The 10 Best Binary Options Merchant Account

A binary option is a type of option where the payoff can produce only two possible results, either a fixed monetary amount of an asset or nothing at all.

Both Binary options and Forex firms are two of the most strictly regulated markets worldwide. In an industry where payment processing is crucial to the survival of any business, it is increasingly challenging to secure payment processing accounts.
This is largely due to chargebacks. Binary trading leads to either great monetary gains or hefty losses. If traders are unhappy with a negative outcome of trading, they may pursue a chargeback as a means to obtain a refund, even if they do not qualify for it.
Banks usually side with their customers. The result? An expense for your business.
High chargeback rates mean a liability, and most credit card processors will not take that risk.
Luckily, there are 10 high-risk merchant account providers that do specialise in the field of binary options and will be more than happy to assist you in finding the perfect solution for your business.

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PayNetSecure

Based in Las Vegas, Nevada, PayNetSecure was founded in 2007. Their expertise lies in high volume, high risk merchant payment processing in the US and throughout the world.

The Pros

Some of the many options offered to forex merchants include the following: extensive network of US and international banks, acceptance of all major credit cards worldwide, echecks as an alternative payment method, access to local alternative payment methods, and same day ACH credits.

The Cons

There is very little information about the standard PayNetSecure contract. They do offer 24/7 phone support and a contact form, but ideally, they would feature more ways to get in contact with them instantly.

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Paydoo

With its origins in the Baltics back in 2013, this payment processing company has been fueled by an innovative and entrepreneurial spirit. Registered as an Electronic Money institution by the Bank of Lithuania, it is licensed to operate in 30 countries within the EU.

The Pros

Paydoo offers variable contract terms and pricing, depending on the merchant’s business type, processing history, and location.
Some of their products and services include: a seamless account setup, secure cross border payments, in-house technical care and customer expertise, one-click checkouts, and recurring billing.
Security is the hallmark of any reputable merchant account provider and Paydoo does not hold back. Customers can feel confident knowing that Paydoo is L1 PCI DSS Compliant with 2048-bit SSL data encryption, delivering the highest level of secure payment services.
Some of their products and services include a seamless account setup, secure cross border payments, in-house technical care and customer expertise, one-click checkouts, and recurring billing. Additionally, Paydoo is L1 PCI DSS Compliant with 2048-bit SSL data encryption.

The Cons

Paydoo does not disclose its pricing publically. There is no mention of specific rates or fees charged by the company. As standard practice in the high risk industries, merchants will need to expect higher than average fees. They will also be subject to cash reserves.

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Allied Wallet

Founded in 2006, Allied Wallet is one of the leading online payment processing companies in the world. Providing payment solutions in 196 countries all over the world,
the company is headed by CEO Andy Khawaja and is headquartered in London, England.

With a 98% approval rate, merchants are up and running in less than one day.

The Pros

The features and benefits offered by Allied Wallet include comprehensive solutions for binary options businesses, digital eWallet solutions, accepts over 100 currencies in 196 countries, rates starting at 1%, settle profit directly into merchant’s bank account, secure data transfers with PCI Level 1 compliance, reduced declined payments with Fraud Scrub Technology, and track transaction with robust reporting system.

The Cons

Allied Wallet seems to have a host of fees including: monthly maintenance fees, transaction fees, refund fees, retrieval fees, chargeback fees, wire fees, a rolling reserve, and if that’s not enough, they also are known for fund holding. Merchants really should evaluate what is most important in their business as these fees will inevitably affect the bottom line.

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EMA

With offices in both Riga, Latvia, and Milan, Italy, EMA is made up of a team of bankers with backgrounds in both IT and credit card processing that specialise in helping merchants find the best payment solution and facilitating the integration process.

The Pros

EMA makes specific suggestions so merchants interested in opening a binary option merchant account can do so successfully. First, merchants have to make sure they open a european gambling or financial licence (i.e, CySEC). Second, be aware that American Express transactions should not be accepted. Finally, although 70% of all deposits are made through eWallets, the larger investments are made with bank cards.

The Cons

They only offer an email contact form, and a phone number, but no live chat feature. Chat features are quick and convenient way for merchants to get their most important questions answered. Valuable time is wasted in simply using online contact forms and email.

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Instabill

Located in Portsmouth, New Hampshire, Instabill was founded in 2001 by CEO Jason Field to help high risk merchants secure credit card payment solutions.

