If you are reading this article you are probably involved in The Foreign Exchange Market in one way or another. I don’t have to explain to you what Forex is, how it works, or talk about how difficult it is to acquire a merchant account to commence business transactions the way all other merchants are able to.
But not everyone is fully aware of how important the Foreign Exchange Market is to our global economy. And that despite that importance, it is still particularly difficult for them to acquire the services they need to facilitate these vital transactions. Namely, a typical merchant account for processing payments.
Let’s begin with a brief description of what Forex is and does…
The Foreign Exchange Market, or Forex as it is commonly called, is a global marketplace where all the world’s currency is traded. The only place where one can buy, sell and exchange one country’s currency for another’s. Yet it isn’t really a “place” in the traditional sense of the word. There isn’t one centralized exchange for the differing currencies. It is a global decentralized, or Over The Counter (OTC) market, where every transaction is being processed by traders, or brokers, through computer networks all over the world.
In order to conduct foreign trade and business currencies need to be exchanged. Any international trade or investments would not be possible without the assistance of the Foreign Exchange Market enabling each conversion of the various currencies.
Investopedia describes it as “the largest, most liquid financial market in the world”. The Forex Market operates across almost every timezone worldwide, 24 hours a day, five ½ days a week allowing everybody from National banks and financial institutions to central banks and governments, as well as businesses and individual traders to conduct trade with other countries.
But, despite how important the foreign exchange market is to the world, most of the MSP’s (merchant service providers) or processors out there are still leery of providing a merchant account to Forex, viewing it as extremely risky.
So why are acquiring banks so afraid of working with one of the largest financial markets in the world?
They just don’t like the fact that is a largely free and unregulated market.
Since no one nation is able to have any jurisdiction over another nation’s currency Forex enjoys complete sovereignty however, each individual country is still able to pass legislation or regulation to govern how their own citizens are able to interact with the market. The U.S. has chosen to ban the use of credit cards in transactions involving the Foreign Exchange. Effective Jan. 31, 2015 the CFTC (Commodities Futures Trading Commission) imposed this ban largely because they feel it protects investors from getting themselves into excessive debt. Since this ban only applies to credit card use it does not have any effect of other methods of payment. Investors are still able to fund with debit cards, traditional bank transfer methods (ACH) or electronic checks, any payment method that enables the immediate collection of funds and fees. The thing is Forex is global. Any broker who operates internationally will be working with investors who are allowed to participate or fund investments using their credit cards. And all of these brokers are going to need a way to make these transactions possible. Each and every one needs to have a Forex merchant account to be able to accept these payments. Whether the broker is operating internationally or not the merchant account provider will need to be able to provide them with valuable services that also protect their company.
Bankcard Brokers is not afraid of Forex merchant accounts. We know the high risk industry, in fact, we specialize in it.
Our exceptional knowledge of the industry allows us to promise you the most appropriate solution for your business for the absolute fairest, most transparent price. Whether you are a domestic or international Forex broker we can provide you with a merchant account and a powerful processing platform to empower you to enjoy all the features valuable to your business.
Dynamic currency exchange-Accept and exchange 100’s of currencies.
Lightning fast transactions- because 30 seconds could mean huge losses these transactions must happen in a flash.
Uber-efficient reporting and tracking capabilities keeps your books in order.
Chargeback ratio assistance helps to mitigate one of the main reasons you fall in the extremely high risk category in the first place.
Outstanding customer service- We know your time is important, that’s why we pride ourselves on providing our customers with efficient and polite 24/7 customer service.
Dependable deposits- A must and the only way to keep your business cash flow fluid.
And all of this at surprisingly low rates. Of course, due to the nature of this type of business, the rates are going to be higher than traditional merchant account rates, but that doesn’t mean they have to be astronomical. Bankcard Brokers believes in offering fair and transparent processing for everybody.
When you have an ETA Certified Payment Professional working with you, you can focus on what you do, knowing that you have the most efficient suite of processing tools at your fingertips. We believe that all businesses have a right to dependable and affordable merchant services and make every effort to become your trusted resource for a lifelong business partnership. Experience the Bankcard Brokers difference and give us a call today to see how nice it can be to work with the right Merchant Service Provider.