How to choose a payment provider for your forex website

The foreign exchange market, also known as forex or FX, is a complex industry. By dealing with multiple currencies all around the world, along with its rapid pace and volatile nature, there’s a lot to consider when it comes to processing trading transactions.
Just like other industries, forex platforms still need a merchant account and payment gateway to process payments, but it’s not always that simple due to its high-risk classification.
What do we mean by that and how can forex merchants combat this? We’ll cover it all so you can choose a payment provider that helps your business strive.
A forex business will need a high-risk merchant account to increase its acceptance rate. Without one, banks are more likely to decline any transactions you or your customers wish to make. In general, they work the same as a traditional merchant account, but they do have some differences to compensate for the increased risk. This includes higher processing fees and increased protection against fraudulent activity.
For more information, check out our solution for a high-risk merchant account.
Forex merchant accounts are sometimes considered “high risk” because of a few reasons that make them a bit more complex. Let’s break it down:
Remember, being labelled “high risk” isn’t a bad thing. It’s more about the complexity and challenges involved. Banks might just need to be extra careful and have special safeguards in place to make sure everything goes smoothly for both merchants and customers.
With the unavoidable nature of forex trading being a risky business, you’ll want to take advantage of the tools available to ensure secure processing, including:
Finding a payment gateway if you’re in the forex industry can be tricky. You see, forex trading involves dealing with money from all over the world, like changing dollars to euros or sterling. But not all regular payment gateways are set up to handle this.
High-risk specialist, Martin Brindley, said: “Forex merchants need a special kind of payment gateway that can smoothly process all different currencies from around the world. They also need to follow certain rules and regulations to keep everything safe and legit, which can be challenging to stay on top of. That’s why finding the right payment gateway is even more important for high-risk businesses.”
When selecting a payment gateway for your forex business, here are some pointers for you to think about:
With these practical points in mind, you’ll be able to choose a payment gateway that suits your forex business needs effectively.
At Total Processing, we specialise in providing payment solutions for high-risk businesses. With a secure payment gateway, access to more than 300 acquires and more than 198 alternative payment methods to choose from, we can offer a bespoke solution and flexible pricing to suit your business model.
Manage your payment solutions, in-depth transaction data and fraud suite all in one unified platform, so you can easily scale your business and increase your acceptance rates.
If you’re ready to apply for a high-risk merchant account and payment gateway for your forex business, get in touch with one of our specialists today.