Forex Merchant Accounts & Credit Card Processing
The foreign exchange market is the largest and most liquid financial market in the world, with over $5 trillion traded daily. Since there is no central foreign exchange market, all forex currency trading is done electronically over-the-counter (OTC). This means that all transactions are performed through computer networks, between traders throughout the world, 24 hours a day, and 5 days per week. Over the past decade, forex trading has increased exponentially, with thousands of new firms and millions of new traders. Foreign exchange firms have become extremely competitive, from the leverage they offer traders to the payment methods they accept.
The foreign exchange market (also called the forex, FX or currency market) is the largest market in the world and encompasses all facets of; buying, selling and trading currencies. Large international banks and securities dealers make up a big portion of the trading done within the forex market however; over the past decade, the increase in the number of small investment firms and private investors trading forex has led to an upsurge in the number of forex brokerages. The fierce competition has required brokerages to start offering additional services and conveniences to their clientele.
Expanding Your Forex Company
The first hurdle for the new broker will be the legal requirements. The brokerage will be required to be incorporated and licensed with a corporate bank account. There will be regulatory requirements which will need to be met in order for the brokerage to begin doing business as well as stay in business. The forex firm will need to have a properly configured platform including, accessing liquidity providers and partnering with fast, accurate feed sources. The brokerage will be required to integrate the platform with their website which will also need to be designed and setup.
Next the forex merchant will want to create their marketing campaign in order to drive traffic and forex traders to their brokerage’s website. All of this is worthless if the firm does not have their forex merchant account setup. The problem facing startup forex merchants is the difficultly of being approved for a merchant account. Most payment processors especially high risk payment processors will not approve a startup business. Our company however does work with startup foreign exchange brokers. Startup brokerages are welcome to apply and will normally be approved within a couple days for a merchant account. Start up forex merchants will have access to all account features usually only available to large foreign exchange brokerages. Start up forex merchants will receive quick account approval and easy website integration. Foreign exchange merchants will normally secure merchant account approval and begin processing in 4-7 days. We approve; regulated, unregulated, licensed and unlicensed forex brokerages.
The competition between forex brokerages has grown considerably in recent times and forex firms have begun extending traders nearly every possible convenience to gain their business. One of the most popular benefits provided is the acceptance of debit and credit cards.
Accepting credit cards at your forex brokerage is a great way of earning your customer’s trust and building a successful business. Traders are more likely to deposit money when using their credit card versus a bank wire. When a customer uses a credit or debit card as their payment method, it is more secure in addition to the fact that investors are more likely to not only deposit funds faster but the deposits will also be larger when compared with other payment options. It is no surprise that all leading forex brokerages accept card payments.
Many forex companies will begin their search for a forex merchant account after they repeatedly hear from their clients “Do you accept credit cards?” This may seem like the optimal time to find a provider but for the clients that ask for the service, there are many more that just go to a different brokerage.
Most new FX companies will search for a forex merchant account when they open their brokerage, however; they soon realize the burdensome process of opening a forex card processing account.
Grow Your Forex Brokerage with Credit Card Acceptance
The most popular request made by forex traders is having the ability to fund their trading account with a credit card. The majority of Forex traders will only deposit funds into a brokerage with a credit card. In addition to being a safer payment alternative for the investor, it also decreases the time it takes for an account to be opened and funded while increasing the initial and subsequent deposit amounts. These are all important revenue generating perks of accepting card payments from your clients but, the “appearance of legitimacy” by being able to accept card payments is another benefit.
Visit the websites of the largest forex brokerages and you will see a common theme, card acceptance. Every legitimate forex brokerage accepts credit cards. Any trader that reviews a brokerage and does not see credit cards as a payment method will become skeptical. If a firm is unable to accept credit cards, will a new client trust wiring money to them? It is doubtful.
