Bookback/Credit Back Payout Service For Forex Brokerages
Binary options brokerages and forex brokerages have limited options when it comes to crediting back clients. Normally brokerages need to rely on bank wire transfers and third party payment services. Bank wire transfers are one of the most expensive ways of sending money; for both the brokerage and the client. Third party payment service companies require the brokerage and the client to be clients of the same payment firm. This of course is a hassle for either party if they are not associated with the same payment companies. The Visa and MasterCard bookback (also known as a credit back or refund) service is the least expensive method for sending money back to clients. Rates and fees may differ with volume.
Merchants are able to fund the bookback account by sending a bank wire transfer or have a percentage of funds from the merchant’s processing proceeds moved to the merchant’s bookback account. Having a percentage of processing funds moved to the bookback account is the most popular since it is the easiest and there are no fees involved (unlike wiring money). The merchant can set a dollar amount to be moved weekly or set a percentage. Alternatively, merchants are able to request the transfer on demand.
It is a straight forward process to be approved and usually takes only a couple days. Once the bookback account is live, merchants will have access to the gateway. The cardholder information is entered into the gateway and funds will arrive on the client’s card within 72-96 hours. Any Visa or MasterCard is able to be credited. The process could not be any faster or easier.
Issuing payments and credits to your customer’s Visa and MasterCard branded cards is now easier than ever before. Global Pay LTD has introduced a credit back payout service; allowing merchants to send payments to any Visa or MasterCard, excluding prepaid cards. This service permits companies to send payments/credits to a credit or debit card without the prerequisite of previously charging the card. Companies in a number of different industries will be able to utilize this service to simplify their accounting practices.
Financial merchants will immediately see the benefit of utilizing this service. Instead of wiring funds or sending funds through a third party, merchants will have the option to easily and inexpensively send money right back to the customer’s original form of payment. Your clients will not have to pay any expensive wire fees or wait a week or more for funds to be deposited into their bank account. The cardholder will see the credit shortly after the payout has been initiated; minimizing issues with customers claiming to have not received funds and merchants needing to trace payments.
High Risk Merchant Services Payout Management
Accounting and bookkeeping can become extremely onerous if your payment gateway does not keep track of payouts made to your merchants. The Global Pay payment gateway allows ISOs and merchants to easily review statements and payouts. This eliminates the amount of time required to email statements and confirm bank transfers. Merchants will see all payout activity and statements, right inside their gateway account. All settlements from different acquirers and financial partners are also managed within the payment gateway.
This handy functionality allows for merchants to choose how they would like to receive their funds. Companies can request to have the majority wired to their bank account and a smaller amount sent to a debit/credit card or ACH’d to a different bank account. The choice is in the hands of the merchant.
Worldwide Cash In / Cash Out Payment Services
Sending larger sums of money by bank wire transfer is easy and cost effective but, how does a merchant send smaller sums of money to their clients around the world without paying bank wire fees? The answer is the worldwide cash in and cash out payment service from Global Pay LTD.
Merchants have the ability to send funds to ANY Visa/MasterCard branded card (not prepaid) throughout the world. The fees are extremely competitive and merchants can send small amounts as well as larger amounts with ease. Payments show up on the customer’s card within the matter of a couple days. The merchant only needs the customer’s card information and the transaction is then underway. The only fees involved are a small per transaction fee and a nominal percentage. There are no ongoing monthly fees or setup fees for this service. Merchants processing payments with Global Pay are able to have a percentage of their processing proceeds sent to their bookback cash in / cash out account to be used when crediting customers. The process is faster, easier and less expensive than wiring money and customers receive the money directly, without delay.
Contact our office today to see how we can assist your brokerage with offering competitively priced payment processing and bookback refund services.