A number of challenges exist today that one needs to understand when building the ideal payment infrastructure for forex brokers.
As a result of COVID, more people are online than pre-pandemic, and that number is only increasing, so it is worth exploring what it takes to create an infrastructure that is not only safe, secure, and intuitive to use, but that guarantees payments come through and that you’re not losing transactions that could impact your bottom line.
The increased volume of online activity along with a plethora of new payment options has caused fragmentation and is one of the main challenges in FX to overcome.
An Infrastructure That Integrates with Payment Methods – Both Locally and Globally
We are living through a truly global digital time, and as such, in order to attract and maintain clients, you need to offer users on your platform a number of payment options.
Attention spans are notoriously fickle these days, so an intuitive and easy to use platform is important for customers, whether retail or enterprise, to stay on the platform.
There are so many payment methods out there, both used locally and globally, and if anything, that number is only going to proliferate during this period as many new payment methods enter the market to meet growing demand.
The Importance of Data Management
Without proper data management, there is chaos. Merchants managing a busy site encounter a major challenge when connecting to multiple providers not just in added complexity but in costs, which can significantly impact an organization’s bottom line.
As a merchant, you need to offer users visiting your site a range of payment options, and in order to do so, you need a large team to manage the whole process for each provider.
Consider saving yourself the stress and costs associated with managing multiple providers and look for a platform which manages all your data through one connection.
Reduces the Number of Failed Transactions
This is where the rubber hits the road, and where many platforms lose money and paying customers. Transactions lost add up, and as such you need infrastructure which successfully minimizes the amount of failed transactions.
This is no small feat as every day a new digital payment method comes on the market, many times to service local needs.
You need to build an infrastructure in which customers know their payments will be accepted; one that according to BridgerPay, in which the average merchant approval ratio is better than 50-60%.
Once prospective customers leave your platform as a result of a failed transaction they are not coming back.
Transparency and Trust
If there was one field that FX can improve in, it is transparency. During COVID times with so many people online, your clients expect a level of complete transparency in order to feel secure.
That means they feel comfortable using their preferred payment method, and have a positive experience on your platform. Additionally, as the number of users on trading platforms has increased, as have cases of fraud.
No matter how good your platform is, building trust with your customers during their initial experience is key.
When building a payment infrastructure which offers all the above; integration of global payment methods, the razor’s edge of technology, and security consider BridgerPay’s suite of services.
We are a global, cloud-based fintech platform designed to optimize your business payment needs. We understand the importance of transparency, effectively managing data, how to use AI to help you make informed decisions, and ultimately how to save you money by avoiding failed transactions. To learn more, visit our website here.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.