A Forex Trading Merchant Account ensures that all the transactions are processed into your bank account. And you don’t lose money due to the unavailability of an acquiring bank.
“Various websites and blogs even go as far as to say that 70%, 80%, and even more than 90% of forex traders lose money and end up quitting,”
The Balance.
You try to provide the best convenience for the consumers by turning the quitters into consistent traders. Therefore, a Merchant Account ensures that your business keeps its stand in the online market by accepting the payments.
What do you need to avoid?
You opened your website with the zeal to reach a worldwide audience. And if you don’t have a merchant account you will not be able to generate the revenue for your business.
To ensure your business a greater path, here is what you need to avoid while getting a merchant account.
Hidden Charges
Hidden charges are quite common for merchant service providers around the globe. It gives them an upper hand over the payments that you receive. Hence, it is important to read all the documents carefully and point to any hidden charge that was not discussed before.
No hidden charges mean the provider is a genuine one. You can trust the company and work with it. The merchant accounts are crucial and providers tend to charge for the high-risk businesses in the name of fraud protection, transactions, etc.
Forgetting assistance and support
Setting up your merchant account needs assistance from the providers. Everything is not a one-man job. Therefore, talk to the merchant service provider about assisting in setting up the merchant account.
Moreover, it is important to get 24 x 7 support as obstacles don’t wait for your 9 to 5 window. They may arise anytime and you will need the help of the service provider.
A Merchant Account without Payment Gateway
A merchant account without a payment gateway is a bike without fuel. A business must have a payment gateway to process the payments from the consumers. In a forex business, a payment gateway plays a vital role with multiple modes of payment.
Your business needs to reach a global audience and generate revenue. How will the traders purchase forex without a payment gateway? Thus, you need a payment gateway for the transactions to take place.
Choosing a service provider who has no regard for data security
Data security plays a vital role in the online business as sensitive data is transferred from one place to another. If the merchant service provider has no regard for the data security then you should not choose them.
There is no compromise on security. Check whether the merchant service provider is providing fraud security, chargeback management, 3DS or Non-3DS payment gateway, etc.
Volume Limitations
Volume limitations will limit the transaction on your website and in your account. Therefore, avoid the merchant service providers who put a payment volume limit on your business.
Many companies simply allow the large-value payment systems to allow transactions of huge amounts.
What are Your Options?
With all of these pointers to avoid you may think that your options are limited. That is quite contrary to the fact that there is a huge opportunity for your business to get a merchant account and a payment gateway.
eMerchantPro is one of the best in class merchant account and payment gateway providers that offers amazing services for your company.
A merchant account is not the only entity you need. Being said that, there are various features of a payment gateway that you need to consider to get the payment processes going for your business. Here are some of the features of a payment gateway that will help your business in the long term.
Multi-currency support:
Allows your business to accept various currencies around the world.
Modes of payment
: Offers convenience to the consumers to pay in their preferred mode of payment.
P2PE
The end-to-end encryption ensures that there is no loss to the sensitive data of the consumers while the payment is processed on your website.
LVPS:
No volume barrier for bigger payments is assured by the Large-Value Payment System.
Fraud Prevention and Chargeback Management
It helps to keep a check on the frauds and the chargebacks can be easily be managed by the payment service provider.
Easy Integration
A feature to integrate the payment gateway to your website as easily as possible.
These are some of the features of the payment gateway that will simply benefit your business to the fullest.
If you are wondering what are the benefits, you can check eMerchantPro’s blog for the benefits of forex trading payment gateway. Or you can directly contact us.
Our Expert Team will reach you and attain to every question you need an answer to. All the information will the strictly confidential to us ensuring the best security to your business.
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