Merchant Accounts Canada

For years, merchant accounts in Canada were difficult to get.

The reason?

Canadian banks had a near monopoly on the business.

Of course, if you or your business have a strong financial history, that's not a big deal. But if you don't have the best credit, or you are just starting up, banks can be tough places to get affordable merchant accounts.

That has changed today, though, as plenty of independent sales organizations now offer merchants many more options. A service like merchant-accounts.ca offers services comparable to those available to US-based merchants.

As a result, any of the information offered on this site will apply to a businessperson looking for merchant accounts in Canada.

For example, if you're shopping around for merchant accounts in Canada, ask these questions:

Will you be required to sign a multi-year contract?

If so, make sure that there isn't a large cancellation fee. If so, make sure they will be willing to waive or reduce it. If they won't, walk away. You can get a better deal elsewhere.

Do they charge you an annual fee?

A lot of companies that offer cheap merchant accounts in Canada will charge you a yearly fee that ranges from $30.00-$200.00. They’ll either call it an annual fee, membership fee, or a risk assessment fee.

For a retail merchant account, do they want you to lease a terminal?

Don't do it. Most leasing companies will not give you a break for paying the lease off early - and you’ll also pay a "buy-out fee" at the end of the lease (approx 10%). Overall, you’ll end up paying 5-10 times the amount of a cash purchase.

For an internet merchant account, do they offer a compatible internet gateway?

Check to be sure your shopping cart will communicate with the processor’s payment gateway before signing up for an internet merchant account.

For more, type "Canadian Merchant Account" in the search box below.

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What is inexpensive?!

An inexpensive merchant account is...

Not bigger than you are.

If you are small, you don't need all the bells and whistles. Online only? You may not even need a merchant account of your own yet!

Competitively priced.

Why not just the cheapest? Fees matter, of course, but remember a bad provider can be the most expensive of all if it ties up your funds, has poor products and support, or goes out of business.

Well-known and respected.

See above. Charge.com has been around since 1996 and received a number of accolades.

Free to apply for and setup.

This industry is too competitive to require application fees.

Competitive pricing:*

internet/mail/phone
2.25% discount rate
25 cent transaction fee
Retail (face-to-face)
1.85% discount rate
25 cent transaction fee
Gateway fee
$17 month
Statement/service fee
$10 month

If you are considering several merchant accounts and the prices are in this range, stop using price to compare. It's time to compare service, support, features, etc. Look beyond price.

*These rates are taken from Charge.com.