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.
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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 HERE

How 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;

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Make a quick enquiry

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We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

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