Forex trading is just one of the many investment options available to diversify your portfolio. A forex trading business may even be their primary source of income for some. Forex trading, also known as online forex trading is the process of purchasing and converting various currencies. It is regarded as a lucrative way to make money.
While this occurs for a variety of reasons outside of the investment market. Such as conducting foreign trade or travelling to another country for a vacation, given the volatile nature of currencies that are inadvertently dependent on global events, investors quickly saw an opportunity to profit from price fluctuations in the forex markets as well.
Forex trading is similar to buying and selling stocks in that the fundamental concept of purchasing a commodity at a lower price in order to sell it at a higher price still applies. The only difference is that instead of stocks, you are trading currencies.
Getting a service provider for your Forex trading platform is a good idea to propel your business in the right direction. Get in touch with reliable international payment gateway service provider so that you can enjoy seamless payments services for your business.
How to increase the rates of debit and credit card authorization for forex business?
Despite the numerous interconnected factors that contribute to low rates, you can take a number of steps to improve them.
Here are our top five actionable suggestions for increasing card authorization rates:
1. Understand your current payment situation
Before you can begin to improve, you must first understand where you are now. Discuss with your current forex payment gateway provider which metrics they use, what data is included in your payment reports, what those metrics mean, and what your current rates are. If your provider isn’t forthcoming with this information or makes it difficult to obtain, you should think about switching.
It’s critical to get the terminology right here. Some providers monitor authorization rates while others monitor decline rates, possibly over different time periods. They’re two sides of the same coin, but you can use and evaluate them differently. So make sure you know which one is used the most and what percentage of the time. Similarly, ensure that you understand what your provider means by payment conversion rates with payment gateway. They can refer to anything from the percentage of site visits that result in a sale to the number of completed transactions after an item is added to the cart.
You should also investigate the payment processing technology used by your provider.
If the provider or its affiliated banks rely on outdated technology or lack a robust fraud detection system, you may see low authorization rates as a result. If your provider is causing soft declines due to insufficient technology, it’s time to upgrade.
2. Get to Know Your Customers
If you have customers in multiple countries, you must optimise for international sales. Check to see if your declined transactions originate overseas or pass through multiple countries. If those transactions have lower authorization rates, consider changing the functionality of your payment gateway solution to account for that business.
To increase your authorization rates, you must partner with best forex payment gateway provider. Who can capture your business as it happens, including across multiple regions. Otherwise, you’ll see low authorization rates simply because you haven’t configured your payments to account for where and how your customers shop.
3. Understand Your Network Tags
If they do not match the established tag for that transaction. For example, if you have a recurring monthly payment gateway but flag it as an eCommerce transaction rather than a recurring payment, the bank may decline future payments due to potential fraud.
Those systems are in place to protect customers; you just need to know how to take advantage of them.
Examine your network tags to ensure they are appropriate for the transaction type. Higher authorization rates result from tags that match transactions.
4. Understand Your Data Usage
As data and privacy laws become more stringent, you’ll need to know how to manage your data in order to work within these new systems. PSD2 laws are all about processing and managing data more carefully, including payment gateway transactions.
Understand what to look for in forex trading merchant account for your high-risk business provider
If your payment processor is causing or contributing to your low authorization rates, that processor is holding you back and costing you valuable business. When your company’s practices have improved, you shouldn’t have to settle for lower rates. You should also not have to look far and wide for useful, personalized advice on how to improve those rates.
Companies that use PayCly to process digital payments, for example, see a 1% to 3% increase in authorization rates for domestic payments and an impressive 10% to 13% increase for cross-border transactions.
Your payments provider, like PayCly, should be able to help you identify the root cause of your low card authorization rates. And provide strong recommendations to help you improve them. Similarly, a partner who is well-versed in laws will work hard to document various transaction categories. And be fully responsive so that new regulations do not impact your business’s success.
The best forex trading account partner will also have tools in place to do everything possible on their end to improve authorization rates, such as powerful fraud prevention, analysis of previous declines, device fingerprinting, automatic updates of customer information, transparent data, and ongoing analysis of global transaction types.
If your payments partner isn’t meeting your needs, it’s time to look for another option.
