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Forex Merchant Account: High-Risk Merchant Account Solutions For Brokers

The foreign exchange market, or simply known as the currency market, is the largest financial market in the world. With more than $5 trillion traded on average every day, it is also the most actively traded market globally.

The forex market is increasing exponentially. With enough room for growth, the dynamic industry is witnessing constant significant changes. The introduction of new technologies in recent years means new opportunities for traders and brokers alike. It is safe to say then that the number traders and brokers entering the market is only set to grow in the coming years.

The upsurge in foreign exchange firms means fierce competition resulting in the fight to offer the best services and convenience to the traders. And one of the most popular leverage to provide the clientele is the acceptance of debit and credit cards for trading.

The forex industry is a complicated one and because of its risky business nature, it naturally has a few challenges associated with payment processing.

The primary concern of forex merchants is increased cost. As with any other high-risk business, forex merchants are often charged large amounts of money upfront in order to make a profit.

Fortunately, forex merchants can still obtain a forex merchant account with quality solutions and reasonable fees.

Forex Merchant Account: High-Quality and Affordable Merchant Account Solutions

Providing various other secure payment options via your forex platform is a great way to build trust as well as retain customers thereby expanding your business. In addition to being more secure, investors are also likely to deposit a large amount of funds quickly as compared to other payment options.

A popular request from traders is the ability to fund their trading account online with a debit/credit card.

A Forex Merchant Account will not only help a merchant in processing transactions safely, securely and quickly but also allow traders to fund their trading accounts effectively.

All leading forex brokerages accept card payments. With a reputable merchant account provider, forex merchants can have access to numerous benefits resulting in driving sales and eventually making a profit.

You will come across several merchant account providers, each offering their own advantages and features customized to benefit merchants.

Client deposits are important in forex. The possibility to deposit funds guarantees profit for the broker. Also, with regards to payouts, traders want to receive earnings on the same credit card that they have paid from.

The above two important points make it essential for a broker to choose the right forex merchant account solutions for their business. Obtaining a forex merchant account from a specialist processor can prove to be advantageous in solving the deposits and payouts issues.

Debt Collection Merchant Account Solutions for Collection Agencies

The debt collection industry has had its ups and downs over the years but continues to grow impressively nonetheless. The industry witnessed growth across its many verticals including auto finance, healthcare, mortgage lending, and many others.

“Aggregate household debt is expected to continue to grow through 2022, resulting in an increase in potential revenue sources”, as per CallMiner.com. There is a clear need for debt collection, whether in-house or third-party services. Student loans and Health continue to contribute largely to growth in this diverse industry.

The Debt Collection Industry is considered High Risk

An industry whose primary role is to collect payment from clients is viewed as high risk by traditional banks and credit card processors making it difficult to process payments for debt collection agencies.

A number of factors are responsible that make debt collection business extra risky.

Nature of business
Business instability
Potential unsafe business debt
Strict government regulations
Friendly frauds or chargebacks
Merchants using scare tactics to get debtors to pay gives the industry a bad reputation

Providers also require a business to show consistent revenue streams when applying for a merchant account. It especially becomes difficult for start-ups or new businesses to acquire merchant account services since merchant account providers demand a long processing and positive credit history.

Start collecting debt with Debt Collection Merchant Account Services!

How do I get a debt collection merchant account for my business? Regardless of the many obstacles faced by the agencies, there are a whole lot of reputable merchant account providers willing to offer credit card processing services that are tailored to meet the requirements and demands of this specific industry.

The many different types of businesses within the Collection Industry that can avail merchant account services include:

Account, bill, or debt collection services
Collateral recovery and repossession services
Credit reporting services
Debt portfolio collection services
Delinquent account collection services
Fee-based or contraction tax collection services

EMB, International Bank Services (IBS), Instabill are some of the top-rated merchant account providers that offer expert customized services to debt collection agencies.

Get started collecting debt with a Debt Collection Merchant Account with easy approvals and reasonable fees.

