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. They offer 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.