eMerchantPay LTD.
eMerchantPay LTD.

How to create and maintain a stable Forex merchant account...

How to create and maintain a stable Forex merchant account



Finding an online processing solution and keeping your Forex merchant account up and running in the long-run can be challenging for any Forex business, and there definitely are certain guidelines that you might consider when deciding to start accepting online payments via credit cards or other electronic payment methods.

Regulations and licensing

Choosing the proper location of your business as well as defining the target markets is of prime importance. Although not fully regulated in all countries, Forex is closely monitored by regulatory bodies all over the world. Therefore, staying ahead of regulations is the key to successfully building a legitimate business. Make sure that you receive the right legal advice, not only in the country of incorporation, but also in each location of your trading activities and strictly follow the rules set by the regulatory bodies. This will prevent your business from incurring fines due to breaching certain legislations.

Website compliance

Make sure your website is attractive and at the same time easy to use and navigate through with explicit information on the products and services. You can refer to the following basic points:

  • Website branded with the company name, logo and address – disclosing the ownership of the website indicates trustworthiness.
  • Contact section – customer support covering the target time zones through easily accessible contact forms, email addresses, telephone and fax numbers, live chat, etc.
  • Easy to use trading platform – include a demo environment for new users, free tutorials and up-to-date financial information.
  • Clear and visible Terms of Agreement – usually found on the registration or payment page. Terms of Service (TOS) should be detailed and transparent, easily noticeable and accessible on the website.
  • Bonus schemes – make sure they too are clearly presented in the Terms or FAQ, or on a separate section of the website.
  • Risk disclaimer – warning on potential risks involved in trading with financial instruments, possible taxation or duties, technical risks, use of information on the website, force majeure events, insolvency, abnormal market conditions, etc.
  • AML Procedures – clear and transparent measures on anti-money laundering policies.
  • KYC policy – identifying new user procedures.
  • Clear policies – be clear about your policies concerning order placement and execution, including specific requirements on deposit and withdrawal limits for each payment method.
  • Privacy policy and confidentiality notice on collecting personal information – no sharing of card details or personal information with third parties, such information shall be strictly limited and secured in a proper way.
  • Payment page – deposit page should be SSL secured and cardholder details should be transmitted in a secure way. You will find the importance of your payment provider outlined further below.

Technology and software

Carefully choose your technology providers. Using high-level PCI security traffic generators, CRM systems, trading or payment platforms ensures less downtimes of your service, greater protection of sensitive data and a trustworthy trading environment. PCI DSS compliance of the host server/IP and payment provider is a guarantee for secure transfer of customer details (‘encrypted storage’), resulting in lower fraud and minimum losses to your business.

Fraud scrubbing tools

Stay informed about the fraud scrubbing methods offered by your platform providers, traffic generators, and/or payment providers. More fraud scrubbing software does not necessarily mean less traffic, but it surely means better quality of traffic and higher control over fraud. A few examples are an address verification check, BIN-match, IP geo check, additional procedures for card identification offered by the card brands such as VbV/MC3D secure check, setting up proper threshold limits on the merchant account, etc. Always ask your gateway providers and partners for the range of tools they offer.

Affiliate marketing

Affiliate marketing is a way to enhance traffic and sales. However, note that you should always be careful of affiliate traffic, as some of the affiliates can be more harmful than profitable, for example the affiliate website has a bad reputation or because the affiliate doesn’t have a secure database which makes the sensitive data on your website vulnerable to exposure. Keep a close eye on the fraud levels and chargebacks; usually such reporting should be available with your payment provider.

eMerchantPay’s team is always ready to provide the necessary information on your Forex merchant account. Feel free to contact our Sales team if you are new to our services, or contact your dedicated Account Manager for those of you who are already working with us. In addition, our Risk team will always monitor your performance and provide advice where needed.