Forex Credit Card Processing
Global Pay LTD is able to provide forex brokerages with real-time payment processing solutions for all major debit and credit cards including; Visa, MasterCard, American Express, JCB and China UnionPay. Most payment processors offer just Visa and MasterCard however; China UnionPay is a growing card brand, with 3 out of 10 cards throughout the world branded as CUP. Merchants hoping to expand into Asia MUST accept China UnionPay if they plan on being successful.
Forex merchants will be able to rest assured that they will not have an issue with exceeding their processing monthly limit since all forex merchant accounts are able to process an unlimited amount of volume. Most forex businesses are plagued with the problem of too much volume. It is common for payment processors to limit the monthly volume of a forex business in order to hedge their risk. This is a safe move for banks but it is crippling to the company. Forex brokerages that grow too fast are unable to handle all of the transactions trying to be submitted through their website, which eventually damages their firm’s brand.
Forex trading is an international business and forex brokerages must be able to accept multiple currencies in order to be successful. Global Pay is able to offer a processing platform that allows for easy payment acceptance in dozens of different currencies. All transactions are processed in real-time with instant approvals or declines. Forex credit card processing accounts are able to be setup for either regulated or unregulated forex brokerages.
Common Forex Credit Card Processing Hurdles
The primary concern among most forex brokerages is the increased cost. As with any product or service, there are more expensive and less expensive options, same is true with forex credit card processing. However, not all solutions are the same.
Every bank is different. Each has their individual process of; underwriting, approving, pricing, integrating and offering support to their merchants. Different banks located in different countries will also operate with different base currencies; furthermore confusing the pricing. Simply comparing the pricing and terms of two banks may look straightforward on paper nonetheless, when the merchant begins to integrate and process payments, another story is told. It is imperative that forex companies employ the services of a high risk credit card processor to walk them through the procedure of finding the best bank and being approved.
Dozens of banks around the world will process payments for forex merchants but many of them come with a list of requirements and stipulations. These conditions include; what countries the firm has to be incorporated in, what types of licenses are accepted, if they need to be regulated, how much previous processing/bank history is required and so on. As you would imagine, most brokerages fall short of some or all of these requirements. These merchants unable to meet the guidelines that their bank has defined need to work with a high risk merchant account provider.
High risk merchant accounts are credit card processing accounts that do not fit within the guidelines of most banks. They are perceived as having an increased risk from normal retail merchants and are therefore rejected by most payment processors. The most prevalent factors that increase risk are companies who are based offshore as well as industries that historically have higher chargebacks, fraud or are restricted from operating in certain countries. The majority of banks avoid these businesses and industries. Forex is a prime example of a high risk industry.
Typical Forex Merchant Account Obstacles
Many forex brokerages struggle to find stable forex credit card processing services. Payment processors are worried about accepting large ticket transactions and typically will hold funds and cancel merchant accounts when they realize that the brokerage is accepting large ticket transactions.
Forex brokerages looking to open a merchant account quickly recognize a number of hurdles in their way. These hindrances include; their startup status, lack of licensing and regulation or an absence of strong financial documentation. In most cases, it is a combination of all three.
Most payment processors will avoid working with new forex brokers for a number of reasons. Normally, it is because there is no track record of performance in addition to the fact that startup brokerages have low volume, equaling low profits. Banks and payment processors want to work with established brokerages with volume that make the process of approval and setup worthwhile.
Brokerages without a track record increase the risk for the bank and payment processor. The underwriters are unaware of how the merchant operates their business. There are more hands on account management required along with an increased amount of scrutiny to make sure the account performs correctly or is closed down before it can cause any serious harm to the processor. All in all, the processor needs to spend more time managing the account while the upside is minimal since there is likely to be only a little volume processed.
Licensing and regulation is a difficult task for most forex brokerages. Most jurisdictions make it cost prohibitive to be a licensed or regulated forex broker. This is done on purpose; sifting through financial companies and only allowing the most capitalized companies, traditionally the most stable. It makes sense that financially established countries would impose the highest fees and toughest scrutiny as a tactic of weeding out fraudulent brokerages.
