Forex trading is much like a stock market where the price of currency forecast is predicted. Forex traders will buy currencies whose values they think will trigger in their favor. Usually, a vast majority of trade activities happen in the forex market between institutional traders, banks, and multinational corporations.
Currencies are important to people all over the world. To conduct foreign trade, currencies must be exchanged. It is a global decentralized market for the exchange of monetary forms. The remote trade is decided by this market.
People nowadays prefer online trading, and as a result, the FX market is expanding at an exponential rate. As a result, Payment Gateway Integration is critical for any FX website. If you are in the online business, you must be aware of the significance of Payment Gateway.
It enables your website to accept real-time payments from customers while remaining secure and encrypted. The integration eliminates the need for manual payment entries, human data entry errors. It also eliminates the need to collect payments through less secure means, and long chains of follow-ups within your organization.
Forex is considered a high-risk industry because of its potential chargeback, high losses and various other reasons. This is also the reason why major banks or financial institutions avoid providing these industries with a merchant account.
Why Forex is considered as the High-Risk Industry?
Here are some of the potential reasons why the industry is considered a High-Risk Industry.
- Potential chargebacks: Chargebacks plague most high-risk industries, ultimately costing not only the merchant but also the banks/processors. There is a risk of chargebacks from investors who have lost money when dealing with Forex. These losers may try to dispute specific transactions by issuing chargebacks.
- Inadequate financial documentation: The more information you can provide, the more effectively your merchant account will be applied. Forex traders will need proper documentation for both personal and business purposes, which means bank statements for both. You will not be able to find a merchant account provider if you cannot prove and financial information.
- Money Laundering: The Forex industry can be used to launder money, which is a major concern for processors. Strong anti-money laundering policies, as well as legal policies on your website, can help mitigate some of this risk.
At EskayPay, we understand that every business is unique and has unique needs. We have Forex Merchant Account solution that will meet your needs, and we can also build you an E-commerce website with an integrated payment gateway or payment options.
How to get Forex Trading Merchant Account?
- Fill out the online application form with all of your company’s information, your valid business owner identification, up to three months’ worth of bank statements, and the documents of incorporation. If additional documents are required, our team will notify you.
- After one of our team members has reviewed your application form, one of our professionals will contact you to discuss your business needs in greater detail.
- With our years of experience, we will assist you in selecting a merchant account service that is appropriate for your business.
- Once your application has been approved, you will be able to accept online payments and grow your business to new heights.
With our highly experienced professionals, we cater to your every business need and strive to provide you with the best experience possible while making the process simple and quick. Contact us right away to gain immediate access to your online merchant account and take your business to new heights.
How can Eskaypay help you assisting with your business?
For years, the forex industry has been steadily growing, and it will continue to do so as more people recognize it as a good investment vehicle or currency converter package. If you want to attract investors who already invest in foreign currencies, this could be your primary source of new clients. It’s really no different than any other type of business in that you can be successful as long as you have a solid forex trading strategy.
If you are in the Forex trading industry, you can look for a safe way out through a payment processor like EskayPay. You can look for more secure payouts for your company. As a merchant, you can easily handle all of your payments with this process. Simply contact the experts for alternatives, and they will provide a Forex Payment Gateway solution to your business.
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