Why does a broker need several payment systems?
The NewBroker company explains why Forex companies need to connect several payment systems at once.
In order to successfully work in the Forex market, the broker must provide customers with comfortable conditions for replenishing their accounts. But in the process of depositing funds, the trader might be facing various problems. As a result, he will be disappointed in the broker, as a service provider, and will transfer to another company.
In this article you will read about what problems a trader most often faces when replenishing an account and what the advantages of connecting several payment systems at once are.
Problem № 1: the client is in another country
If a broker expands his business and enters foreign markets, he must provide traders with the opportunity to deposit funds from their country. Typically, local payment systems offer residents of the country more favourable conditions: small commissions, higher speed of operations, technical support in their native language, etc.
By adding several payment systems to the Trader’s Room, the broker gives customers the opportunity to replenish their account through the payment solution that provides the best support for their specific region. As a result, the Forex company can increase the number of successful transactions.
Problem № 2: technical issues
The most common problem that traders face when replenishing an account is a technical failure in the payment system. The client tries to deposit money once, second, third time, but cannot successfully complete the operation, is nervous and goes to another broker. In this situation, the trader does not care exactly where the failure occurred – he works with a specific broker who cannot provide uninterrupted replenishment of the account. Connecting several payment systems helps to solve this problem. If the client cannot deposit money through one payment system, then he will simply use another.
Problem № 3: high volume of transactions
Another common scenario is that the merchant has large volumes of transactions. There are situations when a large number of clients of the Forex company decided to deposit or withdraw funds through one payment system. The servers of the payment system are overloaded, the speed of operations decreases. For such “spikes”, brokerage companies must provide alternatives to payment solutions – suddenly one of the gateways might not be able to process a large volume of transactions. In this case, the trader can use the alternative offer and replenish the account without loss.
By connecting several payment systems at once, the Forex company provides traders with the most comfortable and fastest replenishment of their account. And for the connection of payment systems to be successful for the broker, he should turn to professionals. NewBroker’s partnership department provides consulting services, helps to create a Forex company and connect the best and most profitable payment solutions.
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