The result however is a handful of countries that offer forex licenses, obtainable by most startups. Instead of having to pay hundreds of thousands or millions for licensing, companies may obtain licensing in countries such as; Belize and Vanuatu for $20,000-$30,000. This of course is still a lot of money however; brokerages will find it much easier to be approved for a forex merchant account after they are licensed.
The last option for forex brokerages that are unable or unwilling to pay for licensing is to open their forex company in a country that does not require licensing or regulation. The trade-off being that most financial institutions will refuse to work with unlicensed financial companies. The simple tasks of opening a business bank account or a forex merchant account are now turned into daunting projects.
For both new and old forex brokerages alike; a lack of strong financial documentation is a common reason for decline. When a bank approves your merchant account, they have accepted the risk your business poses. Banks are able to make this decision only after reviewing your company’s financial standing against other businesses that they have/had profitable (or unprofitable) relationships with. If your business is a cookie cutter example of a company that the bank will make money from with minimal hassle and risk, you will be approved quickly. If your company sorely depicts a previous merchant that the bank lost money with or made very little from, you can be sure your account will be declined. But how does a bank know what category of merchants a new applicant will fall into? If you answered “financial documentation,” you would be correct.
Financial documentation (for forex brokerages) includes; bank statements, payment processing statements and it is the easiest way to decide whether a merchant will be an asset or a liability to the bank. If your forex brokerage operates with a sizeable bank account, minimal chargebacks and high sales, it is a certainty you will be approved very quickly. Normally, the fastest approvals are for the companies in the best financial shape. On the other hand, small forex firms and startups will have a much more drawn out underwriting process since there is no proven track record to review.
Forex Merchant Account Fraud Prevention
A select list of experienced (VIP) forex traders authorized to make larger deposits and perform other actions which would normally be considered risky to the brokerage.
This list option gives the forex brokerage the ability to block a number of particulars. Forex merchants are able to block; specific clients, entire countries, IPs and consumers that have had their data blacklisted as being associated with fraud/chargebacks.
Card Code Verification (CVV)
In order to reduce fraud with card-not-present transactions, credit card issuers initiated a program called card verification value (CVV). Every card company calls it a different name however it verifies the 3 or 4 digit code on the front or the back of the card (depending on card). This helps to verify that the customer is actually in possession of the card when the order is being placed.
Address Verification (AVS)
Address verification is another tool to verify that the person making the charge is actually the legitimate cardholder. Even though address verification is more useful in combating fraud when there are physical products being sold and sent out, AVS will help to validate the transaction. If the transaction passes address verification, the forex merchant will know that the customer has entered the correct billing address for the card and there is a higher probability that the transaction is valid.
Failed address verification will show that the transaction is fraud. Every cardholder knows what address their card statement is sent to or what the billing address is on the card if they have online statements.
Verified by Visa
A free service developed and offered by Visa in order to reduce fraud. The cardholder uses a personal password when making online transactions and adds an additional layer of fraud protection to their account. Forex brokerages will further combat fraud when offering Verified by Visa to your forex traders.
SecureCode is a private code for MasterCard account holders when performing online transactions. Only the cardholder and the financial institution know what the code is, merchants are not able to see it. Forex merchants are able to rest assured that the forex trader processing transactions on their website is indeed the cardholder when SecureCode is being utilized.
PCI Compliance is a proprietary information security standard for organizations that handle cardholder information for; credit card, debit cards and prepaid cards. All forex merchant accounts will be PCI complaint. This will protect your forex brokerage from a data breach and fine that would jeopardize your business.
Customizable Fraud Scrubbing
Forex merchant accounts provide a system to merchants allowing them to individually tailor their fraud scrubbing settings. Fraud settings for a merchant operating a product based online business are going to differ greatly from a forex brokerage firm. Even two forex brokerages are able to have significantly different scrubbing settings depending mainly on their client base. There are a wide range of fraud settings that are able to be individually configured for your forex brokerage.
