PAYMENT REVOLUTION: INTRODUCTION OF MERCHANT ACCOUNT
Technology evolution has come to stay, this, includes all related to it, from physical devices to information technology networks and this has a deeply transformative influence on the modern world and economy. As expected, this changes are affecting the payment industry, mostly the credit card processing for Forex trading companies, even in the smallest details of daily operations, it can be seeing in the transformation of the consumer preferences to reshaping the methods that companies use to manufacture products and market merchandise, raising the productivity of workers and investments, magnifying the economic activity, furthering the interdependence betwixt industries and allowing the continuous placement of new technologies, beside of generate new business risks, this elements combination has bring forth to Merchant Accounts.
The importance of Merchant Accounts it’s increasing lately, creating a new customer experience, not being able to accept card payments regardless of your credit history, because online cashless payments are becoming the primary way of transactions nowadays and every company and business owner needs to contend the times doing Forex payment processing, to allow them to offer clients a variety of ways of Forex payment solutions, here is where the features offered by the Forex payment processing companiestakes relevance, features like the speed, the efficiency, the payment gateway, the security and elasticity for both parties seller and buyer. So, in this order, we can say that payment technologies are in constantly evolution and this it will be like this in the coming years.
PRESENT SCENERIO OF HIGH RISK MERCHANT ACCOUNT
Nowadays, our world is increasingly dominated by e-commerce, those e-businesses which do not accept online credit card payments hang back fast and have a feeblenessopposite their competitors. A high risk merchant account for Forex trading companies is the optimal solution for companies and/or individual traders which has had problems with their Forex payment processing at a traditional bank or financial institution. iPayTotal offers easy Forex merchant accounts to bad credit businesses and high risk processing solutions for companies which operate in high risk industries, and it does at a very competitive rate, giving extra benefits like low-priced products, great discounts and speedy delivery making easier the process.
The traders and/or companies are always looking for the best high risk payment solution Forex trading which involves a wide range of options, so that way they can avail of to improve sales and profitability. This is has been true according to the international stats reports, which says that in 2018, an estimated 1.8 billion people worldwide had purchased merchandise online. Also during this year, global e-retail sales amounted to 2.8 trillion U.S. dollars. And in this same period e-business increased the acceptation ofForex payment through credit card, being a must to have a Forex merchant account and a Forex payment gateway to allow clients to pay online for goods and/or services. In addition to that, security, chargeback prevention, fraud protection, detailed financial reporting, and other bad credit merchant account services had been taken into consideration. Strengthening the cashless world and giving a stronger shape to the Forex payment processing companies, deploying its roots to every sector.
FUTURE OF HIGH RISK MERCHANT ACCOUNT INDUSTRY
The procedure of exchange money is changing nowadays, just it takes few minutes to note this by simply make us this question: “¿In fifty years, who will still be exchanging physical money in pieces of paper?” Answer is: cashless world. In this order of ideas, we can see the future after the next 50 years… It’s amazing what we can imagine, no more cash, no more checks or swiping cards, no have to wait anymore for long weeks for funds become available. This is where Merchant accounts takes protagonist allowing e-business to accept payments by debit or credit cards. So, we can analyze how impactful high risk merchant account industry will be in coming decades.
- HIGH RISK INDUSTRIES WILL RULE THE MARKET
High risk businesses can be identified for their characteristics which mostly are superficial factors based on the sector or customers, and others regard directly to the merchant’s behavior and/or business practices.
Here is the list of some of the few industries which are labeled as high risk:
- Online gambling or Casinos
- Bitcoin and Forex trading
- Pharmaceutical or drugs stores
- Airline tickets
- Construction companies
- Time share
- Magazine subscriptions
- Computer software or hardware
- Computer software and hardware
- Adult materials, products or services
- Financial services
- E cigarettes
- Travel and hospitality
- Dating services
- Auction services and websites
- Company providing legal services
- Vehicle sales
- Agricultural/ Farming companies
- Liquor stores
- Precious metal/ jewelry stores
This list show us that the products or services you sell might also reflect badly on your risk profile. These industries usually flagged by processors as high risks business are growing quickly and it is not difficult to see that in the coming years, maybe 20 or 30 years these industries will be leading the economy.
IT’S A CASHLESS WORLD
World economy is being transformed to a “nonphysical money”, so electronic payments are becoming the rule. All the malls, and regular shops have a signboard which it says ‘card only’ or ‘we do not accept checks or cash’, and it is usual for us to pay for low-value merchandise just using our card or even our phones thanks to the mobile apps.
According to the IMF, we are moving toward a cashless world because of the use of digitalized money, this organization has also suggested that the demand for cash is decreasing, opposite to the awareness of virtual currencies it’s increasing in a very fast way, just to mention one example, we have the Bitcoin. This new spectrum of Digital Currencies is transforming the economic activity, lessening the purpose of cash, and prompting new digital presentations of money. However, in spite of electronic payments are on the spot, globally, the financial system is still based on physical money, printed by central banks, beside of the payment systems which lets us make electronic payments, like Visa and MasterCard. Moreover, cryptocurrencies are increasing their popularity after the 2008 financial crash and their behavior is more like an electronic asset.
TIME SAVER: IT’S AN INSTANT WORLD
The cashless world is moving fast. Digital payments wasn’t so common ten years ago, six out of every ten transactions were cash. Nowadays statistics says that it’s three in ten. And everything is suggesting that in one more decade it will be as low as just one in ten. This is influenced by so many factors which can be like Technology advancement, ease of use, security, low price, being a lot of reasons why the number of transactions in digital payments is so big.
Technology is moving forward every single minute, this brings new information and concepts to the spot and people is getting more knowledge and being smarter regard to the topic. There is an imminent need around to minimize or eliminate risks completely but we can take control over this. Always considering the necessary security to handle cashless payments, and taking care of the infrastructure and the smallest details like potential for fraud. To help merchants in this matter companies use the latest authentication strategies and robust frameworks.
Have a merchant account will help you to increase the ability and functionality to be able to check every single transaction records, and this should be the foremost important factor to consider for a merchant if he/she wants to adopt a cashless payment option and spread its functionality to the global market. This should be the most important functionality that Forex payment processing companies has to include in their list of services, and it must be also a payment system that allows easy tracking of transactions.
MERCHANT ACCOUNT PROVIDERS MAKE BUSINESS EFFICIENT
Merchant account providers can be considered a covered business institution, so this can be affected if you are using an unsecure system that doesn’t guarantees the security of the personal data, if it is the case, then you could unknowingly be violating some laws. And, this is a sign of inefficient which can help to the company or individual trader in a negative way pushing their business to be out of trend. So, beginners have to be very careful at the time to set up their Forex merchant accounts and choose a reliable provider and have in count that there are extra gains for using Forex trading credit cards and this is creating new opportunities for Forex merchant account industry.
FUTURE IS IPAYTOTAL
iPayTotal has a group of dedicated professionals who are always learning and improving their knowledges to handle the mostly amount of business as possible, always with passion and commitment. We offer you to improve your contactless payment systems and spread the establishment of a robust digital payment infrastructure supporting the idea that cash transactions are no longer affordable. You will lead and accelerate the transition of your company towards digital payment methods and your profits will be maximized to the highest level. Don’t think more: Future of Forex Merchant Accounts Industry it is in the hands of iPayTotal.
So let’s get started!!