Offshore High Risk Merchants
Domestic and International Merchant accounts

Credit Card Processing in Canada: Top 5 Companies

Credit Card Processing in Canada

There are a few factors to keep in mind while researching the best credit card processing in Canada. A merchant account is required in order to take credit cards from customers, regardless of the size or nature of your business. While some processors provide you with your own separate merchant account, others just add you to an existing account. 

Your own merchant account will come with a unique set of costs, but it will also provide you with flexible, often cheaper, payment options. 

You’ll be able to do business in more places and through more channels thanks to the expansion of your access to payment methods and goods. A merchant account is often worthwhile for businesses that process more than $40,000 annually in credit card transactions.

What exactly is a Payment Processor?

A payment processor is a business that processes financial transactions like credit card payments. The use of plastic for purchases is widespread. 

A merchant account provider is typically relied upon to handle the financial aspects of accepting credit card payments. Processing payments involves additional steps and time.

Credit Card Processing in Canada That You Can Trust

FreshBooks Payments

With FreshBooks Payments, companies can accept credit card payments online. Integration with other company software, such as invoicing services, is possible with this tool. Toronto is home to its headquarters.

With FreshBooks, companies may take payments in a number of different ways. They accept all major credit cards, including MasterCard, Visa, and AmEx. Apple Pay is also accepted, which is handy when shopping online. 

They can also connect to third-party payment processors. FreshBooks allows you to accept any type of payment with its integration with PayPal and Stripe. There will be no more lost-income worries for you!

FreshBooks Payments’ prices are completely upfront and published on their site. For the benefit of all small businesses, they strive to have the lowest possible fees. They also provide a wide variety of online payment options, turning your website into a convenient one-stop shop for customers. 

FreshBooks is the ideal option if you need a payment processor that can handle everything.

Square, Inc.

When it comes to accepting credit card payments, small companies often favor Square. In 2009, they got their start in the Bay Area. 

They are especially well-liked by shop owners with annual revenues of less than $50,000. Because they are a collector, that’s what they’re supposed to do. In other words, they offer a communal payment processing system. 

If your company’s sales are more than that, you should look into different processors.

Square’s low service costs are a major selling factor. The majority of companies do not charge any kind of price to join or to leave. 

However, their flat-rate price structure is method-specific. Their credit card interest rates are between 2.75 and 3.4 percent. They have no hidden costs, and you may cancel at any time.

Square’s primary flaw is the insufficiency of its support staff. Many customers have complained that getting in touch with the firm for help is difficult. Some accounts are canceled unexpectedly and without explanation. 

This might pose serious problems with money coming in. Even if your business is on the smaller side, Square is a great option for processing payments. The procedure is straightforward for the most part, and you should have minimal contact with customer service.


Another Canadian payment gateway is Moneris. They’re a Toronto-based company that started out in the year 2000. They are more expensive to set up and use a tiered pricing structure, making them more appropriate for bigger enterprises.

In general, the costs associated with setting up a Moneris wallet are rather expensive. They want setup costs and binding agreements. Typically, the duration of a Moneris contract is between three and four years. 

In many corporate contracts, early termination costs around $250. It is suggested that contracts be thoroughly evaluated. Neither the costs nor the price structure are comparable to those of the other providers.

Moneris has excellent accessibility thanks to the company’s size. You can reach them whenever you choose. However, hold times on the phone are notoriously long, and online responses take forever. When compared to other payment processors, this is still an improvement.

Stripe Payments

Founded in 2011, Stripe is a relative newcomer to the payment processing sector. Even if that’s the case, the reality remains that they’ve completely dominated their field. 

They originated in cyberspace with the aim of fixing problems associated with electronic transactions. Clients were frequently frustrated by their rivals. Customers’ immersion would be broken when they were taken off the site to complete the payment procedure. The use of Stripe resolved that issue once and for all.

Most small SaaS businesses should be accepting payments using Stripe. It was developed just for them. Stripe’s transaction costs are a fixed 2.9% + $0.30. This makes it simple to determine the cost of processing a transaction.

Stripe’s primary challenge is related to its support services. Similar to Square, many Stripe customers struggle to get in touch with helpful customer service. 

There is no phone number to call for help; instead, customers can contact them via email or Twitter. It’s easy to feel frustrated by this. You should go elsewhere for a financial intermediary if superior customer service is a priority.

Offshore High Risk Merchants

Offshore High Risk Merchants is a company that specializes in providing merchant account services for businesses that are considered high-risk by banks. They offer their services to Canadian, United States, and international merchants and have a 99% approval rate on all the merchant accounts they place.

One of the key selling points of Offshore High Risk Merchants is their willingness to accept merchant category codes (MCC) that are on banks’ prohibited and restricted lists. 

These MCCs typically include industries or business types that banks consider too risky to work with. Offshore High Risk Merchants states that as long as the business is legal, they will accept it.


Credit card processing is an essential service for businesses in Canada. It enables them to accept payments from customers using credit cards, providing convenience and flexibility. However, with numerous companies offering credit card processing services, it can be challenging to choose the right one.