If you’re like most companies that do business online, your market and potential are getting bigger. Two of the most lucrative — and preferred — ways to trade Forex online are through credit/debit cards and APMs, both of which are available via a Forex merchant account. But this also implies that to be relevant in the market, you need a Forex Merchant Account that is reliable, secure, and has great rates.
Here are 7 undeniable signs that your business needs a new Forex Merchant Account right away.
1. Slow Payment Network
I’m sure you know that the faster and easier it is for your visitors to make a purchase, the higher your sales will be. Also, remember that incomplete transactions are a major source of cart abandonment. When your customer attempts to do a purchase on your website, or you process their card via an external payment gateway, you need to make sure that there are no mistakes and that they can be processed as quickly as possible.
Payments are at the heart of the digital business, and cart checkout is perhaps the most crucial aspect of your selling process. Therefore, you need a reliable infrastructure supporting it. In payments, every second matters, therefore double-check your payment route to ensure that clients can pay directly through your website without being transferred to an external provider. Also, ensure that clients do not have to wait too long to complete all of the essential data.
2. No Regulatory Compliance
Having regulatory compliance is a must for Forex Merchant Accounts. A fancy website does not ensure that a platform is an NFA registrant or that it is regulated by the CFTC. The NFA membership number should be listed in “About Us” on the home web page of a platform. Furthermore, each nation outside of the United States has its regulating organization. Forex Merchant Accounts should be created with brokers who are officially regulated, due to possible worries about the security of deposits as well as the provider’s integrity.
3. Lacking Features
The four main areas of comparison when looking at Forex Brokers are leverage and margin, initial deposit requirements, commissions and spread, and the process of deposits and withdrawals. Remember that your trading account is a very important consideration when deciding which broker best fits your needs. It is advisable to change your Forex Trading Account if you are not satisfied with any of these areas.
4. Protection against Fraud is Ineffective
Whether we want it or not, online fraud is a fact of life in the world of digital payments. We have to face this, and it’s not going anywhere. Half of the time, we think we are immune from fraud, because of how our business is perceived by our customers. The other half of the time, we tell ourselves that it won’t happen to us because we follow the best security practices. But a lot can happen, and studies prove that most companies fail to detect most of the fraud committed by cybercriminals.
As a result, you want a dependable payments system with comprehensive fraud security. You’ll spend too much effort and cash attempting to avoid fraud if you don’t have effective fraud protection solutions, PCI level 1 compliance, encryption, as well as tokenization solutions.
Please remember that data protection has a big influence on your business and the reputation of your firm, particularly when it relates to transactions. So, if you’re still using antiquated security standards, it’s time to upgrade.
5. Multiple Downtimes
A Forex merchant account is a business necessity—a gateway to allowing you to accept payments online. You can know that the high level of security prevalent in the Forex industry will protect your customers’ financial information. However, if your Forex Merchant Account provider reports regular downtime, it’s time to look for another option. Unexpected server failures cost you money as well as annoy your consumers. Every second spent without the ability to complete the checkout procedure without error hurts your company.
6. Trouble in Expanding into New Markets
It is hard to expand worldwide if your present Forex Merchant Account does not give payment processing services and solutions in overseas currencies. Your customers are of different nationalities and they may prefer to pay in the currency that is most familiar to them – either in their own country or from the country that they are making payments. You must create a localized experience for your clients for them to pay without hassle and annoyance.
7. Poor Customer Service
As with any business, people will have questions or concerns about their accounts. A business should have a customer care that is available 24 hours a day, so whether you have issues at midnight or in the afternoon, you can get in touch with someone who is there to help. In addition, if you live in an area where it isn’t common for brokers to provide round-the-clock support, availability during all hours cannot be ignored as a factor in your decision. Of course, round-the-clock service means nothing without the ability to speak to a real person when you call – not a voicemail system or an automated attendant.
Bottom line, your business needs a Forex Merchant Account. Forex can be a lucrative endeavor for the investor willing to devote their time and attention to study. It is the goal of this article to offer some basic guidance for that investor, by introducing some principles that should help you identify when you need to change your Forex Merchant Account. With so much opportunity online through online sales, you are wasting your time and money if your business isn’t taking advantage of the Forex Merchant Account. Not only can this potentially help your business grow, but will put you ahead of the competition as you strengthen your position to flourish in the 21st-century marketplace. As we have seen, these principles will help you increase your profits and produce better trading results!