Forex Merchant Services
Forex Merchant Account and Services
FOREX PAYMENT PROCESSING DETAILS
Fees that PurePay will charge depend on factors like processing history, method of sales, destination countries, volume of sales, and products. All Dating Merchant Accounts are unique but included terms stay the same for most: merchant discount rate (MDR), transaction fees, monthly gateway fee, 0-6 month rolling reserve, chargeback fee, refund fee
ROLLING RESERVE HOLD
from 0 days
from daily +3
The main things that impact the terms are the level of revenues that you get and whether you have documented sales history of over 3 months, not only if you have history but also how well it looks.
Yes, we do support certain local payment methods for forex, but ultimately it comes down to the solutions to accept or decline.
Yes, we will contact you (usually within 6 working hours) with a custom offer if your monthly revenues exceeds €150 000 and/or if you have history of longer than 6 months.
Get your no obligation quote from PurePay.
We will get it back to you within 12 hours with a quote based on your information.
Forex Payment Processing
Choose your forex merchant account with PurePay: Pricing and Service in one go
Requirements for Forex Merchant Accounts?
PurePay offers payment processing in Europe, therefore the merchant has to have a European company plus fulfill requirements needed thereto which includes documents and website compliance. All forex merchant accounts are categorized with the MCC code, which help the payment processors identify the transactions and implement the laws.
How do I get Forex Merchant Accounts?
One of the first things needed for you as a merchant is to obtain a forex merchant account, in order to process and bill your customers. This can be done locally or via a worldwide solution. Different things like pricing and terms changes depending on whether or not it is a start-up or an ongoing project which currently accepts payments on the website / app. When it comes to your business being a start-up, it will come with a rolling reserve of usually 10% and it will mean “worse” terms but we try to stay competitive and help you get started cheapest possible.
If you are doing re-billing, you have to strictly monitor transactions for chargebacks, and the terms. With direct sale, terms and pricing will be more compelling.
What Costs are Associated with Forex Merchant Accounts
Fees that PurePay will charge depends factors like: Processing History, Method of Sales, Countries, Volume of Sales, and Products. All merchant accounts are unique but included terms stays the same for most:
- Merchant discount rate
- Transaction fees
- Monthly statement fee
- Monthly gateway fee
- Four and a Half – Six-month rolling reserve (Depending on bank)
- Charge back fee
- Refund fee
Why is Forex Credit Card processing defined as high risk?
The main risks within the forex sector are money-laundering, fraud and regulation. Forex products could be used for money transfer between people colluding with one another and/or with the house. Also included in the risk overview there is the high probability for chargebacks due to losses from their customers but we have solutions to help prevent these.
PurePay as your partner
Now that you have a clear understanding of not only what nutraceuticals payment processing is and why it is high risk, you know now understand why PurePay is your best choice to help you. We understand your needs and business like no other and we will work 24/7 for you and to get you the best terms. And we have the solutions you need!
- Incorporation Certificate.
- Memorandum & Articles of Incorporation.
- Color Passport for UBO / Shareholders / Directors.
- Office Lease Agreement signed by both parties. Or Rental Invoice under company’s name – not older than 90 days from the date of application.
- Business Bank Statement under company’s name and present address, showing IBAN and SWIFT – not older than 90 days from the date of application and for the last three concecutive months.
- If Processing History is available for latest 3-6 months from the date of application – under company’s name, showing processor’s name/logo, sales, refunds, and chargebacks for each month separately.
- If Processing History is unavailable then detailed business plan and cashflow forecast for minimum of one fiscal year. Get it here
- Utility Bill [electricity / gas / water / rental / tax bill] from UBO / Shareholders / Directors under their name and present address – not older than 90 days from the date of application.
- Proof of domain under company’s name, showing applying URL and date of domain renewal / expiry – preferably domain purchase receipt.
- Local signatory is a requirement for this vertical, therefore KYC from local signatory is needed.
- Forex license.
- AML and KYC policies.
- Test user logins.