Update: representatives from AlgoCharge have reached out to Finance Magnates and wished to clarify that the Advance Kit Merchant suit is applicable for forex and binary options brokers who have obtained regulatory license outside of the EU.
Last month Forex Magnates posted an exclusive article about the difficulties some unregulated brokers were facing in terms of their payment processing. As major EU merchant banks are uneager to work directly with unregulated firms, these companies have typically used intermediaries for handling their online payment processing. This contrasts with regulated firms that have a direct facing relationship merchant account with merchant banks. For unregulated firms, there has been an increase of situation where third party firms have been blocking broker withdrawals as due diligence is done on the account.
Providing a solution, payment provider AlgoCharge, who services online businesses including forex and binary options brokers, has announced the launch of AlgoCharge Advanced Kit Marchant Account. The product provides unregulated brokers and offshore entities the ability to receive a ‘Direct Merchant ID’ (MID) for Visa and MasterCard processing. AlgoCharge explained to Forex Magnates that they can provide firms with a direct link to merchant bank by leveraging their existing relationships with their bank partners.
The AlgoCharge Advanced Kit Merchant Account- Direct merchant account for offshore and non-regulated brokers
Following the huge success and popularity of the AlgoCharge Starter Kit Merchant Account supporting small and medium sized offshore and non-regulated Binary Option and Forex merchants, AlgoCharge is proud to release the next generation merchant account capability for Visa and MasterCard processing and complement the evolving industry with the Advanced Kit Merchant Account, that includes a Direct MID for Visa and MasterCard processing.
As part of the ongoing support and concern towards the growth and evolution of new and start up Binary Option and financial service operations, the AlgoCharge team introduce the most robust, advanced and attractive Merchant Account available.
The popular AlgoCharge Starter Kit Merchant Account mechanism was originally designed and offered as an initial payment processing tool for new business entities still exploring their business model and establishing their brand name and market status. AlgoCharge is proud to be part of the handsome and steady growth, success, impressive volume and positive direction of the entire industry with so many successful merchant’s performance in particular.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
Due to the post discovery stage environment within the life cycle of the Binary and Forex industries and due to the multiple corporate structures utilized by the various brokers and operators, AlgoCharge has taken the appropriate action to provide a more suitable and tangible solution following the Starter Kit.
Following the recent release of the revolutionary Advanced Kit Merchant Account the industry has reacted with vibrant reactions and feedback, ranging from great excitement due to better financial accountability, improved cash flow planning and relief, improved terms, enhanced stability to complete disbelief by some industry entities and competitors.
The Advanced Kit Merchant Account incorporates Direct MID features with leading EU banks, advanced corporate structure supporting the onshore or offshore entity domiciliation and banking while enhancing long term stability and a more logical operational mechanism with better financial control.
Complementing merchants with over 100 payment methods through a single, elegant and cutting edge technological interface, AlgoCharge increases and enhances online conversions with myriad combinations of payment methods and currencies as derivatives of end user countries and jurisdictions . Visa, MasterCard, all leading credit cards, alternative payment methods, fast bank transfers and wires, e-wallets, pre-paid cards and many more methods, Algocharge offers merchant account solutions for any type of broker with processing capabilities covering any jurisdiction, region and country worldwide.
While utilizing the stability of mainland Europe banking structures and an advanced team of risk, technology and financial specialists, AlgoCharge has surfaced as the leading payment processor for the Forex and Binary sectors thanks to exceptional corporate navigation and stability during times of political uncertainty with regards to the emerging online Forex and Binary industries.
Algocharge goes to great lengths to ensure the ongoing success of our clients and merchants. Supporting the largest amount of Binary and Forex industry merchants, brokers, platforms and partners proves the high amount of confidence entrusted in AlgoCharge and we look forward to continue providing the most advanced and wide selection of payment solutions, advanced technology with dedicated and professional service.
AlgoCharge Merchant accounts
• Starter kit merchant account for new brokers
• Advanced kit merchant account for active brokers
• Enterprise merchant account for large brokers
AlgoCharge, the leading payment processor of the online financial retail industry offers cutting edge capabilities utilizing the next generation of payment solutions and technology typically geared for online trading. Serving hundreds of Forex and Binary operations across the globe for over a decade, AlgoCharge complements merchants with over 100 payment methods and solutions.