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
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.