This Page's Content Was Last Updated: February 6, 2024
When it comes to choosing the best payment processing company for your business, consider things such as transaction fees, security measures, customer support, and integration options. In this article, we’ll take a closer look at some of the top payment processing companies in Canada and help you make an informed decision for your business so that you can start accepting credit cards, debit cards, digital wallets, and other payments.
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What We Like:
Stripe is one of the best online payment processors in Canada, giving Canadian businesses access to over 100 payment options in 135 currencies and 195 countries. You can receive and pay out funds in multiple currencies, or automatically convert currencies, making global payments easy.
Stripe also offers advanced fraud detection, customizable payment forms, and detailed reporting to help you manage your payments efficiently. With transparent pricing and no hidden fees, Stripe is a popular choice for businesses of all sizes.
Some key features of Stripe include:
Stripe's card reader, the BBPOS WisePOS E, is used for chip cards, magstripe cards, contactless cards, and digital wallets. It costs $299, while the dock costs $49. The compact BBPOS WisePad 3 can't be used for magstripe cards, but costs only $79.
Tap to Pay is also available on Android, allowing businesses to accept contactless tap payments using their own Android phone or tablet without needing to purchase hardware.
In-Person Transactions
Credit Card | 2.7% + $0.05 |
Interac Debit Card | Interac Debit Card |
International Credit Card | 3.5% + $0.05 |
Tap to Pay | $0.15 |
Card Reader | $299 (BBPOS WisePOS E) $79 (BBPOS WisePad 3) |
Online Transactions
Credit Card | 2.9% + $0.30 |
International Credit Card | 3.7% + $0.30 |
Pre-Authorized Debit | 1% + $0.40 (Up to $5.00) |
Chargebacks | $15 |
What We Like:
Shopify Payments is a payment processing service specifically designed for businesses using the Shopify ecommerce platform. It offers a seamless integration with Shopify and allows businesses to accept payments with the world’s “highest-converting” one-click checkout. Shopify also sells POS devices for in-person transactions.
Some key features of Shopify include:
Shopify’s POS devices are powered by Shopify Payments. Here’s how much it costs to buy hardware from Shopify:
Countertop Kit (Tablet stand + POS Terminal) | $459 |
POS Go | $299 |
Tap & Chip Card Reader | $49 |
In-Person Transactions
Credit Card | 2.7% |
Online Transactions
Credit Card | 2.9% + $0.30 |
Store Monthly Fee | $119/month per location |
What We Like:
Square is a popular payment processing company known for its simple and user-friendly interface. It offers a range of services including credit card processing, point-of-sale systems, online invoicing, and more with no setup or monthly fees. Square also offers competitive pricing with no long-term contracts or monthly fees.
Some key features of Square include:
You can buy or rent hardware from Square, and even purchase a complete POS system with hardware kits. Tap to Pay on Android is also available as a hardware-less alternative. Here’s how much it costs to buy hardware from Square:
Square Register Kit (Register, cash drawer, receipt printer, paper) | $1,529 |
Square Register | $899 |
Square Terminal | $399 |
Square Stand | $249 |
Square Reader | $69 |
Tap to Pay on Android | Free |
In-Person Transactions
Credit Card | 2.65% |
Interac Debit Card | 0.75% + $0.07 |
Manually Keyed In | 3.4% + $0.15 |
Online Transactions
Credit/Debit Cards | 2.9% + $0.30 |
What We Like:
Created and owned by RBC and BMO, Moneris is the leading payment processing company in Canada with over 350,000 merchants. It offers a wide range of payment solutions including credit card processing, online payments, and point-of-sale systems. Moneris also offers an online restaurant ordering platform, self-ordering kiosks, and business supplies.
Some key features of Moneris include:
Moneris terminals come with a monthly fee for their rental, and includes features such as wireless 4G connectivity, all-day battery life, and a LED touchscreen. Here’s how much it will cost to rent a device from Moneris:
Moneris Go Plus | $34.95/month |
Moneris Go | $29.95/month |
In-Person Transactions
Credit Card | 2.65% + $0.10 |
Interact Debit Card | $0.10 |
Online Transactions
Credit Cards | 2.85% + $0.30 |
Interac Debit Card | $1.00 |
Online Store | Starting from $36/month |
What We Like:
Elavon is a global payment processing company that offers solutions for businesses of all sizes. It provides services like credit card processing, e-commerce payments, and point-of-sale systems. Elavon stands out for its advanced security features and innovative technology. In Canada, Elavon is partnered with Costco to offer member-exclusive processing rates. Elavon’s POS software has a monthly fee that starts from $23 per month.
