Foreign Exchange, also known as Forex or FX, is the trade and investment on currency markets and its fluctuation in relative value between the traded currencies. The main participants in the market are larger banks and financial institutions who function as trading anchors between many different types of buyers and sellers. Electronic trading is becoming more popular these days, as it serves as an easier platform for retailers to trade in the Forex market.
Forex Merchant Accounts are often difficult to obtain, mainly because of its large volumes over the internet. However, it is not impossible to apply for one with accurate documents and perhaps a solid financial license. Forex merchants requires several online payment processing criterias to be tailored into their merchant account:
Multiple currencies & Low exchange rates
One of the most important aspects of a Forex Merchant Account is that it must have a multiple currency option. This feature allows traders to easily make deposits and withdrawals anywhere in the world without the hassle of unnecessary currency conversions. Furthermore, it offers a seamless way to gain strategic international currency exposure. Besides multiple currencies, Forex Merchant Account should also have low exchange rates. This way, merchants can save more on costs when processing funds online.
Quick and stable processing
The Forex market runs 24 hours a day, five and a half days a week. As foreign currencies are constantly being bought and sold simultaneously across the globe, the ability to quickly fund a trading account plays a major role. Having uninterrupted processing ability will also give merchants an added advantage comparing to their competitors.
Adjustable volume cap & Recurring billing
As the Forex industry often deal in large sum of funds, a Forex Merchant Account has to have an adjustable volume cap. Volume caps are basically a limitation set to prevent money laundering and fraud for e-commerce. Though this feature is not necessary for this industry, payment processors should monitor the transactions closely to avoid excessive chargebacks and fraud. Recurring billing is also important as a card may be charged repetitively.
Virtual terminal & Reliable support
Virtual terminal allows merchant to key in customer’s payment information into the payment gateway via a secured website. This feature is essential if the merchant processes orders via telephone. As the Forex industry fluctuates and runs constantly, a Forex Merchant Account should have a good and reliable 24 hour support in case matters with the payment processing arise.