The list below provides a brief example of the editable fraud scrubbing settings.
• Allow or decline transactions from certain countries
• Minimum or maximum transaction amounts
• IP and card issuing country or billing country do not match
• IP is from a high risk country
• Too many transactions from the same issuing bank, same card, same IP or same email address
• Low transaction amount followed by high transaction amount on same card
• Country of the phone number does not match the country of the cardholder
Forex Merchant Accounts
It is very important that forex brokerages partner with a payment processor that specializes in providing forex merchant accounts. This will ensure that the forex brokerage’s account will maintain open and the broker will maximize their profits by working with a stable and reputable solution.
When a company applies for a merchant account, it is a process similar to applying for any other financial product or service. There is underwriting, approval or decline and setup/activation. Customers with stronger applications are normally approved and applicants with weak applications are quickly declined.
Offshore banks are notorious for cherry picking the best forex merchants, leaving behind the lower volume and smaller forex brokerages. Global Pay LTD avoids this hurdle by offering merchants a number of different solutions that cater to small and large companies alike. From start up brokerages to brokerages that have been operating for years. Competitive pricing is part of each forex merchant account. Global Pay sets rates on a sliding scale that decrease as the brokerage’s volume increases. Your forex brokerage will be rewarded with a pricing discount as your business grows.
Forex merchants are able to process large ticket transactions without any issues. There is no pre-set monthly volume cap and individual traders are allowed to deposit multiple times throughout the day. If their funds are available from their bank; their transactions are approved.
Forex Merchant Account Features
No Volume Limits
Currency rates are continuously changing and forex traders need to be able to deposit funds into their accounts at anytime. Forex brokerages will not survive if their traders are unable to make deposits because the merchant account’s monthly limit has been reached. All forex merchant accounts have no monthly volume cap.
Foreign exchange is a marketplace for trading international currencies. Forex traders are based throughout the world and require the brokerage to allow funding in their desired currency. Forex merchant accounts will allow forex brokerages to perform transactions in dozens of currencies.
Competitive Rates & Fees
Forex merchants will receive competitive pricing depending on their previous processing history and volume. Forex merchant accounts are available for all forex brokerages from startups to brokerages that process millions per month. Submit a quick online application to receive exact pricing for your brokerage.
Large Ticket VIP Processing
Large forex (VIP) traders require their forex brokerages to provide them with the ability to make large deposits without any difficulty. These VIP traders will be white listed and given the ability to not only make large deposits but the brokerage will also be alerted when these traders are live on their site in order for the VIPs to receive special attention, promotions or support when they are trading.
Unmatched Technical Support
Technical support is important for any online business and foreign exchange is no exception. Forex merchant accounts will include easy API integration for your webmaster along with access to both technical support services in addition to an account representative for issues concerning; payouts, reporting, billing etc.
Quick Approval & Setup
Forex merchants will receive account approval and setup within one week after the forex brokerage has provided all required documentation. Our banks specialize in foreign exchange merchants and they are given priority over all other industries.
Bank Direct Accounts
Forex merchant accounts are setup as either 3rd party/aggregate accounts or bank direct merchant accounts. The main difference is that aggregate accounts will group a number of forex merchants in a single account that is under a generic descriptor while a bank direct account will offer the forex merchant their own merchant account and their own descriptor. The descriptor is the company name that will show up on the forex trader’s credit card or debit card statement. Bank direct accounts are only available to larger merchants with previous processing history.
Regulated Forex Accounts
Established foreign exchange brokerages will already be registered/licensed and together with their previous processing history will easily obtain a direct merchant account. For forex merchants that are just starting out and without processing history they will need to process under a regulated account in order to operate their forex business legally. Both types of merchants are able to be setup quickly and easily.
