What Is Forex Payment Processing?
Forex Payment Processing is referred to the foreign exchange where the foreign currencies are purchased, sold and traded on the global market. The forex market has provided one the most liquid market for the world with over 5 trillion dollars transactions being processed every day. The forex marketplace is open for five days a week for 24 hours. The business model for the forex market business is divided into two different models. The initial model is based on the interbank network, where the banks perform trading over international currencies. On the other model hand, the individuals are allowed to perform currency exchange and purchase through the online forex trading platforms and trading brokers.
In order to provide payments for the forex exchange to the customers, a forex broker merchant or a forex trading platform is required to have a forex payment processing solution. This makes it easier and seamless to process all the payments by accepting credit cards, debit cards, e-wallets from the customers for trading. We at Quadrapay are one of the top-rated forex payment processing solution provider.
What Is Required To Obtaining A Forex Payment Processing Solution?
Getting a forex merchant account or forex payment processing solution is easy, but the procedure may slightly vary from the region in which the forex business is being operated. For example, if a forex merchant is located in the European region, then all the foreign exchange is regulated will be regulated as per the European protocols. To initiate the onboarding procedure with Quadrapay, a forex business owner needs to fill the merchant application form with all the necessary information being asked in the form like processing volume, registration details, business owner details and many more.
Along with the application form, it is also required to submit the supporting documents like business registration documents; a government-approved identity of the owner, processing history statements up to last three months and latest bank account statements.
Frauds And Chargebacks Prevention With FX Payment Systems
For a forex business, it is vital to have a highly secured forex payment gateway to have a safe and secured payment experience. That is why we assist our business merchants in getting 3D secure payment gateway where a customer does not have to deal with the number of pop-ups and annoying links. A customer can easily go through the payment procedure without any hassle, and thus you can also maintain a low chargeback ratio which will further assist your business to gain a lot of profits with the positive conversion rate.
Chargebacks and fraudulent transactions are one of the most problematic issues for any type of business that is operating online, Especially in terms of forex business. That is why it is also considered a high-risk business.
Multicurrency FX Payment Processing Solution
For a forex business, cross border payments are day to regular day procedures. But nowadays with the help of several payment solutions available like bitcoins, blockchains and other e-wallets have made it more convenient to perform international transactions. That is why it is essential for FX business to have a multicurrency forex payment processing solution.
Setting up a multicurrency payment processing solution might look little complex to set up as it includes a lot of international currencies. But it is essential to include such vital currencies like EUR, AUD, CAD, INR, USD. A forex merchant account will make it easier to manage all these international currencies and seamlessly accept payments from offshore customers. In order to grow business sales, it is now vital to accept international credit card payments for forex business.
For more information on FX payment processing, you can mail us at [email protected].