Secure Payment Gateway Solutions: Why Is It Important For Your Forex Business?
Forex or Foreign Exchange market is one of the fastest-paced and most exciting industries nowadays. Forex market transaction and making money via moving currency values and rates are becoming more and more popular and is expected to continue growing its popularity in the years to come.
With the increasing number of traders each year, the market isn’t just getting bigger but is also becoming more and more competitive. It’s also an indication of the increase in the number of forex brokers who enter the money-making industry, in order to make the most of the growth.
In order to stay ahead in the ever-changing game, forex brokers must offer convenience and better service to the traders. This is now where the secure payment gateway solutions enter. Let us know why it is necessary for your forex business –read on to this post!
Foreign Markets: How Do They Operate?
Foreign markets are dedicated to the trading of the currency market. Here, the different financial institutions like big organizations, banks, and industries participate and are called the ‘determinants’ of the market. The determinants trade between each other in lieu of currencies.
Bear in mind that currency doesn’t just mean paper notes, yet the different kinds of precious materials like silver, gold, nickel, iron, and even energy like gas, coal, and oil, among others. All of which are being traded with indicated prices in foreign currency and bids in specific foreign currencies too.
In case the price goes up, people who have decided to trade for money may get a sufficient amount. The exchange rate will be the determining factor that will tell if the trade is a loss or really a profitable one.
The Payment Gateway
Being a merchant service, the payment gateway is mainly intended for the deposit & withdrawal of funds to and from various trading accounts. This particular method is particularly meant for electronic businesses. In these types of businesses, the sender and the receiver of the money do not meet face-to-face. Hence, the mode of payment is utilized.
You might be able to make payments through the payment service provider’s online application service. There are so many modes of payment that you can use, including debit cards, QR scanning, and credit cards, among others. Payment gateway services providers are also known as ‘merchants’. Amongst the most popular merchants that work internationally include Skrill, WeChat Pay, Neteller, MasterCard, PayPal, and Visa Card.
Main Features Of Secure Payment Gateway Solutions
The secure payment gateway solution is now booming on online purchases nowadays. With the growing e-commerce shopping comes the increase in cashless payments. Further, with the credit card payments, also comes the risk of fraud and risks on data security.
Fraudulent activities online keep on increasing nowadays and it is very important to keep the financial information of a client. An average customer doesn’t think of the whole process of payment gateway. Hence, the responsibility of making sure of a safe & secure transactions is your priority being the merchant. You should make the right decisions and get a proper payment gateway solution for your business.
Remember, a merchant can’t stop frauds from happening, yet you can surely take proper precautions in order to identify the risks and control them –and a secure payment gateway solution can do just that.
Here are the main features of secure payment gateway solutions:
- Easy to implement –effective, secure, and convenient
- Better service
- Real-time tracking of the transaction status
- Auto-conversion of paper checks to ACH transfers
- Direct debit in the client’s checking account
- No manual settlement required
- Automatic ACH payments tracking back to the customer
- Faster balancing, closing, and settlement
- Improved flow of cash
- Reduced paperwork
- No risks of stolen or lost checks
- 24/7 access to funds
- 0 handling fees
- Faster transactions
- Automated transactions
- Minimized risk of human inaccuracy
- 100% electronic transactions
- Check verification, recovery, and guarantee
A secure payment gateway system might guarantee your trustworthiness to your clients. Having it with the proper features might make the process of checking out easy. This, in turn, will boost the success rate of your payment.
Secure Gateway Solutions: Why Do You Need It For Your Forex Business?
There are so many benefits that come with the use of secure gateway solutions for your forex business. These include the following:
- Fastest Processing Of Payment
Forex markets are operating in seconds and payments are important to be made in a matter of seconds. If your business doesn’t have a payment gateway account or service, you should make requests to banks. On your behalf, the bank will be the one to make the payments.
Bear in mind, however, that banks take too long to approve your payments. And in some instances, these payments aren’t even approved at all due to forex being a high-risk market. Nevertheless, throughout this process, the duration of the trade gets approved and then you stay idle.
Contrariwise, using a secure payment gateway in making payments, the different transactions are made in just a matter of seconds. It does not even allow you to lose a single trade you have because of the late payments and then bring you revenues in a matter of seconds, as well.
- Numerous Modes Of Payment
Another good thing about having a secure payment gateway solution is that it allows you to make transactions through numerous modes of payment. This just means that regardless of where you are living and what services are available in your location, you might be able to engage in forex trading in the comfort of your home. You can use electronic checks, vouchers, or bank wires in making forex transactions.
Without these different modes of payment, you might not have the capacity to carry on with the cash as there are only limited services. Nonetheless, when you have a payment gateway, you’ll never experience being out of cash.
What’s more, you can’t just make forex trades, but also collect money and even make payments for your online business, where the normal modes of payment aren’t supported.
- Secure Transactions
As we have said earlier, fraudulent activities and scams are getting more and more common nowadays. It is a fact that online business is full of these and a lot of these issues happen during online transaction processes.
Business owners who are working in risky markets like forex face these kinds of issues. What happens throughout the transaction is that, the money senders utilize deceitful card or check sources, in order to make payments.
What’s great about having a secure payment gateway is that it is intended to secure and provide excellent service to institutions. The systems are capable of detecting fake cards and fraudulent check payments in just a matter of seconds. They have the capacity to prevent online scams before they even happen.
Hence, you’re always safe when using the proper payment gateway. They have the right set of skills and tools that will save you from different problems and scams.
- Make Payments In Different Currencies
When you have secure payment gateway solutions, you do not need to run and get tired looking for money exchange service establishments just to do currency exchanges. The system lets you make payments and process different transactions in different currencies. Because of this, you might be able to make national and even international transactions easily.
This will surely save you effort and time. What’s more, you can also save the amount of the exchange fee that the currency exchange office may charge you. Overall, it is a win-win situation for your business –it saves your time, money, and effort.
- Control Your Transactions
Payment gateway solutions are intended for the sole purpose of online and electronic transactions. Hence, they offer you on-the-go solutions in making transactions and controlling the whole process of the transaction.
Furthermore, you might also have applications related to your payment gateway on your computers and phone. Through the internet, you might be able to keep an eye on all of the details of your transaction. This includes the money you received, payment paid, and the available balance, among others.
It’s Time For A Change
With all of the information discussed above, you can already get the whole point of secure payment gateway solutions. As you may know, it is really important for your forex business. With its astounding features, there is no doubt that your business will benefit from it. remember, however, that it isn’t a medium, rather it is a service that is provided by different financial institutions.
Here at iPayTotal, we always strive to find the best choice for you, and for that, we need to get necessary information about your business. We will help you in choosing the best option for your business, which you’ll be able to use in any condition. We are here to help you in effectively managing your transactions and giving you the highest satisfaction that you need. Contact us today to schedule a consultation on your needs. Call us at +44 800 776 5988 or check us out on our website.