, PCI DSS compliance, 3D secure payment gateway, etc are some of the important features that a CBD merchant account provider should be able to provide. You will need a provider who will be willing to offer features that are customized to suit your business requirements.

Charges –

When you approach a processor for a CBD merchant account, they will shoo you away or charge unreasonable rates. Most merchants in a desperate attempt are then forced to pay higher processing fees.

Now bear in mind that you will be charged higher than other non-risky businesses. However, it also becomes important to negotiate in such cases. Different processors offer different pricing plans based on the kind of business you are and the type of payments you receive. Compare the prices of several other processors, understand the rate structure and only then settle for the one who offers the best services at a fair price.

Specialized Processor with stable bank partners –

Since CBD merchants deal with legal matters on the regular, a processor who is experienced and understands the industry will prove to be a helpful partner in the long run. They will also be lenient and are more prone to accepting your merchant account application.

Customer Support –

Effective and reliable customer support is important regardless of the type of business you operate. But it becomes all the more important in case of CBD business who deal in large processing volumes regularly. In case of any emergency, good customer support will provide solution on time.

Obtaining a CBD merchant account might be a task but keep in mind these tips and you might actually end up finding one that will only assist you in growing your business further.

Why are High Risk Merchant Account Fees so High?

If your business has already been identified as high risk, you might be aware of the difficulties you are going to face while approaching a decent merchant account provider. The probability of a risky business getting rejected by regular banks and processors is high. In fact, if your business deals with products and services like CBD Oil, Forex, Online dating, Adult content, Gambling, etc then you may as well forget about acquiring a regular merchant account.

This leads to businesses then opting for the next best choice – High Risk Merchant Account Solutions. A high risk merchant account is mostly similar to a regular merchant account with the most notable exception being, the rates associated with the former.

When approaching a processor for a merchant account, you may either get outright rejected or your high risk business will be charged higher than what is charged for any other regular business.

Why, then, are High Risk Merchant Account rates so high?

The simple reason why you are charged higher than regular is because of the risky nature of the business you operate. A merchant account is essentially a credit given to you by your processor. When a customer purchases an item and makes the payment, the bank or acquirer deposits the amount to your merchant account and collects it from the customer’s card at a later date. This means a merchant has access to funds before the payment is actually made by the customer.

Apply for High Risk Merchant Account Solutions

Now, after the funds are deposited into the merchant account and when the payment is collected from the cardholder, a lot can go down in between like frauds or chargebacks which puts the processor at a risk. High Risk businesses especially are notorious for racking high chargebacks.

In such cases, processors will obviously look after their interests first to try and avoid any chances of losses. Hence, merchant account providers raise their rates to balance out the risk posed by your business. This is why high risk merchant accounts are so expensive.

While finding a merchant account for high risk business might prove to be a task, you still have the power to negotiate before settling for the right one. Always do your research and ask questions to a merchant account provider. Read the terms and conditions of your contract before signing on the dotted lines and check for any unnecessary hidden fees. Go for a high risk merchant account that fulfills all your requirements at a fair rate.