Paycly : Payment provider online

Online currency trading businesses have taken up the world, especially in the East and Southeast Asia region, where 3 out of the top 5 forex trading centers in the world are located. In this region, apart from these trading centers, many new markets are emerging in the global forex landscape. One such market is Malaysia, whose estimated potential as a major forex trading hub is quite promising. In recent times, it has shown that potential, as forex trading numbers in the country are skyrocketing. According to a survey by a renowned forex trading platform, every sixth Malaysian is aware of forex trading and wants to trade. There are many studies that suggest that in the past three to four years, the number of online payment service providers (also known as payment provider online) has increased in the country that provides services specifically for forex trading.

As a result, the online payment processing market in Malaysia has been flooded with payment providers that provide online payment services for forex trading, like payment gateways and merchant accounts. However, due to this overcrowding in the forex payment service arena, forex brokers find it quite difficult to find a reliable and brilliant online payment provider. Online payment services played a pivotal role in the forex trading business as they provided forex brokers with a less-hectic way to acquire a merchant account.

Considering the fact that forex trading businesses require high-risk merchant accounts to operate due to the businesses’ high-risk nature. Because of the thousands of online payment processors in the market, finding a decent payment provider for forex trading merchant account services has become a needle in the haystack for brokers. Only if a broker is unaware of the ultimate payment provider online for forex payment services in Malaysia, the PayCly.

It is one of the best high-risk payment service providers in Malaysia, known for providing businesses with high-risk merchant accounts, payment gateways, and credit card processing services. PayCly is a go-to option recommended by established forex brokers for any kind of online payment processing service in Malaysia, especially merchant accounts. Let’s see what makes PayCly the ultimate choice of forex brokers in Malaysia for forex trading merchant accounts.

Opportunity for global expansion

Despite being one of the biggest names in the Malaysian forex payment processing market, PayCly is a global player that provides services in more than 150 countries. Due to this, it has tied up with the forex regulatory authorities of the locations where it provides services. As a result, it becomes easy for a forex broker to enter an overseas market due to PayCly’s assistance in complying with the forex trading regulations. The bonus point is that PayCly does not charge its existing clients any extra penny to provide an overseas forex trading merchant account.

Instant approval for merchant accounts

Usually, high-risk merchant accounts, like forex trading merchant accounts, take several business days to be approved by banks before starting to accept payments. However, this is not the case if a broker chooses PayCly as their payment provider online for forex merchant account services. At PayCly, we use advanced and sophisticated document automation tools consisting of AI and ML technologies to enhance the speed of the underwriting procedure and provide forex brokers with merchant account approval ASAP.

Multi-currency support for faster international transactions

Usually, international transactions take a little bit extra time for settlement because of the payment processor’s inability to directly process payments in foreign currency. Yes, the majority of forex brokers face this problem as their merchant accounts are not able to directly accept payments in foreign currencies. But with PayCly’s forex trading merchant accounts, brokers can accept payments in 100+ currencies. This helps processors get international payments in less time as payments in foreign currencies do not need to be converted into native currency before processing.

Fraud management and chargeback protection

It is not a hidden truth that forex is an industry that is vulnerable to online payment fraud, and its higher chargeback ratio makes it worthy of being counted as a high-risk business. The cybersecurity landscape of Malaysia makes life tougher for a forex broker, as Malaysia is one of those countries that faces a lot of online threats, including data theft and online scams. According to a KPMG report, Malaysia lost about RM415 million to online scams in the first seven months of 2022.

In such a country, being the owner of a business that has a higher chance of online scams and fake chargebacks, it is a necessity to choose a payment provider online, like PayCly. Because it provides merchant accounts with an advanced fraud detection system consisting of AI and machine learning tools to detect the smallest possibility of an online fraud. Transactions are shielded by encryption, tokenization, and 3D security, and for fake chargebacks, machine learning tools use their previous experiences to identify fake chargeback requests during evaluation.

Assistance in regulatory compliance

Forex is an industry where rules and regulations are very stringent. Usually, complying with these regulations takes a lot of time and effort for brokers. Because if a broker does not comply with the respective forex regulatory authority in Malaysia, then it has to face legal issues. However, PayCly makes it a smooth procedure, as it takes on the regulatory compliance responsibility of those brokers that use PayCly merchant accounts. Therefore, brokers do not have to make efforts to comply with the regulatory authorities and can focus solely on their trading options.

Conclusion

If you keep in mind the advantages of PayCly’s forex merchant accounts, like global expansion, faster payment settlements, instant approval, protection against chargebacks, and online payment fraud, the answer is pretty simple to the question of why PayCly is the ultimate choice as a payment provider online for online payment services for forex trading in Malaysia, especially in forex trading merchant accounts. In the end, just to highlight the fact that PayCly is the best online payment service provider in Malaysia for forex trading, PayCly provides all of these benefits at the lowest prices among the all-top service providers in the country.

Visit us at: Internet credit card processing in Malaysia

Originally published: Elbida Blog