It becomes easier for merchants with the help of Forex trading merchant accounts to receive online transactions. Having this account by your side does not have a single benefit, but it has other benefits too.
In this article, we are going to talk about forex exchange along with the problems that traders face. Also, we will discuss the cons of the Forex trading merchant account.
Before we start talking about those benefits, let us first understand the term “forex exchange” which is well known as “Forex”.
Forex Exchange (Forex)
You might be familiar with the term Forex but you might not know that it is the abbreviation of forex exchange. Merchants place a trade, sell, and along with other merchants they speculate currencies. If you have skills you can reach the top in forex trading.
The person who trades in forex should have a great understanding of trading. Anyone who is trading knows at what time to sell and at what price then he/she surely can earn a fortune.
It is a fact that you can never face profit without getting a taste of loss. These three things depend on each other and control the destiny of each one of them:
- Market fluctuations
It is a cliché that mastering marketing skills are enough, knowing when to trade and when to back off is the real game.
Every business has a certain issue because of which they face huge losses. Like every other business, forex trading also faces such issues. But what are those issues? Is it money-related? Yes, you can say that.
You are already aware that forex merchants run forex trading websites. They receive payments via reliable merchant accounts. Due to the high-risk nature of forex trading, there is a lack of support offered to them by financial institutions.
There seems to be no cooperation between financial institutions and such high-risk businesses. And this is the only reason that it is not easy for merchants to get a merchant account from these financial institutions.
Not everyone is going to ignore the needs of merchants for a merchant account. This is when PSPs enter the game and take all the glory.
What is PSP?
PSP is a well-known term among merchants. PSP is very helpful for high-risk businesses as it serves them by stabilizing their transactions and records.
Merchants get enough profit with the help of the experiences of these PSPs. Their experiences provide certain convenience to the merchants and save them from losses.
Merchants must rely on the services of PSPs that seem reliable and offer certain benefits too.
Benefits from PayPound Gateways
Wherever there is a transaction of money taking place, there will always be the need for security. PSP should be PCI DSS certified which is enough for clients to feel at ease.
There are lots of cases related to fraud taking place online along with data-stealing and whatnot. According to this, PSP’s first motto should be to protect customers’ sensitive data and information. Along with a safe working environment for merchants.
As we already know, speed, time, and market fluctuations matter the most in forex trading. Merchants can save their time by having non-3D security in this feature. This non-3D security processes before the further procedure of transaction.
It saves time by skipping the process of boring OTP and quickly completes the transaction.
But we are looking for Secure transactions, right? There is also a feature of a fraud prevention tool which we are going to cover later in the article.
If there is a need for immediate security during any transaction you can switch to the 3D security feature. It sends the OTP before the process of transaction just to confirm the ID of the payer.
Transaction will immediately stop if the authenticator does not match the data.
Support to Merchants
There should be a full support facility provided by the PSPs when merchants apply for merchant accounts. Whatever doubt the merchant comes up with, PSP should be able to provide proper clearance.
They must respond quickly to save merchants time so that they can carry on their work instead of waiting.
There should be a different professional team just to tackle payment-related problems. They should handle all the problems a merchant is facing while paying the payment.
Well, by all these points it is clear how important the forex trading merchant account is for merchants. Let us discuss some of the pros it has.
Watch a video: Forex Merchant Account – Paypound
Pros of forex trading merchant account
Credit card payment
Card payments rock the chart when there is any discussion about payment. Either way, we are talking about the international market where card payments are used more often.
Card payments are quite fast and come up with certain offers. Forex trading merchant accounts have the feature of accepting card payments.
There is also an inbuilt feature of a powerful processor that helps in processing the payment faster than usual.
Different modes of payments
There is no doubt about the supremacy of card payments, but having other modes of payments does come in handy. It is going to help clients a lot when they will see several other options to pay the money, they will be assured right?
So for that only purpose, this merchant account offers an alternative mode of payment. The different modes of a transaction include:
- Net transfer
- Internet banking
This offers huge convenience to the clients and as well as the merchants.
There are lots of transactions that take place in a day in Forex trade. Transaction rates skyrocket and to tackle this problem, merchants lookout for this feature that is known as “smart routing”.
This feature comes in handy when the amount is large while transacting the money and also when the transaction rates are high. This feature provides ease to merchants and that too without any problem.
This feature not only saves time for the clients but also makes it less irritating for them. It is quite boring to go through another page on the website to complete the payment.
To put a full stop to this problem, this feature is just the solution. Having this feature in this merchant account, clients will be able to complete the payment process on one page. This is commendable, right?
There is no need to go back and discuss Forex. Forex trading includes the exchange of foreign currencies. Since this merchant account is for forex merchants, it is quite helpful for merchants. To receive their payments in different currencies.
Clients don’t face any type of problem in trading with the merchants which leads to the quick termination of the process without any hassle.
This is another security benefit of this merchant account like the 3D security feature. The Internet is full of fraudsters who are ready to deceive us with their tricks. They just want money and they can do anything they can do online for that. It’s a sad reality, right?
It does not matter what we do, security will always be our priority. To tackle any problem related to any online fraud, this merchant account has just the feature.
There are several fraud prevention tools in this merchant account that can stop fraudsters even before they try to trick us. This tool can even check the real identity of the payer or whether the payer is a real cardholder or not.
If the details of the payer will not match, the transaction will stop suddenly and will not proceed.
Forex trading merchant accounts have this amazing feature that offers accelerated transactions. There is not even a single time delay during the transaction with the help of this feature.
This merchant account has a powerful processor that processes high-speed transactions.
Following that, we learned about the benefits of a forex trading merchant account. Finally, after considering everything, it has been determined that this forex trading merchant account is the greatest option for a forex merchant. If you are not seeing a clear sky, send us an email and one of our specialists will assist you.