Several Acquiring Banks
Forex brokerages have individual requirements when they apply for a forex merchant account. What works for one company may not work for another. By offering several different forex merchant account solutions, brokerages are able to choose which account(s) they want to proceed with while not having to apply to several banks or payment processors individually.
Accept China UnionPay
Forex is a very large and growing industry in China. 2/3 of the Chinese population use China UnionPay cards. Forex brokerages are able to accept China UnionPay cards and the Chinese Yuan with a Forex Merchant Account. Processing rates for China UnionPay are lower than Visa and MasterCard.
Global Pay LTD provides bank direct forex credit card processing accounts with unique descriptors in addition to 3rd party aggregate accounts with our forex ewallet. Start up forex brokerages without previous processing history will be setup in the ewallet until they have processing history and then they will be moved to a bank direct solution. Forex companies with processing history will be setup with a bank direct credit card processing account from the beginning.
Benefits Of Partnering With Global Pay LTD:
• Large Ticket Processing
• Discount Forex Processing
• No Volume Limits
• Multi-Currency Processing
• Accept China UnionPay – A Chinese bank card organization for processing the Chinese Yuan.
• Regulated Merchant Accounts – Process FX transactions with FSA approved payment processors.
• Low Forex Processing Rates – Competitive rates and fees for established forex brokerages.
• Real-Time Processing – Forex merchants will receive instant transaction responses.
Being Approved and Setup
Global Pay LTD has been setting up forex credit card processing services for brokerages since 2007. Forex merchants are able to receive the most competitive rates while being able to accept both debit cards and credit cards with real-time approval and declines.
Forex merchant accounts are approved and setup quickly. No need to wait months for underwriting or setup. There is a simple application and a list of required documents; once they are received, your account will be submitted into underwriting. Underwriting is normally completed within a few working days and is followed by the agreement and rate sheet. Once the merchant reviews and signs this document, login credentials are created and the forex brokerage is ready to integrate and start processing transactions.
Forex brokerages are able to process as much volume as their business requires and will receive weekly, on time bank wire transfers. Larger forex firms will be eligible for receiving twice weekly wire transfers.
An additional client service is available, allowing brokerages to send funds to any Visa or MasterCard, anywhere in the world! This service is great for merchants who normally send funds to their customers (forex traders) and want to avoid expensive wire transfer fees. The fees are minimal and the funds show up on the recipient’s card within 2-3 business days.
Global Pay’s technical support is unmatched with any other payment processor. Forex merchants will receive quick responses to their technical problems. Global Pay has a full time technical support staff that can be contacted by using the ticket system in your control panel in addition to Skype and email.
One of the main concerns of any online business is minimizing their chargebacks. A chargeback occurs when a cardholder disputes a transaction and too many chargebacks can be damaging to a business. Global Pay offers a full suite of fraud filters that are able to be customized to meet the requirements of your individual business. Brokerages are capable of adjusting the settings themselves, allowing only legitimate clients to deposit funds.
Chargebacks are one of the most damaging elements of a merchant account. Banks and processors rely on the chargeback ratio as the deciding factor of merchant account approval or decline. Businesses that are unable to handle their chargebacks and customer complaints, quickly realize how fast a merchant account can be closed.
A chargeback is when a customer files a dispute against a charge on their debit or credit card. The money is temporarily removed from the merchant’s account with a chargeback fee accessed and the company is required to provide documentation, proving the charge was legitimate. If the merchant does not provide the correct information or they are unable to prove the charge was genuine, the merchant loses the chargeback. If the merchant wins the chargeback, the chargeback fee is still accessed to the merchant. A company’s chargeback ratio will increase when a chargeback is filed by the customer, no matter if the dispute is won or lost.
Forex companies are commonly haunted by chargebacks. Large, foreign transactions are commonplace for chargebacks if the merchant is unable to manage their business. Forex merchants that work with Global Pay LTD will receive chargeback management software and assistance in the process of developing and implementing a chargeback avoidance plan.
