Forex Merchant Account
At UniBul we have built a solid, reliable credit card processing service for forex traders, which comes with low rates, and straightforward set-up. You can start accepting payments on your website as early as 5 business days after you first contacted us! We have solutions for both U.S.-based and international businesses, which are different in their make-up, but both of them are equally dependable and just work!
We will review your inquiry as soon as we’ve received it and will get back to you within hours with details on the type of a forex merchant account solution we can set up for you. Depending on your circumstances, we may have multiple available options and if that is case, we will explain what they are and what their pluses and minuses are, so that you can choose the right one for your business. Then, once we begin the set-up, we can have you up and running in no time!
Who Do We Work With?
At UniBul we work with forex traders from all over the world. Most of our clients are located in the U.S. and Europe, however we also have businesses using our services in Asia, Australia, the Caribbean and South America. The thing is that, as long as you are properly incorporated in your jurisdiction and have all the necessary licenses, we will be happy to set up a forex merchant account for you.
Card Acceptance, Supported Currencies and Payout
Over the years we have developed an extensive network of acquiring banks, located across the globe, which enables us to offer forex traders acceptance of all the big card brands, as well as many alternative payment options. A sample list of the supported card brands is seen below:
You can choose to settle your transactions in any of the major currencies, as well as in many others. Here are just some of your options:
Your payout schedule will be dependent on your set-up, but our forex traders typically get funded on a weekly basis, with daily payouts available to some qualified merchants.
UniBul’s Application Process
We will process your application as soon as we’ve received all the necessary paperwork. A forex merchant account is classified as “high-risk”, as you are surely aware of, so we can’t get it all set up in an instant, but usually we get it all done within one or two weeks. To begin the application process, we will need the following documentation:
- Merchant account application form. You can download our form here. We ask that you fill it out completely and give us as much information as you can, then sign and initial in the appropriate fields and email the form back to us, along with the documents listed below.
- Articles of Incorporation or some similar document.
- A copy of the owner’s passport or some other valid national ID card.
- A copy of your business license.
- A voided check for the bank account where we will be depositing your money. If you don’t have one, you can use a bank letter, instead — just make sure it is signed by a bank representative.
- The three most recent business bank statements (these are in addition to the voided check / bank letter).
- A utility bill displaying your address, which has to be no older than 30 days of the date on which the application was signed.
In all probability, we will need some other documentation later on during the application process and we will probably also ask you for an explanation of something or other. That is standard procedure, so be prepared to follow up promptly on our information requests and help us go through the process as quickly as possible. Our goal is to get your forex merchant account up and running at the earliest possibility and with your help we will do just that!
Considerations for Terminated Merchants
This is something which often slows down the application process, so we ask that you help us get it right at the very beginning. It is important that you let us know if your previous merchant account has been terminated and we will also need to know the reason for the termination. In addition, if your business and you personally have been placed on the TMF / MATCH list, please let us know.
Merchants are often hesitant to share such information, because they know that a MATCH placement is a big deal, which can make it very difficult for them to get a merchant account. Well, that is true, so far as it goes. However, at UniBul we can work with businesses which were placed on the TMF! Yet, as the application process and account set-up are different from normal, we need to know how to proceed. Moreover, later on during the application review we will find out what your status is anyway, but knowing it in advance will save us both precious time and will send us in the right direction.
Getting approved for a forex merchant account can be quite challenging — as already noted, Visa and MasterCard consider this a high risk industry for a reason. But that is precisely what we do — we don’t work with any low-risk merchants, focusing instead on businesses like yours. We have been doing it for years and have made the application approval and set-up process as simple and straightforward as we could. All we ask for is your full assistance and you will get your merchant account. So contact us now and let’s get started!
Why Is Forex High-Risk?
Now let’s examine what makes a forex business “high-risk”. Merchants are often confused about the issue of risk classification, which leads them to contact the wrong payment processors. So you probably have some idea about which industries are considered high-risk in the payments industry. True, there are some variations, reflecting Visa and MasterCard rules which sometimes vary from each other and from one region to another. However, businesses dealing with things like pharma- and nutraceuticals, tobacco products (even e-cigarettes, which have no tobacco in them), adult-oriented websites, gaming services, affiliate marketing and outbound telemarketing, to name just a few of a payment processor’s favorites, are always considered high-risk. Now, the question is precisely what these businesses have in common and this is where people often get confused.
Well, there are several factors which come into play to determine a business’ risk classification. The first one is the applicable regulatory environment. For example, a forex trader needs to have the proper licenses in the countries where he operates. The same requirement applies to gaming and pharmacy websites, which actually may not be allowed to operate in some countries, with or without licenses. Furthermore, there is the matter of merchant fraud — many websites serve as fronts to illegal or otherwise restricted operations. For instance, a business which claims to be selling body lotions may actually be using his merchant account to sell e-cigarettes (and yes, we did have such a merchant; the funny thing here was that we could have worked with this business if they had told us what they were selling, but they chose not to). This type of fraud is particularly widespread among high-risk operations.
Moreover, there is the always-present chargeback issue whose importance is even greater in the high-risk world, for reasons which should be obvious. I’m sure that you can easily imagine how an outbound telemarketer selling, say, some type of an investment package would generate much higher chargeback rates than an e-commerce merchant selling shaving cream. Then we have the issue of declined transactions, which is especially pronounced among merchants which have been using 3D-types of credit card processing solutions, which tend to generate very high ratios of declined-to-approved transactions (it is not unusual for such businesses to have a third or more of all transactions declined). When a processor is reviewing your past merchant statements, a high decline rate can easily raise concerns.
Choosing the Right Processor
So, as you see, there are numerous reasons why many processors would not be willing or able to work with high-risk merchants, even when they are highly-qualified and this is a fact that is not going to change anytime soon. However, there are also processors which operate exactly in the high-risk range of the merchant spectrum and they are always looking for new business. They will be much more careful when evaluating your application and will need your help to a much greater degree than their far more numerous low-risk counterparts. However, by working with them, you will ultimately be helping yourself. And at UniBul we would be happy to work with you and set up your forex merchant account!
What Our Customers Are Saying
UniBul is ranked based on 159 user reviews.
UniBul enables American and international businesses to accept payments for the things they sell on their websites.
