It is the world’s largest market with the highest earning potential, and it appeals to many as a simpler way to invest than in commodities. While forex trading can provide higher returns than other stock or market investments, it can also be just as risky.
As much as people make huge profits in Forex trading, there are variables you must understand and master if you want to profit consistently in this business. Currency trading education will teach you how to enter and exit a market, which is one of the most important keys to successful Forex trading.
The risk associated with Forex Trading Business
Remember that another currency means another country, and there may be a significant time difference. This means that a natural disaster could occur while you are sleeping, causing you to be unaware of any currency fluctuations until it is too late.
Do not spend more than you can afford, and be wary of losing too much money; cut your losses if your chosen currency falls, as you may continue to lose money if you do not.
Keep an eye on the market and your investment.
Get cutting-edge tools with Forex Merchant Account to cope with chargebacks and frauds
The industry is hugely concerned with chargebacks and cyber threats. Since the business involves frequent trades. Certainly, there is an aspect that you will get chargebacks from your dissatisfied customers too. Chargebacks are simply disputes between a merchant and a customer in which the customer requests a refund thru their bank. Doesn’t that sound like a refund?
No, not exactly. A chargeback is a demand from a bank that the merchant return funds to the customer, as opposed to a refund, which is a direct interaction between the customer and the merchant.
Similarly, when it comes to fraud prevention. Getting secure payments and avoiding fraud are some of the essential measures. Consider the following: Is the payment provider you’ve chosen providing secure payment support to both customers and merchants?
Will customers feel comfortable sharing their personal information during the checkout process? You should also protect your transactions with a payment plugin that includes robust, built-in security features such as AI-based fraud protection that is PCI-DSS compliant and provides customizable alerts and controls for maximum flexibility.
This way, you can be confident that you’re providing a secure eCommerce experience for both your customers and your company. We at EskayPay provide you with the most sophisticated Forex Payment Gateway that is capable of reducing the chargebacks to their minimum, and at the same time, it will also protect you from fraud and cybercriminals.
Charge-backs Management with Forex Trading
There are numerous types of chargebacks, and most of the time, a chargeback is requested when the customer believes they have a right to dispute the transaction. While this helps to protect customers’ rights, it can be quite frustrating for a reputable merchant.
Here are some simple steps to reduce charge-backs:-
- If your customers receive exactly what they ordered, they are less likely to dispute the purchase. Write concise product descriptions and include images that accurately depict what you’re selling.
- Make it easier for customers to find your shipping, refund, and cancellation policies so they know how you handle these issues ahead of time.
- When the business name on your website matches the name on their bank statement, your online store appears more reputable and professional.
- Chargeback fraud is a serious issue. Now that shoppers are spending more money online than ever before, you want to make sure your company doesn’t become a victim of this phenomenon.
- Offering refunds to customers is a best practice, especially since COVID-19 has caused widespread anxiety and uncertainty.
- When you issue a refund, certain PSPs charge no additional fees, and offering this to your customers reduces the likelihood of chargebacks.
- Chargebacks can sometimes be the result of poor communication, so make it easy for customers to find your contact information by prominently displaying it on your website. Also, try to respond to customer concerns as quickly as possible, and keep your customers up to date on shipping, delivery, and any changes to your store policies.
Check to see if you can accept your customers’ preferred payment methods
Card acceptance is required, but depending on where your customers are located, other payment methods can significantly increase your profits. Failure to do so may result in high cart abandonment rates. When their preferred payment method is unavailable, more than 16% of shoppers abandon their cart.
First, pinpoint your ideal customer’s location. Then, consider how buyers in your target countries prefer to pay and the local payment methods they prefer. Is it more common to use credit cards or debit cards? Do they pay in cash? What are digital wallets? Which payment methods do they accept?
But you don’t have to be a payment expert to get this right. Offering the appropriate payment methods can be as simple as selecting the appropriate plugins. It automatically localizes checkout for your cross-border buyer.
The market is so large, you are almost certain to find the currency you want to buy instantly available, and the same is true for selling. Few or no other markets can provide such a guarantee, and it is common to have to wait a long time before a suitable buyer or seller becomes available.
EskayPay helps you localize the checkout experience, and includes the site currency section, where your customer can easily select a currency option from the drop-down list. They can set up a currency converter to show prices in their preferred currency if you want to display multiple currencies. Now you can choose your own Forex Payment Processing at affordable and convenient rates.
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High Risk Merchant Accounts 