Getting the Forex Merchant Account you need

Nov 19, 2013
Forex merchant account

Forex is an acronym for Foreign Exchange and this also means you will need a merchant account to do your trading. Since the market moves at speeds quicker than most people can blink, you will also need one that is expedient and excels when you are trading currency.

Your search will begin with the high risk merchant account servicers. The reason being is the risk the account servicers will be taking with your trades and your customers. The risk of a high amount of chargebacks, or refunds will be greater than most other accounts. How to get a high risk merchant account just takes a little research and some desire to locate the one that works for you.

Forex

Forex trading is mostly done with banks, but other people do it too. So your business needs a Forex merchant account to process the purchases. You have many currencies to deal with and foreign language barriers to worry about. At the very least, the merchant account will deal with the monies.

At any rate

Your goal will be to buy low and get a high pay off. In the course of your business day, if your merchant account is slow, you could potentially lose thousands in income if the merchant servicer is ancient. You will need to investigate your servicer to insure you have the right one. Also allow for the speed of your internet and the speed of your phone service. It all makes a difference.

Trader or Broker

Things to consider along the path of a trader/broker; When you start your merchant account, you will have a lot of questions to answer. The first will get you started. They will want your financial statements. Why?

• Understanding your business as well as securing the idea that you are stable and growing.

• The potential for your growth patterns.

• Getting to know what you do and how you do it. They are looking for overages of chargebacks and the risk they may be taking with you.

• If you can’t cover chargebacks, the cardholder holds them responsible for the money loss.

Things for you to consider

There are some amazing things to consider when you are opening a merchant account. Mostly on the safety side:

• Fraud protection                      • Twenty four hour storefront

• Foreign currency exchange     • Virtual Terminal

• Gateway protections                • Encrypted processing areas

• Great customer servicers to work with.

So you see

By the time you decide on the right merchant account servicer, you will have discovered all the advantages to having a merchant account. There might be a few disadvantages, but the positive far outweighs the negative. Your transactions are protected and you are protected from losing money to thieves and fraudulent practices. Your account will be the right speed for you to process your transactions and you get quality workmanship at its best. It’s one of those safety nets that some people never get a chance to have.

Merchant Accounts - Merchant Cash Advance

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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