forex business is a complex industry. Unlike any high-risk industry, merchants often have to pay large amounts of money upfront in order to make money, which isn’t justified. Fortunately, forex merchants are just a few steps away from finding exceptional credit card processing solutions. With Ipaytotal’s forex merchant accounts, you could have access to great benefits that will enable you to thrive sales upwards and make profits.
A forex merchant account can be described as a sort of merchant account designed especially to process transactions by forex broker businesses in a safe, secure and timely manner. Most forex brokers offer online trading and their traders are able to be traded via online payment solutions. By making use of the best forex merchant account, forex traders trading with your organization may also finance their trading accounts online. Based on the form of forex broker permit your forex firm has, this ultimately will influence the reach of your forex merchant account like particular transactions might or might not be allowed.
It must be noted that the jurisdiction where you run your forex broker company, will also have an effect on the reach of your forex merchant account. Some nations only permit transactions of payment inside the region of that country. A base for a forex merchant account would be to ensure traders may process monetary transactions and finance their trading accounts from debit and credit card methods in an efficient and secure manner. An expert consultancy firm will be equipped to lead you on the most appropriate kind of merchant account to meet your business requirements. Therefore it’s integral that you seek the services of experienced consultants in order to acquire your forex merchant account in a timely manner.
Forex is one of the most sophisticated components of financial market transactions, and like any sophisticated financial instrument, it comes with a huge amount of risk. Forex Merchants are often forced to pay large sums of money upfront in order to make a profit, which we at Ipaytotal feel is completely unfair. There are, however, incredible credit card processing solutions on the market which will save you money.
Forex merchant accounts are targeted at businesses who make regular currency transactions, whether for brokerage needs or simply to convert currency from international operations. Forex needs to be licensed in order to obtain a direct merchant processing account and licensed Forex merchants are only able to obtain direct processing within the jurisdiction where they hold their license.
With Ipaytotal’s Forex merchant accounts, you have at your fingertip a service that will provide you with access to great benefits that will allow you to drive sales and make profits without having to worry that unsustainable conversion and transaction fees are eating up the majority of your revenue.
A Forex merchant account provides a tremendous amount of value to your business because of the following:
- Established working partnerships with numerous prestigious and well-respected banks around the world
- Support services which provide on-the-fly direction and guidance at each stage of receiving an application.
Ipaytotal offers only the most competitive pricing and rate schedules with our Forex merchant accounts; meaning every business, big or small is able to tailor their service to their volume and maximize their success, retaining the most amount of their profits possible. We provide full customer support to make the transition process smooth and easy and payouts are made without delays, meaning you have access to your funds without needing to wait an exorbitant and inconvenient amount of time.
A Forex merchant account means that you, as the sole owner of the account, are able to fully control all of the payments coming through. We provide only the best and most up-to-date safety controls on your accounts, meaning you are able to conduct business and go about your life without worrying over security breaches and the safety of your money.
We provide our clients with risk management solutions, payment gateway options and some of the lowest taxes in the industry. There are no volume caps with Ipaytotal, so as your business grows and thrives, you need not worry that the more business you do, the more you lose in burdensome transaction fees.
Expanding Your Forex Merchant Industry
The competition between forex brokerages has grown considerably in latest times and forex companies have begun extending traders almost every possible convenience to obtain their business. Probably the most famous benefits provided are the acceptance of debit cards and credit cards. Accepting credit cards in your forex broker business is a superb method of earning your customer’s trust and building a successful business. Traders are more inclined to deposit money when using their credit card versus bank deposits. When a client uses a debit or credit card as their payment system, it’s more protected in addition of the fact that investors are more inclined to not only deposit funds faster, but the deposits will even be bigger compared to other payment options.
It’s not a surprise that all leading forex brokerages accept cards payments. Many forex businesses start their search for a forex merchant account after they hear from their customers “Do you accept credit cards?” This may seem like the best time to discover the Best forex merchant account provider, but for the customers that ask for the service, there are many others which simply go to a different broker. Most new FX businesses look for a forex merchant account when they open their brokerage, nevertheless, they soon realize the burdensome procedure for opening a forex credit card processing account.
COMMON OBSTACLES OPENING A FOREX MERCHANT ACCOUNT
Many forex brokerages struggle to find stable forex credit card processing services. High Risk Payment processors are concerned about accepting large ticket transactions and usually will keep funds and cancel the forex merchant accounts when they understand that the broker is accepting large ticket transactions.
Forex brokerages looking to start a Forex Merchant account immediately recognize a series of obstacles in their way. These barriers include their start-up status, lack of license and regulation or a lack of strong financial documentation. In many cases, it’s a combination of all three. Most payment processors avoid working with the new forex agents for a number of reasons. Typically, it’s because there isn’t any performance report in addition to the fact that home brokers have a low volume, equaling low profits.
Banks and payment processors want to utilize based brokerages with volume which do the process of approval and setup worthwhile. Forex Merchants with no track record increase the risk for the bank and the payment processor. The underwriters are unaware of the way the Forex Merchant operates their business. There are more hands due to management required together with an increased quantity of scrutiny to make certain your account performs correctly or is closed down before it could cause any significant harm to the processor. All in all, the processor needs to spend additional time handling the account whilst the upside is minimal because there’s likely to be just a little volume processed.
Accreditation and regulation is a hard task for many forex Merchants. Most authorities make it cost prohibitive to be licensed or controlled forex broker. This is done on purpose, sifting through financial businesses and only permitting the many capitalized businesses, traditionally the most secure. It seems sensible that financially based nations would inflict the highest fees and toughest scrutiny as a tactic of weeding out fraudulent brokerage.
Forex merchant accounts are accepted and set up quickly. It’s not necessary to wait months for underwriting or installation. There are a simple application and list of required documents, once they’re received, your accounts will be filed into underwriting. Underwriting is usually finished in a few working days and is followed by the merchant agreement and rate sheet. After the Forex Merchant reviews and sign this document, login credentials are created and the forex broker is ready to integrate and begin processing transactions. Larger forex companies will be eligible for receiving weekly via wire transfers. Additional customer service is available, permitting brokerages to send money at any Visa or MasterCard, anywhere in the world. This service is excellent for merchants who usually send money to their customers and need to avoid costly wire transfer fees. The fees are minimal and the money appears on the recipient’s card in 2-3 business days. Ipaytotal’s technical support is unmatched with any other payment processor. Forex merchants are going to receive fast answers to their technical problems. Ipaytotal has a 24/7 technical support team which may be contacted using the ticket system in the control panel in addition to email and Skype.