{"id":9827,"date":"2019-09-11T10:26:01","date_gmt":"2019-09-11T10:26:01","guid":{"rendered":"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/"},"modified":"2019-09-11T10:26:01","modified_gmt":"2019-09-11T10:26:01","slug":"how-to-handle-clients-payments-after-fx-industry-regulations-tightening","status":"publish","type":"post","link":"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/","title":{"rendered":"How to handle clients\u2019 payments after FX industry regulations tightening","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

Last year brought significant changes in the financial\nmarket, especially for unregulated brokers. For instance, VISA and Mastercard\nblocked them from using their services. And now, one of the biggest challenges\nthey have to face is to provide their customers with convenient and effective\npayment methods.<\/p>\n\n\n\n

Similar precautions were introduced by most reputable\nbanks around the world who were concerned about the growing number of frauds in\nthe FX industry. Unfortunately, the bad reputation of the industry burdens all\nmarket participants – and those who run their businesses professionally and\nwith the right attitude the most. It is widely known that most novice brokers\nstart their business using offshore licenses because they do not require a\nlarge investment that startup business would not be able to handle. As a result\nof the introduced changes, such brokers currently have very few options for\ncollecting money from their clients. Of course, you can always use the support\nof intermediaries handling money transfers, but this significantly increases\nthe costs of brokerage. Also, if any problems occur, the broker has limited\noptions to counteract.<\/p>\n\n\n\n

Another way is to use the payment aggregator system.\nThere are a few companies on the market offering such solutions. One of them is\nPRAXIS, thanks to which you can access over 300 different payment service\nproviders (PSPs). They support over 1000 various payment methods, including\ntier-1 acquiring banks, e-wallets, APM\u2019s, and crypto providers. It can be very\nhelpful for the broker to use the knowledge of such company as PRAXIS because\nthey perfectly know what PSPs are available for a given broker taking into\naccount his regulation, payment history and region from where it wants to\nonboard clients. Additionally, the broker can get an introduction from them,\nwhich can significantly shorten the process of getting approved. Also, PRAXIS\nis already integrated with Match-Trade\u2019s\nClient Office<\/a>\nto ease managing all of your clients\u2019 payments in your FX CRM system.<\/p>\n\n\n\n

PRAXI<\/a>S can be also a very interesting solution for existing\nregulated brokers, which want to expand to new regions or if they want to\nsimply optimize the management of their payments. Together with gateways,\nPRAXIS provides full back-office, where brokers can configure various system\nparameters and see all processed transactions in one place. It is especially\nimportant if brokers have many different PSPs, which require a lot of manual\nwork to make daily settlements and accounting.<\/p>\n\n\n\n

If you decide to start the onboarding process with a\nbank, e-wallet or any other PSP, it is important to pay attention to a few\naspects. First of all, you need to gather all the company\u2019s documents together\nwith certified copies and passports of all UBOs and Directors. You should also\ntake care of your company website, it should look professional and describe\nclearly the nature of your business. Last but not least, you need to prepare\nall legal documents including terms of use, privacy policy, AML\/KYC procedures.\nUsually, PSPs during onboarding process will request these documents from you\nto check if you comply with their risk policy, so it is worth to prepare them\nin advance and put on the website before the verification starts.<\/p>\n\n\n\n

In case you have an offshore company based in Saint Vincent and the Grenadines, you can also ask for a legal opinion from a local law firm. The company can confirm that based on local law, you can legally offer Forex services in countries where FX Business regulation is not mandatory or specified. This can be a very helpful document for some payment service providers and even credit card providers, especially if you want to operate in Asian countries. If you need help in obtaining such a document, contact our experienced experts, they have already supported many brokers in setting up and business.<\/p>\n\n\n\n

If any of the above-mentioned standard payment methods\nare not suitable for your company, the broker can always choose to run a\nso-called \u201cCrypto Broker\u201d. It is a good option if you don\u2019t want to be\ndependent on constantly changing legal environment. If you already have a\nClient Office or a different Trader Room system, it is important to have the Crypto\nPayment Gateway<\/a>\nintegrated directly into it, like it was solved in our system.<\/p>\n\n\n\n

Being a crypto broker gives you quite a lot of\nflexibility, but the major drawback is that your clients need to know how to\nsend and receive cryptocurrencies. Based on our experience we recommend brokers\nto add Crypto Payment Gateways as an additional service, which can increase\nmonthly deposits, reduce costs and give more flexibility to your clients.\nHowever, the broker should try to add standard paths of collecting payments at\nthe same time to cover also the clients who are not familiar with\ncryptocurrencies.<\/p>\n\n\n\n

If you are serious about growing your brokerage you\nneed to choose the one solution that suits your business the most. If you need\nto consult – contact Match-Trade Technologies.<\/a> Our experienced team will help you with: company\nregistration, legal opinions, PSP onboarding (300+), setting up a fully\nautomated crypto payment gateway solution (Match2Pay).<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

Last year brought significant changes in the financial market, especially for unregulated brokers. For instance, VISA and Mastercard blocked them from using their services. And now, one of the biggest challenges they have to face is to provide their customers with convenient and effective payment methods. Similar precautions were introduced by most reputable banks around […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":9983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[32,33,14,11],"class_list":["post-9827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-payment-gateway","tag-crypto-payments","tag-cryptocurrency-solutions","tag-solutions-for-brokers"],"yoast_head":"\nHow to handle clients\u2019 payments after FX industry regulations tightening - Match-Trade Technologies forex technology provider<\/title>\n<meta name=\"description\" content=\"We recommend brokers to add Crypto Payment Gateways as an additional service, which can increase monthly deposits and reduce costs.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to handle clients\u2019 payments after FX industry regulations tightening\" \/>\n<meta property=\"og:description\" content=\"We recommend brokers to add Crypto Payment Gateways as an additional service, which can increase monthly deposits and reduce costs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/\" \/>\n<meta property=\"og:site_name\" content=\"Match-Trade Technologies forex technology provider\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/matchtradetech\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-11T10:26:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/test.noble-trading.com\/match-trade\/wp-content\/uploads\/2019\/09\/Clients-payments-in-FX-Industry.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"672\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@MatchTradeTech\" \/>\n<meta name=\"twitter:site\" content=\"@MatchTradeTech\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/\"},\"headline\":\"How to handle clients\u2019 payments after FX industry regulations tightening\",\"datePublished\":\"2019-09-11T10:26:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/\"},\"wordCount\":851,\"publisher\":{\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/#organization\"},\"image\":{\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/test.noble-trading.com\/match-trade\/wp-content\/uploads\/2019\/09\/Clients-payments-in-FX-Industry.png\",\"keywords\":[\"crypto payment gateway\",\"crypto payments\",\"crypto solutions\",\"Solutions for Brokers\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/\",\"url\":\"https:\/\/test.noble-trading.com\/match-trade\/how-to-handle-clients-payments-after-fx-industry-regulations-tightening\/\",\"name\":\"How to handle clients\u2019 payments after FX industry regulations tightening - 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