Broker Notes suggest, “$5.3 trillion dollars are traded every day in the forex market.”
A Forex Merchant Account and a Forex Payment Gateway are exactly what your Forex business needs to be the platform where the trade happens. The forex market is rapidly expanding not only regarding the traders but also regarding the funds.
However, many Merchants have recurring questions that are common to all. And we are ready with the answers to the questions you need.
7 FAQs about Forex Merchant Account
Ques 1: Why does one need a Forex Merchant Account?
Ans 1: Forex brokers or forex service providers need an acquiring bank to accept the payment for the forex trading. The acquiring bank is the bank where the funds from the consumer’s bank get deposited. To get an acquiring bank for a Merchant, the business needs to open a Merchant Account in the bank. In this Case Forex Merchant Account to receive the acquiring bank for themselves.
Ques 2: Is a Merchant Account enough to start with the Brokering?
Ans 2: You need a channel through which a trader can deposit the money. They cannot simply bank transfer every time they need to start trading. It is a long and obstructive process. Therefore, a Forex Payment Gateway is available. A merchant account is just a bank account but along with a payment gateway, it becomes a complete system through which payments can be processed and the funds can be transferred.
Ques 3: What should be the payment methods for Forex?
Ans 3: Speaking the truth there are ways to answer the question. Some of the users prefer speed whereas some want diverse modes and security. At EskayPay Global we have:
- Credit Card Processing: it is one of the most preferred modes of payment.
- eWallets: a rising mode of payment that ensures rapid transactions
- Net Banking: many users prefer to pay securely through banks
- Mobile Payments: one of the swiftest payment methods
- Cryptocurrency Processing: the new-gen is all about cryptos.
- ACH and eChecks: ACH allows both credit transfers and direct debit. And eChecks help in swifter payment processing.
And many more ways to process the payments. We have an exclusive credit card processing feature because of consumer’s preferences and ease of payment.
Ques 4: What about Security? Which one, 3D or non-3D is the best?
Ans 4: It is all about the Broker to decide which one is the best. There are various advantages to each one of these. The 3D payment gateway will ensure the best level of security possible whereas the non-3D or 2D payment gateway will allow your traders to complete the transactions instantly. 2D payment gateway is beneficial when your Forex business is confident about the users.
Ques 5: Is there any feature that helps with Fraud and Chargebacks?
Ans 5: Not every PSP delivers protection and management services for Fraud and Chargebacks. At EskayPay Global we understand your business therefore, we have Fraud Protection services and Chargeback Management as well.
- Fraud Protection will instantly terminate the payment if anyone tries any fraudulent activities
- Chargeback Management keeps an intelligent eye on any chargeback that is thrown your way. Only the critical ones will reach you for any report.
Ques 6: Will it be good to get an Offshore Forex Merchant Account, with a 2D payment gateway and Credit Card Processing?
Ans 6: It will be great to have all these features for a payment gateway as well as a Merchant Account. Let us explain this to you:
- An Offshore Merchant Account will help your business to expand faster. Moreover, it will significantly reduce your taxes on the business.
2. A 2D payment gateway will ensure that the traders can complete the transactions seamlessly and hassle-Free. It will be quick and easy.
3. Credit Card Processing is one of the best features of EskayPay Global. Along with alternate payment methods, your Forex business can see greater heights altogether.
Ques 7: What Are the Benefits of Using EskayPay Payment Gateway?
Ans:7 Merchants that use EskayPay as Payment Gateway:
- No More redirections for the consumers.
- Global Card Saving is a great feature for your Forex Business that EskayPay provides.
- Have safe and secure transactions as EskayPay is PCI-DSS compliant with SSL encryption.
Summing it up, these are some of the FAQs that are asked in general. We have tried to address the major commonly asked questions.
We, at EskayPay, provide the most superior benefits for the Forex Merchants around the globe. Moreover, we have complete assistance to the merchants to exclusively tailor their needs and demands. Our Payment Gateway along with the Merchant Account will help your business to grow over the competition quickly.
You can also expect 24 x 7 support from our expert team. Enquire on our website and get a call back now! All we need is your support and time to provide you with the best solutions.