Some key features of Elavon include:
In-Person Transactions
Qualified Rate | 1.45% |
Reward Credit Card | 1.99% |
Non-Qualified Rate | 2.07% |
Premium Credit Card | 2.07% |
Super Premium Credit Card | 2.8% |
Manual Keyed-In | 2.8% |
Minimum Monthly Charge | $10/month |
Online Transactions
Starting from | 2.07% |
What We Like:
Helcim is a Canadian payment processing company based out of Calgary that offers a variety of services including credit card processing, e-commerce payments, and point-of-sale systems. It stands out for its transparent pricing and exceptional customer service.
Some key features of Helcim include:
Helcim offers a standalone terminal with a built-in thermal receipt paper, as well as a portable card reader for tap and chip transactions.
Helcim Smart Terminal | $399 |
Helcim Card Reader | $139 |
In-Person Transactions
Mastercard
Consumer | 1.43% + $0.08 |
Mastercard Premium | 1.77% + $0.08 |
Mastercard Corporate | 2.46% + $0.08 |
Visa
Consumer | 1.59% + $0.08 |
Premium | 1.76% + $0.08 |
Corporate | 2.38% + $0.08 |
American Express
Consumer | 2.27% + $0.08 |
Premium | 2.27% + $0.08 |
Corporate | 2.28% + $0.08 |
Online Transactions
Mastercard
Consumer | 2.57% + $0.25 |
Premium | 2.80% + $0.25 |
Corporate | 2.56% + $0.25 |
Visa
Consumer | 1.98% + $0.25 |
Premium | 2.30% + $0.25 |
Corporate | 2.58% + $0.25 |
American Express
Consumer | 2.71% + $0.25 |
Premium | 2.71% + $0.25 |
Corporate | 2.71% + $0.25 |
What We Like:
Clover is a payment processing company owned by First Data, which handles almost half of all credit and debit card transactions in the United States. In Canada, Clover provides services like in-person credit card processing and point-of-sale systems. Clover stands out for its user-friendly technology and variety of features.
Some key features of Clover include:
Clover’s retail systems come with a monthly fee, even if you pay in full for the hardware.
Starter (Mini Touch Screen POS) | $799 + $14.95/month |
Standard (Station POS) | $1,799 + $49.95/month |
Advanced (Station POS with Handheld POS) | $2,398 + $64.90/month |
In-Person Transactions
Credit Card | 2.3% + $0.10 |
Manual Keyed-In | 3.5% + $0.10 |
What We Like:
PayPal is a well-known online payment processing company that is widely used by businesses of all sizes and stands out for its user-friendly platform and wide range of payment options. For a 1.5% fee, you can get instant withdrawals to your bank account.
Some key features of PayPal include:
Credit Card | 2.9% + $0.30 |
Credit Card - US | 3.7% + fixed fee |
Credit Card - All Other Countries | 3.9% + fixed fee |
QR Code Transactions - $10 and below | 2.40% + $0.05 |
QR Code Transactions - $10.01 and above | 1.90% + $0.10 |
Payment processing is the handling of electronic transactions between a merchant and their customers. It involves authorizing, capturing, and settling payments made through credit or debit cards, as well as other forms of digital payments. You’ll need to have a payment processing provider if you want to accept payment methods such as credit and debit cards.
The best payment processing companies use advanced encryption and fraud detection technologies to protect sensitive customer information and prevent fraudulent activities. They also comply with industry standards and regulations to ensure the security of transactions. Fraud and chargebacks cost businesses money, making security a top priority for payment processing companies.
Some key features to consider are the types of payments accepted, transaction fees, integration options, customer support, and security measures. It's important to choose a company that offers a variety of payment options and has transparent pricing and reliable customer service.
Yes, by choosing a payment processing company with competitive transaction fees and no hidden costs, businesses can save money on payment processing. Additionally, some companies offer discounts for high-volume transactions or for using their own equipment.
A reliable payment processing company can help businesses increase sales by providing a seamless and secure payment experience for customers. It also helps in managing cash flow, reducing the risk of fraud, and improving overall efficiency.
Yes, many payment processing companies offer international payment options and support multiple currencies, making it easier for businesses to expand globally. They also provide fraud protection and compliance with international regulations, making it a safe and convenient option for businesses to accept payments from customers worldwide.
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