Trading technology provider BackPack announced the launch of a new payments solution this Thursday.
Called BackPack Pay, the product was launched in conjunction with payments company Praxis Cashier.
“It is a matter of great satisfaction for us to team up with an industry leader such as Praxis Cashier for the creation of this cutting edge payment solution,” said Yoni Avital, Backpack’s CEO.
The new solution can be integrated with the MetaTrader 4, MetaTrader 5 or WOW TRADER platforms.
Brokers using those platforms can access the payments system as a widget by making minor additions to its coding.
No Pain, No Gain: A New Dawn for the South African CFD IndustryGo to article >>
For many retail trading firms, especially those based in Europe, integration with existing trading platforms should make any regulatory reporting requirements simpler.
Payments problems, new solutions
BackPack said in a statement that their new solution allows firms to accept payments in more than a hundred different currencies.
Customers can use any major credit card to make payments using the system. BackPack pay is also connected to more than three hundred payment gateways.
“Backpack Pay has been tailored to suit the requirements of businesses looking to overcome their payment related obstacles which became a huge challenge for many companies nowadays,” added Avital.
Though regulations tend to get more headlines, payments have arguably been much more problematic for retail trading firms over the past couple of years.
Brokers have been classified as high risk by both Visa and Mastercard, meaning that any firm wishing to continue accepting from either firm has to overcome a number of lengthy, and expensive, legal hurdles.