Guide

Best Payment Processing Companies in Canada for 2024

Discover the top features to look for in payment processing companies and compare the best options in Canada for your business.

This Page's Content Was Last Updated: February 6, 2024

When it comes to choosing the best payment processing company for your business, consider things such as transaction fees, security measures, customer support, and integration options. In this article, we’ll take a closer look at some of the top payment processing companies in Canada and help you make an informed decision for your business so that you can start accepting credit cards, debit cards, digital wallets, and other payments.

Credit Card Payment Processing Fees

In-Person
Online
Monthly Fee
Stripelogo
2.7% + $0.05
2.9% + $0.30
$0
Stripe
Shopifylogo
2.4%
2.4% + $0.30
$119
Shopify
Squarelogo
2.65%
2.9% + $0.30
$0
Square
Monerislogo
2.65% + $0.10
2.85% + $0.30
$14 - $35
Moneris
Elavonlogo
1.45% - 2.8%
From 2.07%
$10
Elavon
Helcimlogo
1.75% + $0.08*
2.4% + $0.25*
$0
Helcim
Cloverlogo
2.6% + $0.10*
-
$15+
Clover
PayPallogo
-
2.9% + $0.30
$0
PayPal

*Average

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:
Fixed
Variable
What You Should Know
  • Do you need e-commerce capabilities, mobile payment options, or a robust point-of-sale system? Determine what your business specifically needs from a payment processor.
  • Payment processing companies charge a fee per transaction, but the rates can vary significantly. Some also charge additional fees, including monthly or annual fees, and setup fees.
  • Some payment processing companies require long-term contracts, while others operate on a pay-as-you-go basis.
  • If you’re already using certain software for managing your business, ensure the payment processor you choose integrates seamlessly with them. This can simplify your operations and save you valuable time.

Compare Payment Processing Companies in Canada

stripe logo
Stripe

What We Like:

  • ✅ Transparent pricing
  • ✅ Access to a wide variety of payment options

Stripe is one of the best online payment processors in Canada, giving Canadian businesses access to over 100 payment options in 135 currencies and 195 countries. You can receive and pay out funds in multiple currencies, or automatically convert currencies, making global payments easy.

Stripe also offers advanced fraud detection, customizable payment forms, and detailed reporting to help you manage your payments efficiently. With transparent pricing and no hidden fees, Stripe is a popular choice for businesses of all sizes.

Some key features of Stripe include:

  • Multiple payment options: Stripe allows businesses to accept payments from a variety of sources including credit/debit cards, digital wallets like Apple Pay and Google Pay, buy-now-pay-later plans, pre-authorized debit (PAD), as well as popular payment methods in other countries.
  • Developer-friendly: Stripe is known for its simple integration options and robust API, making it a favorite among developers. It also offers extensive documentation and support to help businesses set up their payment processes smoothly for their e-commerce website.
  • Customizable payments: With Stripe, you can customize your payment forms to match your brand and provide a seamless checkout experience for customers, both online and in-person.
  • Strong security: Stripe uses advanced encryption and fraud detection technologies to protect sensitive information and prevent fraudulent activities.
  • No hidden fees: Stripe has transparent pricing with no setup, monthly, or hidden fees. Transaction fees start at 2.9% + $0.30 CAD for Canadian cards for online payments and 2.7% + $0.05 CAD for in-person transactions.
Stripe Hardware

Stripe's card reader, the BBPOS WisePOS E, is used for chip cards, magstripe cards, contactless cards, and digital wallets. It costs $299, while the dock costs $49. The compact BBPOS WisePad 3 can't be used for magstripe cards, but costs only $79.

Tap to Pay is also available on Android, allowing businesses to accept contactless tap payments using their own Android phone or tablet without needing to purchase hardware.

Stripe Fees

In-Person Transactions

Credit Card2.7% + $0.05
Interac Debit CardInterac Debit Card
International Credit Card3.5% + $0.05
Tap to Pay$0.15
Card Reader$299 (BBPOS WisePOS E)
$79 (BBPOS WisePad 3)

Online Transactions

Credit Card2.9% + $0.30
International Credit Card3.7% + $0.30
Pre-Authorized Debit1% + $0.40 (Up to $5.00)
Chargebacks$15
shopify logo
Shopify

What We Like:

  • ✅ Transparent pricing
  • ✅ Access to a wide variety of payment options

Shopify Payments is a payment processing service specifically designed for businesses using the Shopify ecommerce platform. It offers a seamless integration with Shopify and allows businesses to accept payments with the world’s “highest-converting” one-click checkout. Shopify also sells POS devices for in-person transactions.

