The foreign exchange market has an average daily trading volume of over $7.5 trillion. This industry is considered high-risk for merchants applying for accounts due to its inherent volatility, susceptibility to fraudulent activities, and complex regulatory landscape.
Forex transactions often involve large amounts of money and are time-sensitive, making them attractive targets for fraudsters. Additionally, the stringent regulations imposed by financial authorities worldwide create challenges for merchants to maintain compliance.
Therefore, it comes as no surprise that businesses operating in this space require robust, efficient, and reliable payment solutions. To succeed in this highly competitive environment, they need a payment provider with Forex expertise familiar with this industry’s unique needs, such as the ability to process payments in multiple currencies.
Using a payment provider with forex expertise
Here are the four big advantages of using a payment provider with Forex Expertise for your Forex business:
Key considerations when choosing a payment provider
Choosing the right payment provider is crucial to ensure smooth, secure, and efficient transactions and seamless integration with existing systems. This section will delve into the key considerations when selecting a payment provider. By examining these essential aspects, businesses can make an informed decision and partner with a provider that aligns with their goals and requirements in the Forex industry:
Access to a dedicated account manager
A dedicated account manager is essential for businesses that require a high level of support and guidance in managing their payment processing needs. This professional should be knowledgeable about the Forex industry and able to offer personalised advice and assistance, ensuring that businesses can focus on their core activities.
Optimised approval rates
High approval rates are crucial for Forex businesses, as declined transactions can lead to lost revenue and customer dissatisfaction. It is extremely important for a payment provider that offers Forex services to demonstrate a track record of maximising approval rates by using advanced technology and industry-specific strategies.
Provide alternative payment methods
As the Forex market evolves, so do the payment preferences of its participants. Your payment provider should be able to accommodate a range of alternative payment methods, such as digital wallets and cryptocurrencies, in addition to traditional options like credit cards and bank transfers.
Fraud and financial crime have historically been a problem for the forex market. An efficient online payment gateway provider can not only help you keep fraud at bay but also protect your customers from potential financial risks.
Offer customer support
Finally, offering effective customer support, while crucial for any payment provider, it is particularly important for those serving the Forex industry. A Forex payment provider should offer round-the-clock support, with knowledgeable representatives available to assist with any issues that may arise.
Choosing the best forex merchant acquirer
When you choose Trust Payments as your payment gateway, you will receive a service that meets all the above requirements.
Our dedicated Forex account managers work closely with you to understand your specific payment processing needs. They will help you optimise transaction approval rates and minimise payment rejections.
For impartial advice and quotes, contact us, and we’ll help you to choose the best Forex merchant account.