Chargeback avoidance is very simple after it has been implemented. Common tactics used to avoid chargebacks for forex brokerages include; collecting all KYC (know your customer) documents, including; passport and utility bill. Cross checking the customer’s address, phone number and personal information, against a negative database. Speaking with the customer when they are first funding their account and issuing email/SMS receipts each time a transaction is processed. These simple measures help to reduce and eliminate chargebacks.
China UnionPay Forex Credit Card Processing
Propel your business by starting to accept payments from China. Companies have started to expand their client base into China which is no surprise. They understand the potential buying power of over 1 billion Chinese internet users which is more than Europe and the United States combined. China has been a place of enormous growth over the past decade and China UnionPay is the most trusted Chinese bankcard organization, founded in 2002. Thirty percent of cards in the world are China UnionPay branded cards.
Nearly every industry is accepted including; gambling, forex, binary, ecommerce and nutraceuticals, to name a few. Merchants will not be burdened with a lengthy approval process but an easy process that only takes 2-3 days to complete. Merchants will be able to accept large ticket transactions with settlement every three days. There is no requirement for merchants to have a Chinese bank account and the processing rates and fees are very competitive. Rates are set on a sliding scale, where the rates decrease as the merchant’s volume increases.
The China UnionPay merchant account will be connected to all banks in order to accept payments from any China UnionPay branded card either debit or credit card. Website and shopping integration are effortlessly completed in addition to the ability merchants have to manually input cardholder information into the virtual terminal and charge their customer’s cards. Refunds are simply processed from within the payment gateway.
The China UnionPay gateway is in English, simple to integrate with, PCI compliant and easily customizable to prevent fraud and mitigate risk. Encrypted data storage, protection tools and our transaction security are just a few features to keep your company and your customer’s information secure. Shopping carts are easily connected and refunds are quickly processed. Global Pay’s SSL secure gateway has a 99.99% uptime, which is unheard of in the industry.
China UnionPay card payments are painlessly accepted when you partner with Global Pay LTD. We handle all aspects of the relationship from; approval and setup to integration and settlements. The normal approval process takes only a couple days. After approval, a contract will be generated and once the contract is signed and returned your logins are generated and turned live.
China UnionPay approval couldn’t be any easier. There is no cost to apply and merchants do not have to form a Chinese corporation or open a Chinese bank account. The processing rates and fees are more competitive than Visa and MasterCard with no volume cap and no limitation on large ticket transactions. Settlement to your company’s bank account is able to be performed in a few different currencies and all data transmitted through the gateway is encrypted.
China UnionPay Forex Merchant Accounts
China UnionPay was founded in 2002 and is the only Chinese bankcard organization. 30% of bankcards in the world have the China UnionPay logo. China UnionPay has more cards on issue than Visa or MasterCard and is considered the most trusted bankcard in China.
Your business is able to tap into this market with nearly 1 billion internet users. That is more than the number of internet users in the US and Europe combined. There is no Chinese corporation or bank account required. Funds are wired weekly into your bank account. The application process is easy and companies are approved within 48 hours. There are no application fees and the rates for China UnionPay are very competitive.
Our China UnionPay payment platform is industry-leading with an uptime of 99.99%. You can rest assured that when you have payments to process you will be able to. Support is available whenever your company requires it. Our team consists of multiple offices throughout the world, allowing for fast replies to all support inquires no matter where your company is located.
China UnionPay has seen dramatic increases in processing volume over the past few years and part of this is attributed to the fact that China UnionPay accepts and processes payments for gambling businesses. Gambling merchants are now able to open a brand new stream of business by accepting China UnionPay cards. Our company has been providing China UnionPay merchant accounts for years. China UnionPay prides itself on having few limitations. Gambling merchants will be able to accept large ticket transactions with very competitive payment processing rates and fees.
