MERCHANT ACCOUNT SOLUTIONS AND FOREX PAYMENT GATEWAY
A forex merchant account is a special type of bank account that enables your company to accept credit card payments on your website. An online merchant account enables your website to receive forex clients’ deposit through credit card associations such as Visa, MasterCard or American Express. Setting up a merchant account builds the connection between your bank account and payment gateway services.
WHY MERCHANT ACCOUNT?
Your merchant account functions almost like a normal bank account. After a successful forex deposit, money is transferred to your merchant account. Your company can accept many forms of payment, including credit and debit cards as well as alternative payment methods such as wire, China UnionPay, Astropay, etc. Forex payments are done instantly and clients always want to make instant deposits to their forex account. Forex website, online merchant account, real bank accounts and a credit card payment gateway are indispensable tools to start a forex business.
HOW TO OPEN MERCHANT ACCOUNT?
There are two ways to get a merchant account. The first way is to open corporate bank account enter into an agreement with a member bank that has a processing relationship with Visa and Mastercard. We can open German and Switzerland bank account for your forex company. Opening a bank account in Germany and Switzerland will allow you to accept EUR and USD wires directly from your forex clients. You will have direct EUR and USD bank accounts and credit card processing merchant account. The second way is to enter into an agreement with an authorized agent of the member bank such as an independent sales organization or member service provider (ISO/MSP). We advise you to choose the first way if you don’t have a heavy forex license like FCA.
HOW MERCHANT ACCOUNT AND PAYMENT GATEWAY WORK?
When your customer opens an account on your website, they will see the integrated payment gateway on traders room. They will choose the deposit method that they want to use and confirm the deposit. The payment gateway processor confirms the deposit between issuer bank and credit card bank account. If the transaction is approved, your merchant account takes the money. Now you can withdraw the money or send to anywhere through your German and Swiss bank accounts.