There are approximately 10 million forex traders across the world, of whom nearly 3.2 million live in Asia, and the majority of those are centered in the South and Southeast Asia regions. This is why three of the top 5 forex trading centers in the world (Japan, Hong Kong, and Singapore) are located in this region, and the fourth one is in the making. Yes, considering the popularity of forex trading in Malaysia, it is no surprise if it becomes a major trading center in Asia and the world.

Many studies have been conducted in this regard over the years, and almost all of them come to the conclusion that forex has a bright future in Malaysia. Inspired by the potential in this business, young brokers are soaring their wings in the limitless sky of the Malaysian forex market. This created a parallel industry of providing online payment services for forex trading.

Choosing a forex online payment processing service provider is a crucial call for brokers, as it can make or break the business. Hence, taking the right call becomes evident for brokers. However, choosing a reliable, top-notch online payment service provider in Malaysia has become like squeezing water from a stone due to the thousands of useless service providers in the market. 

But there is always a ray of hope, as you will find one, in this article, in PayCly. Be it high-risk merchant accounts, payment gateways, or credit card processing, you can rely on PayCly for any kind of online payment service for forex trading.

Here are 7 reasons that makes it is inevitable for a forex broker to choose PayCly for online payment services to thrive in the highly competitive Malaysian forex arena:

100+ currencies for payment processing

PayCly is a global forex payment solutions provider, better known for providing online payment services for forex trading like merchant accounts, payment gateways, and credit card processing services across the Southeast Asia region. Being a global service provider, it provides forex brokers access to more than 100 currencies for payment acceptance in order to facilitate seamless and hassle-free international payments. Multi-currency processing also helps brokers accept payments faster because it does not require currency conversion before payment processing.

Instant approval for high-risk merchant accounts

Forex trading is a business that is listed among the high-risk ones by banks and other payment processing institutions due to the volatile nature of the industry and the high chances of chargebacks and payment fraud. Therefore, forex brokers are left with the only option of a high-risk merchant account to operate their online trading operations.

However, the application and approval procedure of a high-risk merchant account is a problem in itself, as high-risk merchant accounts face rejections quite often, and if they get approved, then it takes a long time. Being a highly volatile business, forex brokers usually get hampered in their trading operations while applying for a merchant account. But this is not the case with PayCly, as it provides forex brokers with instant approval for merchant accounts from banks based on the face value of PayCly.

Credit card processing with chargeback protection

PayCly is best known for its credit card processing across the forex payment processing world. It is the most important weapon in the arsenal of PayCly’s online payment services for forex trading. PayCly provides Malaysian forex brokers with both domestic and international credit card processing services. But this is not the point that makes credit card processing a strong point for PayCly. The point that makes PayCly’s card processing service so special is that it provides protection against fake chargebacks.

PayCly has developed an advanced fraud detection system that has sophisticated fraud detection tools consisting of AI and machine learning technologies that help brokers track down every payment and identify the similarities between previous fraud and recent chargeback requests, and if it finds something suspected, it immediately gives an alert call.

150+ nations to expand operations

Forex trading is an online business, which means it has the potential to reach every possible customer on earth. This makes it inevitable for forex brokers to take all their chances in order to expand their business globally. Considering the importance of this, PayCly helps its clients get the maximum reach across the global market, as it helps brokers with business expansion across the 150 nations where it provides services. The bonus point; it does not charge any extra penny from the forex broker for doing so.

Advanced fraud prevention mechanism

Forex is a business with a constant threat of online fraud, such as data theft, fake chargebacks, and fraud transactions. In such a hostile environment, forex brokers require a partner that can help them safeguard their operations from these threats to their business. In PayCly, forex brokers find the exact forex payment processing partner that they usually look for in this situation.

It provides online payment services for forex trading with an advanced fraud prevention mechanism that includes AI and ML-based fraud prevention tools, encryption technology, 3D security for transactions, tokenization for safeguarding payment details, and PCI DSS compliance to safely handle the card details of a broker’s clients. This helps forex bookers foster trust among traders related to the safety standards of their trading platform.

More than 20 alternative payment methods for accepting payments

Forex traders across the world usually prefer to pay with e-wallets. But in Malaysia, the majority of online payments come through bank-to-bank transfer channels. Although there are a significant number of forex traders in the country who use renowned global and local e-wallet options. Apart from these two payment options, Malaysian traders use various local payment methods.

According to a report by Statista, the unavailability of preferred payment methods is a major reason behind online payment abandonment, accounting for 20% of online payments across the globe. Taking note of this, PayCly provides forex brokers with more than 20 alternative payment methods, apart from the major ones like cards, bank-to-bank transfers, e-wallets, and cryptocurrency. To ensure that brokers don’t lose their revenue due to a lack of payment options.

Mobile payment-friendly checkout

According to a research report by PPRO, 56% of Malaysians use their mobile devices for online transactions. Another study on forex trading shows that 55% of forex traders use mobile for forex trading. Hence, having a mobile-friendly payment platform becomes a necessity for forex brokers if they want to establish themselves in the Malaysian market. Considering the importance of mobile payments, PayCly provides forex brokers with a mobile payment-optimized check-out option to make the most of the mobile love of Malaysian forex traders.

Conclusion

Malaysia is an emerging nation on the forex horizon and on its way to becoming a major trading center in the SEA region. Therefore, countless number of service providers that provide online payment services for forex trading have entered the market to utilize the springtime of forex in Malaysia. However, because of these useless hundreds of thousands of forex payment service providers, finding a serious forex payment processor in Malaysia has become like a needle in a haystack.

But with the help of this article, as a forex broker, you can avoid this headache and get a top-notch online payment service provider. There are various points that make PayCly one of the best in the business in Malaysia, like multi-currency processing, instantly approved high-risk merchant accounts, brilliant credit card processing services, assistance in business expansion on global scale, an advanced fraud prevention system to mitigate any fraud threat, and so on.

Visit us at: Internet Credit Card Payment Processing
 
Originally Published on : Medium Articles