High sales are a key factor in the broker’s success. Marketing, advertising, and affiliate programs can attract a large enough target audience, but the leads flow may face technical problems that reduce conversion.
The broker’s payment system should work as flawlessly as the trading platform. If a trader cannot quickly and conveniently transfer money to a trading account, he will not be able to enter the trading at the best price or close his positions in time, successfully avoiding «stop-out.» Facing such problems, the client is likely to go to a competitor. The XCritical trading platform provides many mechanisms to minimize the risk of margin call, but most importantly — it allows clients to make deposits easily, independently, and at the right time.
Ways of trading account replenishment
Brokers are constantly searching for the best payment solutions to ensure customers from different regions easily and quickly fund their trading accounts. They must be reliable, safe, and profitable for customers and brokers. The solution’s variety in the fintech market is growing every day.
There are several main ways to fund your account:
- Bank payment. The usual classic method of transfer. It is not the fastest and may take from hours to working days. Such a way is not comfortable for everyone, as not every client is aware, has the time, or is willing to dive into the nuances of bank transfer work. At the same time, depending on the jurisdiction, this method of replenishment for a trader can remain the only available. Therefore, the broker should always be able to transfer funds directly to the trading account quickly.
- Debit card. This is the most popular method, and it is a must-have for any broker. The key point is the need to use the services of different processing centers. The more secure and easier it is to work with them, the more efficiently it will be to establish the reception of payments from debit cards.
- Payment systems such as e-wallets and various online services. Their number grows every day. The popularity of such payment systems, the list of supported currencies, and the cost of service vary in different regions.
- Crypto payments. It is a quick and effective way to replenish your trading account. It is helpful if you are familiar with cryptocurrency and actively use it. At the same time, this method makes it easy to carry out a quick start of business without waiting for the full integration of more traditional ways.
Managing all the above ways of replenishing the trading account can be a serious problem. It is necessary to provide the technical part to accept different payments. In addition, it is essential to keep a record of receipts from other systems.
If the broker wants to have an extensive reach of the target audience, it is necessary to offer clients the maximum replenishment methods. Even within one region, a limited set of payment systems is not effective. The same customers can use different services, and the broker’s task is to give them this opportunity. Otherwise, it will be complicated to retain and increase the customer base.
Large businesses can have an abundance of payment solutions. From the client’s point of view, they can even duplicate each other. This is an ideal condition for both the broker and the client. At the same time, for a start-up business, a combination of favorable terms from a payment provider that supports work with its target customers can significantly increase the chances of scaling or launching a business in a new region. Also, do not forget about the important requirements for reliable software and prepared marketing. However, if it is necessary to meet the deadline with a project launch in a short time, the speed of new provider implementation is critical.
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How does XCritical help to solve a business problem?
The XCritical platform includes all necessary for consolidation and adjustment of the broker’s payment system. Each of the added replenishment methods fits organically into the built-up system:
- XCritical CRM performs cash flow analysis.
- From a personal account, there are all available ways to replenish the account.
- Replenishment methods are dynamically adapting to the client’s conditions and country.
- After choosing the replenishment method, the customer clearly understands what currency and for what amount he can make a deposit.
- The user will find any of the methods both in the trader’s personal account and on the XCritical trading platform easily.
Brokers should not be limited to existing integrations. With reliable payment service, technical documentation, API description, the company can guarantee, and improve the quality of business quickly.
XCritical spent years debugging the integration of various payment systems. Thanks to a strong team and comprehensive expertise in working with various providers, it became possible to create a set of convenient and effective solutions that cover the needs of many brokers. E.g, using the product certified by PCI DSS allows you to replenish accounts from debit cards quickly and safely. After the first use of the service, the user does not have to re-fill all standard requisites but only pass the security check (3D Secure). It has been proven that only this one option increases the number of deposits by 15-20%.
XCritical is already integrated with more than 150 payment systems and more than 50 processing centers. Adding replenishment methods to the broker’s order takes a minimum of time — from 1 to 10 days, depending on the requirements. Due to this, the client will be able to open the business in any part of the world easily. Establishing the payment acceptance process with XCritical is not a problem, but a simple task, which is solved in a short time.