to Get a Merchant Account in Canada
are alternatives to the Bank:
This is the easiest way to get a merchant account online and most
likely the cheapest if you just have a small product line. They
will even let you sell in Canadian funds and deposit right into
your Canadian bank account. They’ve been around for years
and you know if E-bay uses them, they must be trustworthy and reliable.
We use paypal on a few of our sites.
Canadian Merchant Account Companies:
Both of these companies above don't require you to make a substantial
security deposit when you open your Internet merchant account (unlike
many banks), and they don't require you to set up an American bank
account (unlike American merchant account providers).
Once you set
up a merchant account through either of these companies, you'll
be able to accept payment by MasterCard, Visa, and American Express
credit cards on your e-commerce site. With Internet Secure, you'll
also be able to accept Discover, while with PSiGate, you'll also
be able to accept Diner's Club/Enroute.
I can personally recommend this company since I’ve used them
before and never had any problems with them. They accept a wide
variety of credit cards and they also have Point of Sale products.
There are monthly fees so you have to weigh out the return on your
but not least (although sometimes slow via snail mail) is Canada
Post to the Rescue!
Canada Post now offers an online application that lets you quickly
create a virtual store, in English, French, or both. The store includes
SSL (Secure Socket Layering) to provide a secure online purchasing
environment, credit card, COD, and billing payment options, and
even multi-currency pricing.
Engines – Use your favourite search engine
and type “Canadian merchant accounts” in it, you will
find tons of links to research.
decide to open a Merchant Account with:
Make Sure There Are No Hidden Charges!
is unfortunate, but some merchant account providers try to sneak
hidden charges into their contracts.
following article exerpt by David Goodale of Merchant
Accounts.ca says it best:
If you see
a deal that looks too good to be true, then it probably is.
charges you may see can include:
• setup fee
• monthly fee
• discount rate
• per-transaction fee
• statement fee
• monthly minimums
• gateway fee
• minimum term contracts that you cannot cancel without
• rolling reserves.
As you can
tell, with all those different fees it can be very confusing,
and expensive to get a merchant account and process credit cards
on your website.
way to avoid any hidden or unexpected fees is to do your research…
to find the company that is best suited to provide a merchant
account for your business, you MUST be sure to ask the right questions.
will find a list of the critical questions that you must ask when
researching to find your merchant account provider, along with
a listing of answers I would look for when considering a merchant
account provider. (The answers listed below are with respect
to merchant accounts obtained through Merchant-Accounts.ca)
Are there any hidden charges or fees?
A) There are no hidden charges or fees.
Is the payment gateway included?
A) Yes the real time payment gateway is included.
Are transactions approved in real time?
A) Yes transactions are processed and approved
in real time.
Is U.S. or Canadian incorporation required?
A) Canadian or U.S incorporation is not required.
Any legal business entity will qualify - This includes corporations,
proprietorships, partnerships, and non-profit organizations. All
that you need is a business bank account in the country in which
your business is located.
What currencies can I accept payment in?
A) Payment can be accepted in almost any currency
from around the world.
How long does it take to be approved?
A) 3 business days.
What is involved in the application process?
A) We have an online pre-application form. It
is short and simple or else we can talk you through it over the
Is there anything else needed?
A) No, there is nothing else required. We do
NOT require business plans or any complicated paperwork.
How long is money from transactions held back?
A) Remittance is made on a weekly basis directly
into the bank account of your choice, with a one week delay from
the date the transaction is processed.
Where can I find a detailed listing of your rates? (Pricing
A) On our website and here is the URL.
to Part 1
Sutherland, Copyright © 2003
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