Me and my friends were always fond of doing something on their own; in short, we wanted to be our own boss. This is why, after college, we all tried our fortunes in many fields, and then in mid-2022, I came across a report suggesting that forex trading has been increasing at a great pace in Malaysia and that the country has great potential in this sector. The report, which I found, suggests that Malaysia is one of those countries where people are overwhelmingly involved in forex trading. I don’t remember the exact name of the report or where I read it, and speaking honestly, I don’t remember much of the data.
However, something that I don’t forget from that report is that every sixth Malaysian is aware of forex, and more than 80% of those are interested in forex trading. Another stat that I still remember from that report is that in Malaysia, traders invest more than 75 million USD monthly. The reason I remember those two statistics is that, after reading them, I realized the potential of the forex trading business and decided to start a forex trading platform.
Things were not as per expectations from the start; even the situation became worse with time. The major reason behind all of my problems was my previous online payments processor. At first, he sold me a dream, and when I signed the contract, reality hit me pretty hard. The promises made were meant to be just imaginary sandcastles, which got destroyed as soon as the wave of reality hit upon them.
Then I decided to get out of this murky water and try to find a new fresh & clear creek, and in this process, I found help from a close friend who introduced PayCly to me because of his other friend, who runs an e-commerce store and doing quite well without facing any such problems that I had to face in my previous payment processing spell to accept payments online in Malaysia. Admiring my friend’s advice, I decided to give PayCly a chance, and that was the best decision I made to get my business back on track.
Problems that I faced before joining hands with PayCly in payment processing for my business
Frequent amount of fake chargebacks
With my previous payment processor, I have lost a significant amount of my revenues in the form of paybacks. And it is a constant process. On average, every month, I had to face several chargebacks from investors and have to pay back 7 to 8 payments due to fake chargebacks. This led to a financial loss to my setup as well as the loss of the prestige of a trusted forex trading platform.
Delays in international transactions
In the forex industry, having overseas clients is quite common, so brokers generally have a payment processor for online payments that has expertise in international transactions. However, this was my previous payment processor’s weakest spot. Because it takes almost a week, and sometimes more than that, to settle an international transaction. As a consequence of this, I had lost a chunk of my overseas investors.
Payment abandonce due to the lack of payment options
In Malaysia, most people generally prefer bank-to-bank transfers for online payments. However, cards and e-wallets also have a significant number of users. The previous payment processor I was using to accept payments online in Malaysia had all the options for local investors. The problem arouses when cross-border investors came to my trading platform and leave without making any investments due to the lack of payment methods they use for digital payments. Because of this, I lost a decent amount of possible revenue.
Data security threats
In my previous payment processor’s spell, I had to face many incidents where I had to retrieve the data of my business and investors, and I faced many attempts to take over my platform for the vital card details of the investors. Due to this, my many clients have been victims of online banking fraud, mainly card fraud. As a result, my business has lost its reputation, customer base, and revenue streams.
How PayCly changed the fortunes of my forex trading business?
Provides protection against fake chargebacks
When I approached PayCly for payment processing services and explained my chargeback issue to them, they provided me with a solution, which they called chargeback protection. PayCly proposed to me their chargeback protection feature, and it sounded pretty good as it has a fraud detection system consisting of sophisticated and advanced fraud detection tools with AI and machine learning experience technology that trace all the transactions, and if it finds similarities between a previous fraudulent activity and the current transaction, then it immediately highlights it and stops processing. Thanks to PayCly, now I have to payback my investors barely, which increases my revenues significantly.
Fast and seamless cross-border transactions
With my previous payment processor, I had to struggle with the payment settlement time of online payments by my overseas clients. But since joining PayCly, I usually accept payments online in Malaysia on the same day due to its real-time payment processing feature. There is another feature of PayCly that helps speed up international transactions: multi-currency processing. PayCly supports 100+ currencies for payment processing, which helped my business directly accept payments from foreign investors in their currency without wasting time on currency conversion. Because of this, my trading platform has gained a reputation among investors, which has helped me a lot in gaining new clients.
Unlimited options to accept payments
The problem of a lack of options to accept online payments from cross-border investors that I had to face with my previous payment processor has now been solved forever. PayCly provides me with more than 100 options to accept payments, with all of the payment options available in Malaysia and major payment methods used in other countries. As a result, now I rarely see an investor come to my trading platform and leave without making an investment due to a lack of payment options. This helped my business a lot in gaining a significant overseas customer base and revenue stream.
Data security arrangements
This is the point that made me a fan of PayCly when I first heard about it from my friend. PayCly complies with the PCI DSS, the highest payment card data security standard in the world, and it also complies with the authority that sets the rules and regulations of forex trading in Malaysia. Because of this, PayCly is equipped enough to protect its clients from any kind of data theft attempt. Since I joined the PayCly payment processing family, I have not faced anything like this, which helped my trading platform regain its prestige as a trustworthy site for trading.
Apart from these payment processing solutions, PayCly has much more to offer a forex broker. Have a look:
- It provides 24/7 customer support in all of the major languages in Malaysia.
- Provides direct payment links to accept online payments without any other digital infrastructure.
- It gives a scope of global expansion to forex brokers by providing services in more than 150 nations.
- Provides a powerful dashboard to check real-time reporting and download detailed statistics reports on payments, settlements, refunds, etc., to make better business decisions.
- It instantly approves applications for payment processing services like forex trading merchant accounts and payment gateways with the minimum required documents.
Because of the efforts and support of Team PayCly, I now have a stable forex trading business with decent growth. With regard to PayCly’s honest efforts and support to revive my forex trading business, I just wanted to say, “Terima Kasih,” PayCly.
Considering the payment processing journey of my forex business so far with PayCly, I am thinking about the expansion of my forex trading empire and trying to get footholds in nearby markets like Singapore, Indonesia, and the Philippines. And I have chosen PayCly for this mission as my companion because I know that it has a stronghold in all of these markets and years of experience and expertise in handling customers from these countries. So, fingers crossed, I hope that I can make it to a bigger stage with the help of PayCly.
Visit us at: Online Payment services for forex trading
Originally published on: Blogger’s Blog
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