We all are familiar with what is forex. Right? But still, for our new viewers, I will start with the definition. In a simple sentence, forex stands for foreign currency exchange. It is a global business or you can say a market where currency from all over the masses is brought and sold. Most of the time, it is opened like 24 hours a day, 5 days a week, and also on most holidays.
The one who wants to gain more and more profit can try their hands in this industry. To gain the maximum profit for the forex business, the first step is to open a forex trading merchant account. Forex trading is the activity of buying and selling currency to make profits or hedge businesses.
All over the masses, the daily turnover of forex industries is more than 6.6 trillion US dollars which make it one of the most liquid and opportunity-rick market to create wealth.
So, let’s elaborate on how to open a forex trading merchant account.
Why do you need a forex merchant account?
As you know, the forex merchant account is the bank account that allows forex businesses to accept payment in foreign currencies. You can also say that it is a type of account to receive payments. This type of account helps merchants to receive payments without any hassle.
The forex industries are considered high-risk businesses due to the high transaction amount, high risk of chargeback, no clear regulations, money laundering concerns, etc. So it is not possible to work with the traditional merchant account. To run your forex business smoothly you ought to need a forex merchant account.
Before opening the forex merchant account, you have to do lots of research to know a few things like –
- Select the bank that has experience in working with forex industries.
• Prepare all the necessary documents such as business license and address proof.
• It is essential to agree to all the bank’s terms and conditions.
So, for your forex industries, a forex merchant account is the right solution. It helps you to save money on every transaction just by taking the advantage of the exchange rate and lower processing fees.
How to open a forex trading merchant account?
Opening a forex merchant account is not a big deal. The process of opening a forex merchant account is the same as any other form of merchant account. The condition to become forex generally depends on the geographical location. For instance, you will need to be a regulated foreign exchange or have a corporate presence in several nations.
At the first, you have to fill out all the basic requirements and submitted your financial records to the acquiring bank. Merchant has to also show a low chargeback rate and six months of processing history.
In case, if you do not have financial records, you need to demonstrate to the bank what steps you’ll be taking to secure payment security and minimize chargebacks. Due to the significant rise in fraud and chargeback risks in highly profitable businesses just like the forex business sees a lot of these worries. High fraud and chargeback rates may make acquiring banks unwilling to cooperate with you.
So, it is most important for you to eliminate such risks as they arise. Always select a payment processor that are specializing in high-risk merchant accounts just like PayCly.
PayCly is a fintech service provider. Its services are available worldwide. PayCly will completely understand the problems a merchant face in their forex business and it will also help them to resolve the issues.
Documents required to open the forex merchant account
Every merchant account provider has a specific list. But, here will discuss some of the most common documents that are required for every forex merchant account.
- Six months of bank statements.
• Six months of payment processing history.
• Documents to prove your ownership of businesses
• Address proof
• Ownership and other details of the account in which process fund should be remitted.
The chances of getting approved for a forex merchant account will get increase if you submit the proper documents orderly.
What are the benefits of opening a forex merchant account with PayCly fintech services?
PayCly is one of the fastest growing fintech services, which has lots of experience working with high-risk businesses such as the forex industries. With lots of experience, PayCly truly provides the best forex merchant account all over the masses with lots of benefits –
- As a high-risk in nature, PayCly offers the best services at a lower price than traditional merchant acquires.
• It allows processing a high volume transaction at a fast speed globally.
• It has high-level security tools like PCI DSS level 1 compliance.
• It has fraud detection and prevention tools to protect the data.
• It allows you to accept multi-currency with multi-channel payment including mobile payment and cryptocurrency.
• It also offers credit card processing systems according to your current operating system to accept foreign transactions.
Final thoughts –
And Before we move to the conclusion I want to give a little bit of introduction about PayCly.
PayCly is a leading financial services provider in the emerging Fintech industry worldwide. We offer a comprehensive payment processing solution to the merchants to broaden their financial services’ reach whether they belong to the high-risk, mid-risk, or low-risk industry.
The Forex industry is one of the most profitable industries all over the masses. To gain more profit, the merchant needs to have a proper forex merchant account so that they can easily and smoothly buy or sell foreign currency. With the traditional account, the merchant has to face many challenges.
As the forex industry is labelled as a high-risk industry so it is better to choose the fintech services that specialize in high-risk businesses like PayCly. With PayCly fintech services, one can easily open a forex merchant account.
Before applying for a merchant account, it is essential to prepare some necessary documents. It increases the chances of getting approved for the merchant account.
PayCly services also offer you many benefits which help you as a merchant to grow your business and to gain more and more profits.