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With a plethora of payment processors, it can be difficult to find the one that best suits your business before you sign on the dotted line. However, it’s important to make sure that your payment processor aligns with your unique business needs. This document highlights the Top Payment Processors in Canada to help you begin the process of choosing a provider that is best for you. The following criteria will be used to summarize the different capabilities of each processor:
When evaluating the Top Payment Processors in Canada, there are a couple things to keep in mind. No matter the type or size of your business, you need a merchant account to accept credit cards. Some processors set you up with your own merchant account, while others add your business to a shared account. With your own merchant account, there will be different types of fees, but you will get customized – and often times more competitive – rates and plans. You will also have access to a wider range of payment channels/products which will enable you to do business in more ways and in more places. Businesses that are processing at least $40k per year from credit cards will almost always benefit from their own merchant account.
Some processors group you together with thousands of other small businesses and allow you to process with a joint merchant account. What this means is that your funds are initially deposited into their merchant account instead of straight into your own account. This is important because these processors have aggressive fraud prevention measures in place meaning that when fraud is suspected, they will quickly hold your funds to investigate – which will lead to funding delays. Additionally, without your own merchant account, the processor’s name may appear alongside your own business name on your customers’ statements – which can both confuse your customers and limit your brand exposure.