Top performing merchant account providers in Canada

Top performing merchant account providers in Canada

Top performing merchant account providers in Canada

With a lot of services offering you credit card processing, you may find it challenging to get the best that suits your business. You should ensure it meets your unique and customized business needs. It is a fact that regulations for merchant account providers are more consumer-friendly than any other country. For these reasons, some providers operate in Canada as well as in the United States. There is a code of conduct for credit card processing services in Canada which ensures fair treatment. Most of the companies abide by this code of conduct.

In Canada, EMV compliant terminals cannot be resold or reprogrammed. You need to buy your terminals outright for a cost-effective way to manage your business with credit card processing tools. There are terminals available for a monthly based rental and lease. In this article, I shall provide you with an insight into the top-performing and prevailing merchant service providers in Canada. There are some factors you need to consider when you are choosing the best Merchant Services Providers in Canada. Following criteria may be observed for this purpose:

Salient features and functions of a credit card processing service provider

  • Whether the service offers intuitive and simple products with ease of use.
  • Pricing, fees and rates of a merchant account provider
  • Accessibility, reliability and customer support

International Payment Solutions: the best in all aspects

If we shortlist the top best merchant account providers in Canada, Toronto based IPS may stand out of its competitors. With its operations in Canada and the USA is top-performing credit card processing service provider. Here are the salient features of its services:

  • It offers exclusive cost-plus pricing for all merchant.
  • Billing is on monthly based with no advanced termination charges.
  • Cost-effective monthly fees
  • IPS has online payment gateway that is easy to integrate with most of CMS and E-commerce platforms
  • Dedicated account manager
  • Offer Latest technology on merchant processing including smart terminals (Clover and Poynt)
  • Virtual terminal with recurring payment and billing and invoicing

International Payment Solutions emphasizes transparency and fair dealing along with best solutions for merchants. With affordable prices, the IPS has the most reliable sales policies. There are no hidden charges, and everything is crystal clear on its website. Here is an overview of its costs:

Fees and charges

  • For retail, it charges 0.25% + $0.05 per transaction and for ecommerce its fees are + 0.45% + $0.25 per transaction.
  • Monthly fees are $15 per month for retail and $35 per month for e-commerce.
  • It supports and deals with all business types, including retail, eCommerce, mobile and non-profits.
  • Its notable features are interchange plus credit card processing, monthly billing, no additional charges and fantastic customer support.

 Square: mobile payment processing

Square is not based in Canada, it is the merchant account provider for the community of smaller merchants in Canada. You get an aggregated merchant account with other consumers.

Square has a simple flat-rate fees system in merchant service providers. Though in recent years the company has extended its operations, but it is still supporting the small merchant. Here are its rates and charges:

  • Basically you must buy their headwear upfront no rental options
    • Square Reader: $59
    • Square Terminal: $299 Or (Lease for 12 payments of $25 at 0% APR)
    • Square POS stand: $199 (you should buy your own IPAD to use the POS system)
  • For an individual, it charges %2.65 per transaction for credit card processing and debit cards, and it has $.10 as interact flash cards.
  • 3.4% + 15¢ That’s for every manually keyed-in and Card on File payment.

The pricing system of Square is a little bit more expensive than industry average but they are not the most expensive. It provides you pay per transactions and small upfront cost.

Stripe Payment: general payment processing

Stripe is also based in USA, it is a credit card processing company who concentrates on providing online payment gateway with the best services in this field, they also offer in store payment (mobile pay) only for small business, They are always in an Endeavour to provide the services better than traditional merchant account providers. Stripe may be a third party payment processing service.

Its main feature is highlighted as under:

  • Month to month billing arrangements for merchants
  • No long term contracts and agreements
  • No ETF( early termination fees)
  • Additional safety and stability
  • Top-performing payment service providers

Fees and charges

·  Their online rate is higher than industry average and the offer fixed pricing: 2.9%+C$0.30

  • In store rate is higher than industry average as well and the offer fixed pricing: 2.7%+C$0.05 and C$0.15 per transaction for Interac debit cards.
  • One time C$399 fee for the Verifone® P400 reader

Online customer service only! No call center available

 Shopify: best choice for eCommerce

Though there are other credit card processing service providers which support e-commerce payments only. In merchant service providers for eCommerce, Shopify is distinct. It offers a solution to your unique eCommerce needs.

There is a wide range of pricing plans with Shopify which range from $9 per month to $299 per month. In Canada, you may opt for a third-party credit card processing service or Shopify payment gateway for your eCommerce transactions. If you choose Shopify payments, you are provided with a flat rate pricing package. You can also integrate your Shopify store with International Payment Solutions’s Processing gateway to cut your cost on processing by minimum 10%.

Shopify features and prices

  • If you opt for an online transaction, Shopify will charge 2.9% + $0.30 per transaction.
  • For in-person transactions, rates are 2.7% per transaction.
  • There are discount offers for high volume credit card processing.
  • Monthly fees vary from $9-$299, depending on the plan you select.
  • It supports eCommerce transactions
  • You get 14 days free trial period.