Online fraud has always been a concern for online merchant accounts and China UnionPay is no different. The secure payment gateway features 128-bit SSL transaction security encryption. All data that is stored is encrypted. All fraud detection and protection tools are processed in real-time. Our security analysts employ manual monitoring to detect and resolve fraud. The payment gateway for China UnionPay is PCI compliant and provides a suite of fraud prevention and risk mitigation tools. The gateway is easy to integrate and is in English. Merchants are able to process large ticket transactions with no monthly volume cap. China UnionPay accepts all industries unlike Visa and MasterCard.
After an ecommerce merchant has applied and been approved, setup follows within 24 hours. The China UnionPay payment gateway logins are sent to the merchant; they can begin integration and start using the account right away. Payouts are settled to any company and bank account in the world. Choose to work with Global Pay when you are looking to partner with the leader in China UnionPay merchant services.
Why Accept China UnionPay?
Today there are approximately $1 billion internet users in China, more than the United States and Europe combined. There are over $3 trillion in annual Chinese ecommerce sales. Merchants that add China UnionPay card processing are adding a completely new income stream to their business. China, with internet shoppers numbering in the hundreds of millions, is a large market expanding more and more each day.
The average age of Chinese internet shoppers has increased steadily over the past two decades, demonstrating that older more affluent Chinese shoppers are actively purchasing products and services online. Purchases made online in China are dramatically growing year after year as well. The increase in Chinese internet shoppers is a result of the ever expanding broadband access throughout rural areas as well as the improved mobile phone networks that are now offering 3G and 4G service.
Online shopping is not the only activity Chinese internet users are performing online. Chinese web shopping has increased over the past few years along with; online payments, travel bookings and online banking to name a few. Online payment web applications have seen the fastest growth rate in China. This is mainly due to the rise in online shopping along with the increase in companies offering online payment options. China UnionPay transactions are completed as fast as payments made through Visa or MasterCard. Normal transactions are approved/declined within 2 seconds (with our company) compared with the industry average of nearly 8-10 seconds.
Applying, Approval and Integration
Forex merchant account solutions are available through a network of registered and regulated banks. The application, approval and setup process is very straightforward at Global Pay. A forex merchant is required to complete a short application and submit it back with a short list of supporting documents. The supporting documents consist of; processing history, bank statements, passport and utility bill for the director along with the corporate documents. Once these items are received, the account is submitted into underwriting.
The underwriting process takes 3-7 days, depending on the strength of the account. Different banks have different underwriting criteria, varying the actual underwriting timeframe. E-wallet accounts are normally approved faster than direct accounts. The reasoning being that ewallet accounts are smaller, less risky and do not require a bank to sign off, unlike direct accounts.
The underwriting process for a direct merchant account necessitates a more thorough underwriting process. There is more volume being processed and the bank has an elevated level of risk. Multiple underwriters are required to sign off on the account which requires additional time.
Once the approval has been secured, the account is ready to be setup. The processor will generate the login credentials and issue them to the merchant. The logins will eventually make their way to merchant’s technical support team and the processor’s technical support personnel will work with the company to finalize integration. Integration is similar to any other API gateway integration. Once completed, the business is able to start processing transactions.
Forex brokerages that partner with our company will receive an online payment gateway with the ability of processing transactions through the virtual terminal as well as having their clients pay online. Accounts are provided from banks all throughout the world to make sure that we will be able to process your transactions in your desired currency while depositing the funds into your bank account in your desired currency as well. We provide both direct forex merchant accounts and aggregate 3rd party merchant accounts.
Global Pay is a leader in the forex credit card processing industry. They have been providing processing services to financial companies since 2005. Their comprehensive network of banks throughout the world are able to provide every forex merchant the opportunity of being approved for a credit card processing account.
Working with Global Pay LTD
Global Pay is a leader in the high risk payment processing industry. They specialize in setting up forex merchant accounts to clients based all over the world. Contact Global Pay today and speak with one of their account representatives to learn how quickly your business can be approved and setup.
Click the apply button below to quickly enter your information and an account executive will contact you back within 24 hours.