The Pros

Bitcoin merchant benefits include the following: easy person to person transfers, no debit/credit card or PIN use, a convenient storage solution on your PC or smartphone, traceable transactions to deter fraud.

The Cons

Due to Instabill’s focus on high risk accounts, it may feature tiered pricing, early termination fees, and PCI Compliance fees. Most complaints against Instabill are about the company’s fraud prevention policies. Merchants report cancellation of their merchant accounts or withholding funds.

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PayNetSecure

Based in Las Vegas, Nevada, PayNetSecure was founded in 2007. Their expertise lies in high volume, high risk merchant payment processing in the US and throughout the world.

The Pros

Some of the many options offered to binary merchants include the following: extensive network of US and international banks, acceptance of all major credit cards worldwide, echecks as an alternative payment method, access to local alternative payment methods, and same day ACH credits.

The Cons

There is very little information about the standard PayNetSecure contract. They do offer 24/7 phone support and a contact form, but ideally, they would feature more ways to get in contact with them instantly.

0 7

High Risk Solutions

Founded in 1995 and headquartered in Plantation, Florida, High Risk Solutions specialises in providing payment solutions for a wide range of high risk merchants, including binary options.

The Pros

They have an extensive network of partners to prescribe the best payment solution to benefit the merchant’s business.

Other benefits include: reliable on-time payouts, processing in 150 currencies, gateways are secure/ PCI compliant, and real-time technical support.

The Cons

The company only offers a contact form in which they say they will get back in touch within 24 hours. A lot can happen during this time frame in a business and therefore, this is not a helpful option. It also provides an email address. When they will respond to that is anyone’s guess.

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Radiant Pay

London-based Radiant Pay is an agency offering payment solutions to merchants across all “legal” industries, including binary option merchants. It is a leading payment solution provider in the UK, European, and Asian countries.

The Pros

Some of the advantages offered include quick approvals, partnership with banks around the world, round the clock support, affordable pricing plans, quick payouts, minimal transaction charges, no deductions from revenues, uncapped transaction volumes, multi-currency processing, low taxes, risk management solutions, and personalised consultations.

The Cons

Some complaints about the company have to do with sales agents imposing highly undesirable contract terms. It is best to read the fine print thoroughly before signing anything with this company.

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Web Merchant

Founded in 1997 and headquartered in Kingston upon Hull, UK, Web Merchant is platinum accredited partners with major UK, European, and Worldwide banks.

The Pros

Some of their benefits include powerful risk management tools, full reporting interface, adapted payment solutions. Dedicated support for gaming operators, sophisticated anti-fraud systems, multiple payment methods, PCI DSS specialism, transaction optimisation, 24/7 support, comprehensive anti-fraud solutions, multiple acquirers in one solution, payment solutions adapted to your needs.

The Cons

Web Merchant partners with a vast number of acquirers and banks and therefore makes it virtually impossible to know what offerings, fees, and services from the start. It is critical to know this information and not get hit with unexpected fees, courtesy of the acquiring bank.

10

MerchACT

Founded by leading global payment expert Patricia B. Weber and payments industry veteran, Jared Ronski, MerchACT has been providing payment solutions to high risk industries for 15 years.

Headquartered in Boca Raton, Florida, MerchACT has been specialising in binary merchant accounts for 15 years.

The Pros

Some of the benefits and features of their merchant accounts include: in-house support, PCI Compliant gateway, fraud tools, chargeback management and reporting, no application or setup fees, MerchACT directly processes the merchant account, long-term partnership through life of the account, assistance with global expansion, multi-currency options, SSL Encrypted Servers, all major credit card acceptance, recurring billing, safe and simple API system, and high volume merchant account facility.

The Cons

The only way to get in contact with the company is via email or the contact page on their website. Merchants need more ways to be able to speak to an actual person, especially for more complex issues. Chat and a direct line to a representative would be highly beneficial.

Furthermore, their acquiring banks are known to terminate merchant accounts based on volatility of sales.

Provider of the Month

The key to success in the binary options industry is to develop a solid relationship with a reputable merchant account provider that is well-acquainted with the industry.
While new regulations are posing an even greater challenge to obtain a merchant account provider, there are a few good, solid ones to consider.
There is no doubt that providing alternative payments to your checkout page gives customers a wealth of purchasing options. Staying current on regulations and innovations in payment processing will keep you abreast of the development in the binary options industry.