Published On: August 5, 2016

There are a wide variety of payment processing companies in Canada, small and large, to service small or large businesses alike. Payment processing companies in Canada follow a strict guideline governed by the Canadian government and must be PCI compliant. There is a set of key criteria that merchants can follow in order to choose the best option for their business from the best payment processing payment companies in Canada and their respective merchant processor solutions. In this article, MONEXgroup will explore some useful tips for business owners to employ when choosing amongst the best payment processing companies in Canada and their solutions.

A payment processing company is considered a third-party company that is appointed by a merchant to handle credit and debit card transactions for merchant’s acquiring banks. Payment processors are broken down into two types: ISO’s and Acquirers. An ISO is an organization that is not directly part of the Visa or MasterCard member banks, but has strategic relationships with key members to enable offering competitive services. An acquirer is a bank or financial institution that processes credit or debit card payments on behalf of a merchant, and has direct relationships with the major cord brands.

What is Credit Card Processing?

Credit card processing initiates when a customer pays with his/her credit card in exchange of goods or services. At this point, the customer’s credit card information passes through a secure connection to the processor, and then to the credit card network, at which point the bank that issued the customer’s credit card will release the amount from the customer’s card to the merchant.

When understood properly, credit card processing is actually not very complex. In fact, it is a necessity for all business owners to understand the steps involved in receiving money from their customers. Furthermore, it’s also essential for businesses to accept credit cards and debit cards, because using cash has become more and more obsolete and cumbersome in modern day business transactions.

While credit cards are easy to use for customers and their acceptance will increase revenue for a business, it can be frustrating and expensive to maintain a payment processing system. Therefore, it is imperative for business owners to make smart choices when choosing the best payment processing companies in Canada for their business with seamless service and transactions (Credit Card Processing Reviews).

What to Expect From Payment Processing Companies in Canada

Regardless of the numerous payment processing companies in Canada you can select, business owners should expect their corresponding processor to provide them with basic processing needs. What this means is that at minimum, the POS solution should allow them process transactions via Visa, MasterCard, American Express, and all major banking Debit cards. If it doesn’t, find a payment processor that does! Most importantly, the payment processing company should be fully PCI compliant with data security. Also, the POS terminals should enable the merchant to accept EMV chip and PIN cards, so in the event of a security breach, the business owner is not liable for any frauds (Credit Card Processing Reviews).

Customer Service

Ideally, the leading payment processing companies in Canada should employ a fully accessible customer support that can be reached 24 hours a day, 7 days a week, so merchants can receive immediate assistance whenever they require.

The Evolving Payment Processing Industry

The payment processing industry is constantly making improvements towards increased transparency and security. More payment processing companies in Canada have adopted transparency in pricing (as per MONEXgroup’s example), which is a logical move due to the increasing number of companies posting their pricing on their websites and showcasing their interchange-plus pricing model.

Data Security

Data security is a threat in the credit card processing industry. Many might think that small businesses are not at risk; however, small businesses are often preferred by scammers for security attacks. Since data breaches are expensive, it can certainly create a dent in the small business’ budget.

Protect Your Data

You can take two important steps to increase your security thereby protecting your data and reducing fraud. These are: 1) comply with PCI data security standards and 2) to upgrade your equipment so that you can accept EMV chip cards.

Mobile Wallets

The introduction of Apple Pay, Samsung Pay and Android Pay has pushed the payment processing industry to the next level. Therefore, when considering partnering with payment processing companies in Canada business owners should choose a payment processor that allows them to accept mobile wallets. Mobile wallets enable customers to make payments with credit and debit cards stored on their phones. Mobile wallets become a reality when the POS terminals have NFC technology, where customers can hold their phones near the NFC reader and pay away! This is an advantage a merchant can consider when they want to beat out the competition and stay on top of the game!

The following list can be considered when choosing the right payment processing companies that business owners can refer to:

  • Pricing Options: is the payment processor forthcoming about their pricing, and the types of pricing they offer?
  • Ease of Application: Is the company easy to apply to, does the application process take a long time?
  • Quick Account Setup: Is the Sales Rep helpful when setting up your machines, does Customer Service help?
  • Shop Around: It is wise to shop around to find the best cost and pricing package
  • Contract Terms: Make sure you have read over the terms and conditions on each page, make sure you understand the legal terms

Why choose MONEXgroup as Your Payment Processor? is an industry watchdog that evaluates top payment processing companies in Canada based on the payment processor’s size of offerings, services, customer feedback and relevant metrics to determine the overall performance of the processor. Once again in August 2016, MONEXgroup is rated as the number 1 payment  processing company in Canada and the leading merchant service for business owners. Why? Firstly because MONEXgroup is an experienced player in the POS industry, having been around for 15 successful years. Furthermore, MONEXgroup offers businesses in Canada with the latest credit and debit payment processing solutions for their everyday business needs. Security, reliability and innovation in the latest POS technologies are readily available to every merchant. With latest advancements in E-Commerce, Countertop, Mobile, Wireless and Integrated Systems, the payments market has been constantly changing and that’s due to the evolution in the methods of payment, improved merchant services and sophistication of the built-in secured technologies. MONEXgroup takes on a leadership position in staying one step ahead, and we look forward to demonstrating our value to your business

When partnering with the number one Canadian merchant services in Canada; MONEXgroup will ensure you are equipped with the latest, safe and secure online payment systems with low cost. Request a Cost Comparison Analysis today.

Author: Lindsey Lu, Marketing Communication Specialist, MONEXgroup
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