Cross-border payments are becoming immensely popular with a growing number of people using modern technologies accessible via their smartphones. Even though traditional businesses have been using other payment options for a long time now, it has become evident that there is a hidden potential in cross-border trading only Forex Merchant Accounts provide. It’s also important to mention it is safe and secure.
Here is how Forest Merchant Accounts secure your Forex Payments.
What exactly are Forex Merchant Accounts?
In recent years, the Internet has enabled global financial communities to take their businesses to a global scale — and, over time, it’s helped them to grow in ways that would never have been possible otherwise. A few decades ago, traders were almost entirely at the mercy of local banking systems and related regulations, but today, there was one thing they could always rely on cross-border payment methods.
Cross-border payment processing is an essential part of trading and ensures that traders can pay you for the goods and services they’ve purchased. If you set up a Forex Merchant account to process payments, then traders could use their credit cards or bank accounts to make payments on your site, with various benefits.
Forex Payment Processing Security Standards
Owning a Foreign Exchange merchant account and using Forex payment processing allows you to accept debit and credit cards from traders as well as other payment options. All Foreign Exchange merchant accounts have a comprehensive set of account administration and security options. This enables you to recognize legal transactions, reject fraudulent ones, and flag suspicious ones for manual examination.
The following is a detailed description of the security standards of Foreign Exchange Merchant Account payment processing.
- PCI-DSS Level 1 Security
With the majority of online payment transactions today being conducted over wireless and mobile networks, it is more important than ever for retailers to ensure that sensitive cardholder data is secure during transmission. Foreign Merchant Accounts provides compulsory PCI-DSS Level 1 Security to every transaction made.
PCI-DSS Level 1 can be defined as a collection of regulations designed to guarantee that businesses that store, transport, or handle credit card data adhere to the highest of standards. This is the greatest degree of compliance at the moment. This applies to any merchant who processes more than 6 million payments each year. This extreme validation grade makes sure your payments are safe.
- White and Black List Sorting
Fraudsters have destroyed many online businesses. The good news is that there are ways to stop online fraud right at the source. The good news is that there are ways to stop online fraud right at the source. After the first layer of security, you also have the option to sort out suspicious and fraudulent customers on the blacklist.
Often, as a merchant, you want to keep track of who are your good customers and who are your bad customers. Most Forex Merchant Accounts have an in-built Acclaimed White List & Black List feature — it enables you to do just that. While this is not unique to us in the e-commerce space, when combined with standards like PCI-DSS Level 1, you have very reliable security.
- ID and Address Verification
Forex Trading Merchant Accounts allow businesses to accept credit card payments over and above the counter. These merchant accounts are specifically designed for companies that engage in a large volume of foreign currency transactions. Apart from the fact that the currency is usually traded outside the formal banking system, one of the most troublesome factors associated with forex trading is fraud. With the increasing threat of hackers and fraudsters, forex merchant accounts are an exciting new way to verify users and protect merchant companies.
Forex Merchant Accounts are now employing Identity and Address Verification to authenticate customers and secure payment processing.
- Anti-Fraud Tools
For anyone involved in the Forex market, it is important to have the most secure and further protected payment processing gateway. With all of today’s technology and software, it is easier to have a high level of fraudulent activity on your website, especially when dealing with Forex payments.
The Foreign Exchange payment processing portal has robust rule-based cascading checks. They are also easily customizable to offer the necessary level of security. You can accept, reject, or hold for manual inspection depending on geographical location, ticket amount, IP address, the issuer of the card, billing addresses, contact number, email address, the velocity of card attempts, high-risk factors, and other factors.
- Card Brand Protection
3D secure technology has been around for many years now, but the way it is implemented has changed radically since its inception.
Integrating 3D Secure to Foreign Exchange merchant accounts adds an extra layer of protection at the checkout. Activating 3D Secure allows you to delegate liability for some refunds to the card companies. 3D Secure has indeed been improved, improving the checkout procedure and enabling the process to be faster and easier for the traders to execute payments than ever before.
Today, customer security and privacy are the top concerns of internet users. Encryption refers to the process of encoding information or data into a non-readable format. The term is quite broad and encompasses many types of encryption technologies and practices. In the context of payment gateway technology, data encryption means protecting sensitive customer data from interception or modification during transmission from the gateway.
Forex Merchant Accounts encrypt delicate card data. This encrypted data is subsequently treated as “tokens” rather than card data. These tokens are held in the Foreign Exchange credit card processing portal’s safe vault for recurrent payments. This makes it quick and simple to fund trading accounts.
The Forex industry continues to grow at an unprecedented rate, consequently attracting a greater number of clients who are more comfortable with trading online than opening a brick-and-mortar account. The majority of these traders tend to be younger and/or inexperienced, making them targets for fraudsters who have little trouble finding many ways to rip off unsuspecting clients. Thankfully, the cyber security measures built into every legit Forex merchant account will shield your deposit from being one of those losses.