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were introduced as part of an independent council that was established in 2004 by the American Express, Discover, JCB, MasterCard and Visa companies. Before these companies collaborated in creating one independent council, each organization demanded different requirements from merchants and financial organizations.


Payment Card Industry Data Security Standards (PCI-DSS) continue to evolve in order to meet the changes in technology, payment methods, and risks associated with a dynamic global business environment. PCI compliance is important for merchants and financial organizations to ensure that proper credit card information is protected. Tere are 12 PCI DSS requirements a company must follow in order to attain PCI Certification status. Companies that are PCI Certified must also undergo an annual audit in order to have their certification renewed on an ongoing basis. Using a PCI-DSS certified Payment Service Provider enables the online merchant to focus on their core business activity and strategy. Tere are a few PSPs that have developed services that enable merchants to store certain card holder data for swift and easy processing of following payments and transactions without the registered customer needing to provide his card details again. Tis solution increases conversions, optimizes customer service, saves costs and enhances the customer experience.


Due to the nature of credit card transactions and the relative risk consumers consider when disclosing card and identification details, alternative payment methods are wildly popular for


online transactions, especially for online trading. Pre-paid cards, e-wallets and even local wire transfer direct processing enables merchants to support a much wider client base thus increasing conversions and market reach while minimizing rick factors. Tere is high awareness regarding alternative payment methods these days especially within evolving markets and up-and-coming financial regions so offering APM’s improve the customer experience and maintain their loyalty to your brand.


Conclusion


So, what should we be looking for when searching for a Payment Service Provider? Initially, the PSP should be an established entity with vast experience with processing within the online Forex and trading industry. Advanced technological capabilities are also crucial towards securing a high transaction and process rate, thus maximizing conversions and customer satisfaction, while ensuring fraud prevention and increasing security. Multiple payment methods provided by one PSP and under one


72 | INSTITUTIONAL FX SERVICES - THE BROKERS HANDBOOK 2012/2013


overall umbrella ensures online merchants lower risk and increase exposer to a more effective and wider market reach such as evolving regions and high end markets. Remember to verify that the PSP of your choice is familiar and has experience with your business model and vertical, and is geared to maintain high conversion rates for your traffic. Tis can only be achieved by supporting as many payment options under one roof, supporting multiple and local currencies and providing an advanced and stable technological platform that includes flexible integration options, multiple interfaces and proven capabilities.


Developing and maintaining an attractive and successful Forex trading website is not an easy task. Tis multi-faceted business venture involves ongoing investment in technology, licensing, development as well as marketing, advertising, affiliate networking and so many other important factors towards building up volume. For these reasons it is crucial to utilize a reliable and professional payment service provider that is geared for this type of business.


Business process and outsourcing


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