This is why your business should accept Mobile Payments

It’s no secret that mobile technology has been predominantly used in every sector there is, e-commerce in particular, to create better and personalized user experiences. With big retailers like Amazon Go, Macy’s, Target all turning to mobile payments to double up customer convenience, last year saw a significant increase in mobile check-out. 2019 is going to be no different.

Mobile is all set to drive retail growth in 2019. And in order to capitalize on it, businesses need to keep up with the trend and offer mobile payments to its customers.

The ability to have the right and power to access credit card information by phone has been the solution that all business personnel’s wish that they had from long ago. And a mobile device has now made it possible making connectivity much easier and reliable. With mobile payments, you do not have to be physically in your business area to handle the financial paperwork or receive payments anymore.

With the usage of mobile increasing rapidly, it is suggested that by 2025, 75% of all financial transaction will be cashless. Mobile payment users are projected to increase up to 150 million by 2020, according to a Mobile Payment World report.

The above numbers should convince you to consider the various advantages and benefits that mobile payments have to offer. And if you don’t, you may get left behind and lose out on significant business.

Merchant benefits of Mobile Payments

Payment Options: Accepting payments anywhere and anytime is the biggest advantage of mobile payments, whether you are a brick-and-mortar store, e-commerce shop or a travelling business. With a mobile POS you can swipe debit or credit cards or accept EMV chip cards. A recent but popular Near Field Communication (NFC) technology that supports contactless payment through POS is also available. By keeping the NFC-equipped smartphone near the POS reader, customers can make transactions within seconds. The number of NFC based smartphones is expected to increase to 5.3 billion by 2021 which will allow them to use any kind of mobile payments technology globally.

Increase sales opportunity & Widen customer base: You do not want to lose out on customers simply because you do not provide a payment method preferred by the customer. Mobile payment technology gives a wide berth to merchants in terms of flexibility and convenience thereby increasing their revenue generating opportunities. Simply attaching a card reader to the device will enable a merchant to accept payments outside of their store. This is especially handy for those working on-field or merchants that have pop-up stores for promotion. With the world going cashless, customers will continue to demand the option to make payments via mobiles. By offering mobile credit card processing, you increase sales and widen your audience too. Those failing to deliver will lose out customers and sales to competitors.

Easy & swift Check-out: One of the many operational benefits of mobile payments is that the payment process is simple and fast. A clunky and cumbersome check-out process can leave a customer frustrated. Often times, watching a long line at the check-out desk may also result in cart abandonment. To avoid that, merchants can provide their staff with mobile credit card processing tools which can enable them to accept payments from anywhere in the store thereby reducing lines at the till. This also increases customer engagement. Customers who make it through the line quickly and make payments smoothly leave with an overall positive shopping experience.

Track Inventory & User behavior: One significant advantage that a customer gains through mobile payments is the amount of valuable data retrieved through customers. This is especially helpful for small businesses that lack the necessary tools to gain consumer insights. While making payments, customers enter their card details which is then stored and available to merchants. Merchants are able to keep a track of customer data and make future business decisions on that basis. They can also monitor individual customer behavior, like what they order and how frequently and spending habits. This gives an edge to businesses that can then optimize their services and products according to the demands & requirements of the customers.

Customer Loyalty: The fiercely competitive nature of today’s business environment makes customer loyalty and retention an important business strategy. Mobile payment technology improves customer experience which in turn drives sales and increases customer loyalty. The effortless and flexible nature of mobile payments enables faster, smoother, smarter and meaningful customer interaction. This increases conversion rate and encourages customers to return. In fact, with the information gathered businesses can also implement loyalty programs by sending rewards and coupons to their customers.

Consider your Payment options

If you deem it necessary to accept mobile payments for your business, start by obtaining a mobile merchant account. Though attractive and extremely advantageous, merchants have to be extra cautious when signing up for mobile credit card processing services. With several merchant account providers offering variety of services each with different pricing options, you need to analyze what your business requires and find the right fit!