How To Choose A Payment Gateway For Your Forex Website?
Finding a payment gateway for your forex website can be a real task if you are not aware of the factors that help detect the best one in the payment industry. But don’t worry, it is not rocket science today to find a suitable payment solution-providing company whatever the business type you have. However, when it comes to high-risk businesses like forex businesses, a merchant has to take care of a few important aspects. If you also have a forex website, the points below will surely help you find the most suitable payment gateway for the forex business.
Instant transfer features should coordinate with the website at a low cost
Forex business has a time-sensitive nature and a forex merchant can only find new traders on his business platform if he can facilitate faster transfers at a low cost. You need to confirm with the payment gateway before you finalize anything. Morning is the peak time for traders and they love to trade at that time because the rest of the day, the investors majorly track and do research on the mood of the market.
A merchant should find a payment gateway that can make transfers and payments faster for its traders during peak hours. Instant money transfers are among the most required conditions for forex website merchants, they really cannot run their business without this.
Safety measures that never fail
Traders always want to be sure about security when they come to your trading website. Payment gateways use tokenization or encryption to keep the data safe. Safety is of course the most important aspect when looking for a forex payment gateway. However, every payment solution company follows the PCI-DSS standards, but according to transaction volume, levels may differ. The market of PCI-DSS is the assured way to show that your website is safe.
Always search for a solution provider that is in compliance with the safety measures that are required to process the volume of transactions that you process every month. Normally, the number is always big in the case of forex trading, but the difference by a few thousand may change the certificate level. It is not wrong to ask all your questions about the safety measures that the payment solution company applies to keep the merchants and their customers safe from any bad experience.
Immediate integration and affordable cost are vital
Merchants always look for payment solution companies that take less in fact, very less time to integrate with their websites. Obviously, the cost is always a critical factor that a forex merchant should always consider before finalizing an agreement with a payment gateway. The cost is mainly divided into three categories that are –monthly fee, set up fee, and transaction fee. The value and volume of your transaction are the decisive factors that decide how much will be your cost. If your processing volume is high then it is better to find a payment gateway with a low transaction fee and a decided monthly fee.
However, when it comes to transaction fees, the majority of the payment gateways offer a competitive rate of 2.9%. You can see how small factors can affect the overall cost offered by a payment gateway for forex business. Don’t forget, you need to give the longest time on the cost part after working on the safety concerns. It can really be a big mistake to take a decision in haste because no matter how soon you want to start accepting the payments, cost calculation is always important. Never compromise on your budget after a bearable limit because the payment industry has so many payment gateway companies that no merchant will be out of options.
Multiple payment methods
Foreign exchange is all about currencies and your traders may belong to any part of the world and in that case, they will want to pay through the methods they want. Payment through bank transfers, e-wallets, credit card payments, and debit card payments, you need to provide as many payment methods as possible.
Money is the ultimate product in a forex business, you can say people are paying money to buy more money, in such a business, you can understand the importance of payment methods. Today, the payment industry has enhanced a lot and payment gateway companies easily provide you with multiple payment options and also multi-currency transaction facilities. If you want to select a professionally managed international payment gateway provider, it should have multiple payment options.
Chargeback management strategy
A smart chargeback management strategy is quite significant for a merchant. Fortunately, forex payment gateway providers work sincerely in making a strong chargeback protection system. Along with the merchant, they create a plan that hits right at the root cause of chargeback incidents. For example – if a merchant receives chargeback demands from the same customer account in a recurring manner, it means it can be a suspicious account.
The payment gateways blacklist such customer accounts. The merchant can take a decision on it. Next time, if a transaction happens from the same account, the gateway provider stops its processing and proper research is done to confirm the authenticity of that customer. Such efforts help the merchants avoid chargeback issues.
Explore the website review section of every payment gateway
Customers always mention their experience of payment experience or responsiveness of a website. Just like your traders will judge your website according to the reviews of other traders connect to your website, you can also get to know a payment gateway in the same manner. Reading the reviews of other merchants from the forex industry will certainly help you make up yourmind about a company.
Focus on the complaints and concerns of the other merchants expressed in the feedback section. At the same time, notice the good things that the merchants have mentioned about a payment gateway. Normally, merchants overlook the importance of reading reviews, but it is a great tool to see the other side of the coin. While reading the reviews, you will surely explore the website and will see how responsive it is and why your traders will find it user-friendly.
Now you can easily find out a suitable payment gateway for your forex business. Of course, despite the above factors, you have to depend on your discretion, instinct, anddecision-making skills. The best way is always a conversation with your shortlist payment gateways. Paycly.com is a renowned and dependable choice for many forex website owners. visit its website to explore the payment solution services it offers. Talk to the customer care team that is always ready to answer all your questions. With so many options today, it should not be difficult for a forex merchant to find a reliable solution provider.
Original Content – https://www.linkedin.com/pulse/payment-gateway-forex-paycly-payment-gateway-service