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.

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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

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.

Merchant Account Solutions for Subscription and Membership-based businesses

Different types of businesses require different modes of payment. The right choice of payment option that compliments your business should be based on two important variables; first being the type of business you operate and two being the kind of demographic you cater to and want to attract.

A merchant account is a mandatory requirement in order to accept credit or debit cards. And obtaining one might be quite easy if you are a regular business but just getting one should not be your priority. Instead, finding the right merchant account provider that suits your business operations and goals and offers you the services that will help you run your payment process efficiently is of utmost importance.

This is especially important in case of high risk businesses who struggle to find merchant solutions and end up compromising on the quality of services they receive. One such industry that has trouble dealing with banks is the subscription or membership based businesses.

Businesses with products and services like magazines, cosmetics, spas, lifestyle, healthcare, clubs, fashion etc that are consumed on the regular basis come under this particular industry.

Challenges for Subscription- or Membership-based businesses:

The most common reason why merchants with recurring business models are often denied a merchant account is due to the higher risk of chargebacks. There are many scenarios with such businesses wherein the customers forget that they’ve signed up for services.

There is also a greater possibility of friendly frauds occurring with subscription based businesses with customers denying having signed up for services or authorizing for recurring payments and then calling up the bank to revoke their entire plans. Such instances hurt the business and increases their chargeback significantly.

Hence, it always advisable to disclose clear terms and conditions about your refund policies and payment terms during the check-out process.

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Subscription- or Membership-based Merchant Account Solutions:

If you are one those businesses offering subscription or membership options to your customers, you should opt for a merchant account that will give you the ability to accept recurring payments easily and quickly and ultimately streamline your payment process efficiently. Such businesses have a specific payment processing needs that can only be fulfilled with Subscription- or Membership-based Merchant Account Services.

With a subscription- or membership-based merchant account, a customer need not enter their payment details every time. Plus, you don’t have to remind your customers for payments either since you can receive regular on-time payments automatically. You also have the freedom to choose when your customers will be charged i.e. daily, weekly, monthly, yearly, etc.

Such type of merchant account has extensive customizable recurring billing options for the kind of products and services you sell that will the demands of your business as well as customers.

Why you should use Multiple Payment Gateways for your business?

Businesses operate on profit. And in order to drive revenue, every business needs to grow. Adapting to the changing business environment and offering innovative solutions in the key to achieving both growth and continuous profit generation.

To survive in this competitive market, businesses need to push boundaries and expand. Expansion does not only include geographically but also through the services they offer.

One area of business operations in particular that is of utmost importance for a merchant is – Payments. Merchants have always struggled to find a payment solution that fits just right for their business. Just as customer demands and expectations keep changing, methods of accepting payments keep evolving too. And to capitalize on the change, merchants need to be aware and adapt accordingly.

Flexibility in payment methods leads to customer satisfaction. Imagine a buyer abandoning their shopping cart because they of the tedious payment process or simply because they couldn’t find their preferred method of payment. According to studies, the average shopping cart abandonment rate is 69.57%. And one of the most common reasons for it has been the lack of preferred payment options that customers want.

Having Multiple Payment Gateways can prove to be a good option. With various payment gateways to choose from, customers are happy. But before you go ahead with it, consider if your customers do really need the payment options other than the ones you already offer.

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Better Customer Experience

Customer retention is important for any business. And one of the vital parts of providing better user experience is in the way payments are processed and accepted. Declining payments and a lengthy process can turn off customers easily. With multiple payment gateways, customers have variety to choose from which keeps them happy.

Works as a Back-up

There is always a possibility of your payment gateway suddenly crashing and your business coming to a standstill. And a merchant should always be prepared for such scenario. With one gateway down, you have a back-up ready that can continue to provide seamless, uninterrupted service to your customers.

Global Expansion

If you are looking to expand your business, especially abroad, you might find the need to integrate multiple payment gateways. The right international payment gateway solution might do the trick, but it may not always be the convenient option since they sometimes come with limitations with regards to the services they offer for that particular country. Each payment solution varies from place to place, so you can get multiple payment gateways that will cater efficiently for the particular region.

Increased conversion rate

Providing multiple gateways builds credibility and customer trust. Different payment gateways offer different features and options, selecting the best one that suits you which in turn will increase your conversion rate.