Are you also looking for a forex trading merchant account? If Yes, then you are at the right place.
Forex is one of the most liquid markets in the world, with the everyday transaction is more than $6.1 trillion. Foreign Exchange is the abbreviation of Forex. It is a global market where foreign currencies are brought, sold, traded, and speculated.
A suitable Forex merchant account and a forex payment processing allow the merchant to accept credit/debit card payments from customers and allow the customer to make the payment the way they want.
Let’s learn more about the forex merchant account in detail.
What is Forex Trading Merchant Account?
A Forex trading merchant account is a special bank account that allows forex merchants to receive online transactions. It allows for keeping the transactions smooth without any hassle so merchants can easily receive the funds.
The one who is running a high-risk forex business and wants to open a forex trading merchant account should know a few things about it:
- Choose a bank or service provider with experience in the same industries.
- Arrange all the documents before applying for the merchant account.
- Be ready to work with the bank conditions.
A Forex merchant account could be the ideal choice if you’re trying to figure out how to accept payments in foreign currencies. You may reduce the cost of each transaction by taking advantage of the lower processing costs and exchange rates.
Why is Forex Industry Seen as High-risk Industry?
Various banks and businesses are reluctant when offering their services to high-risk merchants. Since the Forex markets carry many risks, many firms prefer to avoid them. Some of the most common reasons for being a high risk are –
Lack Of Regulations: No nation has jurisdiction over another nation’s currency since Forex is a global marketplace. Although most trading platforms hold licenses, some do not because they have discovered loopholes.
Potential Chargebacks: A chargeback from an investor who has lost money is possible when dealing with Forex. These unsuccessful merchants may attempt to charge back individual transactions in dispute.
Lack of financial documentation: Both personal and business-related documentation is required for forex traders.
Money Laundering: Processing and acquiring banks have serious concerns about the potential for money laundering in the forex business. A strong anti-money laundering policy that always clarifies any legal regulation can help reduce some of this risk.
How to Get Approve your Forex Merchant Account?
If you want your merchant account application form to get approved without any issues, you have to start working from today onwards. You have to arrange all the important documents –
- Ownership details
- Three months of bank statements
- Three to six months of statements showing payment processing history
- Identification proof
- Utility bill for address proof
- Domain registration information
- Chargeback must be lower than 2%
Benefits of Using the WebPays as your Merchant Account Service Provider?
Nowadays, you can get many service providers but choosing the best is quite challenging. So, we suggest you go with the WebPays. We, as “WebPays,” offer many benefits to the merchant that help them to grow their business at the global level. Some of its benefits are –
- Offer an all-in-one solution. You can get a forex merchant account, forex Credit Card Processing, and forex payment gateway.
- Cover all the issues of PCI DSS. Also, include anti-fraud and anti-chargeback tools.
- Multi-currencies support
- Offer various payment modes.
- Approve the merchant account within 3 to 5 working days with proper documents.
- Easy to integrate on sites.
- Powerful dashboard.
- 24*7 customer support