REQUEST A QUOTE

MYTHS & TRUTHS

We understand that buying your first POS terminal or switching providers can be overwhelming. Our goal is to help you understand the payment processing industry and answer any questions you might have. Below are a few common misconceptions we’ve demystified for you. At MONEXgroup we do not just sign contracts – we forge business relationships!

We are proud to be awarded the #1 Ranked Payment Processor in Canada! With our quality of service we can understand and anticipate your business needs. We know that you are different form every other customer we’ve ever had – just like you will come to realize we are very different than your last payment processing company.

“It’s not just a Contract, it’s a Business Relationship”

  • MY BUSINESS DOESN’T NEED PAYMENT PROCESSING
    • Demystified: In our increasingly digital world, more purchases are being made with plastic than ever before. With the increased ease and security of credit and debit cards – consumers are becoming far less reliant on cash when making purchases. In fact, a whopping 71% of Canadians would be comfortable, if not prefer to, never handle cash again (up from 27% in 2011) according to PayPal Canada.
  • THERE IS NO DIFFERENCE BETWEEN PAYMENT PROCESSING COMPANIES
    • Demystified: At MONEXgroup we do not just sign contracts – we forge business relationships! We are proud to be awarded the #1 Top Ranking for Credit Card Processing in Canada and with our quality of service and personal connection to your business we can understand and anticipate your business needs. We know that you are different form every other customer we’ve ever had – just like you will soon come to realize we’re very different than your last payment processing company.
  • THE RATE I AM QUOTED IS THE RATE I WILL BE BILLED
    • Demystified: With MONEXgroup – the answer to the above myth is YES. We offer transparent, highly competitive credit and debit card payment processing rates.However, the rate that’s quoted (with other payment processing providers) is quite often not the rate that’s billed. Business owners are habitually only informed about the advertised discount rate with other payment processing providing companies conveniently skimming over the: Assessment, Interchange and NON-Qualified Adjustment Fees (that are automatically added on to each transaction). Just like that – the 1.29% rate quickly turns into 2.78% – with a swoop of a misinformed pen.Beck Taxi Limited had researched a number of other POS suppliers, but what we found with MONEXgroup was that they offered a very unique and cost effective program which allowed Beck Taxi the ability to easily manage the installation of the POS machines in our taxis ~ President, Beck Taxi.
  • 100% OF THE FEES YOU PAY GO DIRECTLY TO THE PAYMENT PROCESSOR.
    • Demystified: False. When a purchase is made on a credit card or debit card – payment processors transfer this money into your account (typically within 48 hours). You are then charged a small percentage fee for this, but only a tiny portion of that cost is actually going to your payment processor. The vast majority of the fee charged for accepting credit and debit card payments is determined by the type of card you accept.