If you are fo​llo​wing our ar​ti​cle se​ries, you know that we have alrea​dy explo​red the to​pi​cs of: fir​st ste​ps of star​ting your bro​ke​ra​ge, pla​tform provi​der choi​ce, li​qui​di​ty provi​der choi​ce and CRM se​le​ction. The next vi​tal (yet often over​loo​ked) step to star​ting your bro​ke​ra​ge is the choi​ce of your pa​yment se​rvi​ce provi​der (PSP).

What is a PSP & why do I need one?

In the di​gi​tal wor​ld we live in to​day, the nu​mber of mo​ney de​po​sit for​ms avai​la​ble on​li​ne is vast. Gran​ting your clien​ts a choi​ce of de​po​sit me​tho​ds alwa​ys goes a long way, but in​te​g​ra​ting each and every one of them se​pa​ra​te​ly is not only co​mplex, but also very co​stly.

The na​tu​re of the fo​rex bu​si​ne​ss also implies high tran​sa​ction vo​lu​mes and ju​ri​sdi​ctio​nal re​gu​la​tions. The fai​lu​re to con​si​der this may re​su​lt in de​po​sit issues, di​ssa​ti​sfied clien​ts, and con​se​quen​tly - mo​ney loss.

This is whe​re pa​yment provi​ders (PSPs) come into play. Si​mply put, a PSP is a third par​ty that allo​ws you to acce​pt a wide va​rie​ty of pa​ymen​ts throu​gh a sing​le chan​nel. Fo​rex pa​yment provi​ders are spe​ci​fi​ca​lly de​si​g​ned to han​dle lar​ge tran​sa​ction vo​lu​mes and re​spond to re​gu​la​tion re​qui​re​men​ts when doing so, not only cu​tting your co​sts, but also saving you or​ga​ni​za​tio​nal trou​ble.

How do I choo​se the ri​g​ht PSP?

Na​tu​ra​lly, the​re are a va​rie​ty of fa​ctors to con​si​der when choo​sing a PSP. Star​ting from the provi​der’s risk pro​fi​le, to coun​tries of ope​ra​tion, te​ch​ni​cal apti​tu​de, nu​mber of avai​la​ble cur​ren​cies, amount of pa​yment chan​ne​ls, tran​sa​ction co​sts, ho​lding time, sta​bi​li​ty and re​pu​ta​tion. A re​lia​ble PSP can also get you be​tter conver​sion ra​tes, hen​ce boo​sting your ove​ra​ll per​for​man​ce.

The​se co​mpa​nies spe​cia​li​ze in fa​ci​li​ta​ting card tran​sa​ctions for in​du​stries like ga​ming and FX/CFD bro​ke​ra​ges, whi​ch ma​kes them fu​lly equi​pped to prevent un​der​lying issues, such as char​ge​ba​cks that can end up cau​sing bro​ker lo​sses.

So​me​thing to keep in mind is - the​re are many PSPs that come to mar​ket, and a lar​ge ma​jo​ri​ty of them are new. Bro​kers ge​ne​ra​lly like to choo​se esta​bli​shed and re​pu​ta​ble PSPs that se​rvi​ce other in​ter​me​dia​ries as well, be​cau​se they have a rea​son to pro​te​ct their re​pu​ta​tion, as oppo​sed to un​k​no​wn, “new-born”provi​ders.

All in all, it main​ly co​mes down to re​pu​ta​tion. As in the case of li​qui​di​ty, CRM and pla​tform provi​ders - it’s essen​tial to do your re​sear​ch and make sure your provi​der of choi​ce offers the tran​sa​ction speed, co​mfort of de​po​sit and se​cu​ri​ty for both in​co​ming and ou​t​going tran​sa​ctions.

How does it all come to​ge​ther?

It’s vi​tal to con​si​der whe​ther your tra​ding pla​tform is co​mpa​ti​ble with your pa​yment se​rvi​ce provi​der of choi​ce. Some tra​ding pla​tform so​lu​tions con​tain bugs that impe​de de​po​si​ts, whi​ch can not only cau​se client fru​stra​tion, but also prove to be in​se​cu​re. cTra​der can be fla​wle​ssly con​ne​cted to any PSP, CRM and li​qui​di​ty provi​der you have in mind via cTra​der’s va​rious APIs, so if you look to start your own bro​ke​ra​ge - don’t he​si​ta​te to rea​ch out to us to​day!

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