Forex credit card processing
A guide to accepting foreign currency when processing payments
Forex merchant account
Forex, also known as currency exchange, is where the worlds currencies trade. Daily trading volumes exceed five trillion dollars. The industry itself can be quite complex and deemed high risk by the majority of merchant account providers.
Why is foreign exchange payment processing deemed high risk?
Trading or converting Forex carries its own risks as the values of currency can change due to all sorts of external circumstances. Merchant accounts and Forex payment gateway providers will assess potential risk vs income before issuing an account. Due to the high-risk nature of the industry, you can expect to pay slightly higher merchant account fees.
Being a classed as a high risk merchant can mean that obtaining a suitable account for card processing can be rather tricky. Some mainstream suppliers may decline your application altogether. We work with specialist high risk brokers who can successfully place forex merchants, their experience means that your application will be packaged correctly and therefore more likely to be accepted.
Served notice by your current provider?
Our experts can help you find a more suitable payment processing solution. Merchant account providers are constantly balancing their risk, therefore pull away from industries if they have too many of a certain type or risk bracket. Speak to us if you have had your account terminated.
High risk merchants with medium to high turnover should also look at having multiple merchant accounts, meaning that if you receive notice from one provider your business doesn’t have to stop trading until an alternative is found. Speak to us about your options today.
NOTE – Foreign exchange businesses require a license, please have this in place prior to applying for a merchant account.
Forex credit card processing
As briefly touched on, Forex merchants risk vs income is assessed on three main factors;
- Approved license by the FCA (Financial Conduct Authority) – if you haven’t got a license you will be unable to apply for a merchant account.
- Transaction statements, if you are an established business this will help when applying for Forex payment processing with a new provider, this can also have an effect on future rates and negotiations.
- Monthly volume, as a rule of thumb the higher the monthly volume of card transactions to balance the risk the more favorable your application will be.
Forex payment gateways
Forex exchange and brokering accounts for a high percentage of ecommerce stores, with daily trade reaching trillions. When searching for the best payment gateway to support Forex payment processing, here’s what to have in mind
Security
Payment gateway providers act as a safety net protecting your customers card details and ensuring the transactions that take place do not fall into the wrong hands.
Fraud prevention
In high risk sectors fraud far too common. Working with the correct payment gateway provider, will enable the risk of fraud to be kept to a minimum.
International payment processing
It’s a given really, but you will need a payment gateway that can support multiple currency payments.
Fast payments
Finding a gateway that supports a business moving as quickly as you are! You do not want to experience any down at critical and profitable moments.
TO FIND OUT MORE ABOUT HIGH RISK PAYMENT GATEWAYS CLICK HEREHow Merchant Advice Service can help
Merchant Advice Service work with industry experts to provide advice on all areas of foreign exchange payment processing. If you are looking for the following, speak with us today;
- Merchant accounts for Forex brokers
- Payment gateways for ecommerce stores dealing with Forex
- Travel agency merchant accounts and payment gateways
Libby James
Merchant Services Expert
Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!
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