Trading on the foreign currency exchange market can be a profitable option for those with a trusted broker and a sound strategy. However, the process of turning the profits into funds that can be spent can be a bit of a hassle with their fees and obstacles. This is why many service providers are recommending clients to switch to the more efficient method of payouts using prepaid cards. Here are 6 reasons why they recommend you to do so:
- Timely Payouts
Unlike traditional payout methods, forex traders can send payouts to their clients immediately anywhere around the world and the funds can be either spend online or at any bank or ATM network. Also, card loading with the use of an API can easily be integrated to most FX platforms in current use. This ease of access and increased responsiveness to a client’s request gives participating brokers not only an advantage in retaining existing clients but can also draw new clients in who were previously put off by the lengthy processing time of traditional payout methods.
- Higher Payout Limits
Not only can your forex profits be paid out instantly, clients can also access their funds and withdraw it as cash quickly and efficiently. This feature is possible thanks to the fact that the maximum withdrawal limit of prepaid cards is relatively high, with some providers allowing a daily limit of $50,000USD. This easy access to their funds increases a client’s monetary flexibility and spending potential.
- Seamless Platform Integration
Most current prepaid card service providers have established platforms such as their own mobile apps, IVR/SMS systems and marketing platforms; offering localized language support and physical card issuing services. These deliverables help forex companies streamline their payouts and not only become more user-friendly but also more cost effective.
- More Economical Rates
Compared to typical bank transfers, prepaid cards offer significant savings in transfer rates. While the amount may seem insignificant at first, the savings from switching to prepaid cards can quickly accumulate into a number of substantial value, especially for those with transactions that happen at regular intervals. Client-facing service providers can also benefit from lower rates, passing the savings to investors at no cost of additional work while increasing the value of your services and product.
- Streamlining Payment Reconciliation
Prepaid Visa credit cards provide the means to offer clear layouts to establish reconciliation reports and other payout management activities, recording each change in the balance of their associated accounts on an individual level. These real-time updates help in the creation of chronicle reports, making payout management effortless and trouble-free.
- Globally Accepted
Under most circumstances and at most places around the world, the difference in usability between a Visa prepaid debit card and a traditional credit or debit card is negligible, prepaid cards can be used at any venue (online, offline or with a ATM network) that already accepts credit cards. The convenience of having an already established network that readily accepts prepaid cards empowers your clients with an increased spending capability and the sense of truly profiting from their forex transactions.