Top Canadian Payment Processors and Aggregators: A Comprehensive Guide

Canada's diverse and dynamic business landscape has fueled the growth of several prominent payment processors and aggregators. As of August 2023, the top five Canadian payment processors are:

1. Moneris Solutions

Moneris Solutions is one of Canada's largest payment processors. It offers a wide range of payment processing solutions, including point-of-sale (POS) systems and e-commerce solutions, catering to businesses of all sizes. Moneris focuses on providing secure, scalable, and flexible payment options, making it a preferred choice for enterprises ranging from small startups to large corporations. Its comprehensive suite of services includes payment terminals, online integration, and merchant services.

2. Square

Square is renowned for its user-friendly interface and mobile payment solutions, making it a hit among small businesses in Canada. Square's offerings include in-person and online payment processing tools, inventory management, and analytics. The platform's simplicity and robust features have allowed it to gain a significant market share, particularly among merchants who prefer easy-to-use solutions for handling payments.

3. PayPal

PayPal is a globally recognized payment platform that enjoys widespread use in Canada. It allows businesses to accept payments from customers through various methods, including credit cards and PayPal accounts. PayPal's user-friendly interface and extensive transactional security features have made it a reliable payment solution for both online and offline businesses. Its competitive pricing and ease of use contribute to its popularity among Canadian businesses.

4. Stripe

Stripe is favored by tech-savvy businesses for its developer-friendly API and extensive customization options. The platform supports a variety of payment methods and currencies, making it a popular choice for online businesses. Stripe's robust API and flexible payment processing capabilities enable businesses to integrate advanced payment features and tailor payment solutions to their specific needs.

5. Global Payments

Global Payments is a major player in the payment processing industry, offering a wide range of products and services, including POS systems, e-commerce solutions, and mobile payments. These offerings cater to various business sectors, making Global Payments a versatile choice for businesses of different sizes and types. Global Payments' comprehensive suite of services ensures that businesses can seamlessly integrate payment solutions into their operations.

International Payment Providers

Beyond the top Canadian processors, several international payment providers cover Canada. These include:

Stripe - 2.9% 0.30 performing fees Square - 2.6% 0.10 performing fees PayOp - 2.4% 0.20 performing fees AuthorizeNet - 2.9% 0.30 performing fees Paymentwall - 2.1% 0.25 performing fees

The Importance of Sales Agents

While the performance and features of these payment processors are crucial, the broker or sales agent who signs you up to the processor is equally important. A sales agent's incompetence or dishonesty can significantly impact the experience and success of a business's payment processing setup. It’s essential to choose a capable and honest agent who can provide tailored solutions and support. For instance, one of the processors I work with, Pivotal Payments, is among the best if not the best, thanks to its flexible services and the integrity of its sales agents.

Case in Point: Pivotal Payments

Pivotal Payments is a company that has faced unjust criticism. As someone who has dealt with them extensively and used them as a processor, I can attest to their reliability and effectiveness. Pivotal Payments has its headquarters in Montreal and is represented in the U.S. by offices in Plano, TX. However, some reviews may mistakenly associate negative experiences with the ISOs (Independent Sales Organizations) that represent them, rather than the company itself. It is crucial to distinguish between the performance of the processor and the actions of individual sales agents.

Comparison of Payment Processors

To help businesses make informed decisions, here are some notable processors along with a few others:

Helcim: Known for its flexibility and tailored solutions. TD or Desjardins or Moneris: These traditional banking institutions offer robust payment services. Global: Provides a wide range of payment solutions for various business needs. First Data: Renowned for its comprehensive payment processing services. Chase: Offers convenient and reliable payment processing solutions.

When choosing a payment processor, it's essential to consider factors such as transaction fees, payment methods, and the reputation of both the processor and the sales agent. By doing so, businesses can ensure a smoother and more efficient payment processing experience.

Whether you're a small entrepreneur or a large enterprise, selecting the right payment processor is a critical step in managing your business's financial operations. Each of the processors discussed here has unique strengths and may be more suitable for different business types and sizes. It's important to evaluate your specific needs and consult with a knowledgeable sales agent to make the best decision possible.