Some key features of Shopify include:

  • Easy setup: As part of the Shopify platform, setting up Shopify Payments is quick and easy.
  • Multi-channel support: Shopify Payments allows businesses to accept payments through multiple channels including online, in-store, and mobile devices.
  • Fraud protection: Shopify Payments offers advanced fraud detection and chargeback protection to help businesses avoid financial losses.
  • Seamless integration: Since Shopify Payments is integrated with the Shopify platform, businesses can manage their payments and store all in one place.
Shopify Hardware

Shopify’s POS devices are powered by Shopify Payments. Here’s how much it costs to buy hardware from Shopify:

Countertop Kit
(Tablet stand + POS Terminal)
$459
POS Go$299
Tap & Chip Card Reader$49
Shopify Fees

In-Person Transactions

Credit Card2.7%

Online Transactions

Credit Card2.9% + $0.30
Store Monthly Fee$119/month per location
shopify logo
Square
Summary

What We Like:

  • ✅ Simple pricing
  • ✅ No chargeback fees

Square is a popular payment processing company known for its simple and user-friendly interface. It offers a range of services including credit card processing, point-of-sale systems, online invoicing, and more with no setup or monthly fees. Square also offers competitive pricing with no long-term contracts or monthly fees.

Some key features of Square include:

  • User-friendly interface: Square's intuitive design makes it easy for businesses to accept payments and manage transactions without any technical knowledge.
  • Multiple payment options: With Square, businesses can accept payments through credit/debit cards, digital wallets, and even by scanning QR codes.
  • Advanced POS system: Square's point-of-sale system allows businesses to track sales, inventory, customer data, and more. It also offers features like employee management and appointment scheduling for service-based businesses.
  • No long-term contracts: Unlike traditional payment processors, Square does not have long-term contracts or cancellation fees.
  • Affordable pricing: Square offers competitive pricing with no monthly fees. There’s the same simple transaction fee rate for all cards, plus, there’s no chargeback fees.
Square Hardware

You can buy or rent hardware from Square, and even purchase a complete POS system with hardware kits. Tap to Pay on Android is also available as a hardware-less alternative. Here’s how much it costs to buy hardware from Square:

Square Register Kit
(Register, cash drawer, receipt printer, paper)
$1,529
Square Register$899
Square Terminal$399
Square Stand$249
Square Reader$69
Tap to Pay on AndroidFree
Square Fees

In-Person Transactions

Credit Card2.65%
Interac Debit Card0.75% + $0.07
Manually Keyed In3.4% + $0.15

Online Transactions

Credit/Debit Cards2.9% + $0.30
moneris logo
Moneris
Summary

What We Like:

  • ✅ Simple pricing
  • ✅ No chargeback fees

Created and owned by RBC and BMO, Moneris is the leading payment processing company in Canada with over 350,000 merchants. It offers a wide range of payment solutions including credit card processing, online payments, and point-of-sale systems. Moneris also offers an online restaurant ordering platform, self-ordering kiosks, and business supplies.

Some key features of Moneris include:

  • 24/7 customer support: Moneris offers round-the-clock support to help businesses with any technical or payment-related issues.
  • Multi-currency support: With Moneris, businesses can accept payments in over 140 currencies, making it easy to cater to international customers.
  • Build an online store: Moneris partners with Wix to offer a seamless integration for businesses looking to build an online store and accept payments through Moneris.
Moneris Hardware

Moneris terminals come with a monthly fee for their rental, and includes features such as wireless 4G connectivity, all-day battery life, and a LED touchscreen. Here’s how much it will cost to rent a device from Moneris:

Moneris Go Plus$34.95/month
Moneris Go$29.95/month
Moneris Fees

In-Person Transactions

Credit Card2.65% + $0.10
Interact Debit Card$0.10

Online Transactions

Credit Cards2.85% + $0.30
Interac Debit Card$1.00
Online StoreStarting from $36/month
elavon logo
Elavon
Summary

What We Like:

  • ✅ Low rates
  • ✅ Next-day deposits with no additional fee

Elavon is a global payment processing company that offers solutions for businesses of all sizes. It provides services like credit card processing, e-commerce payments, and point-of-sale systems. Elavon stands out for its advanced security features and innovative technology. In Canada, Elavon is partnered with Costco to offer member-exclusive processing rates. Elavon’s POS software has a monthly fee that starts from $23 per month.

Some key features of Elavon include:

  • Global reach: With offices in 10 countries and 5.5 billion global transactions annually, Elavon allows businesses to accept payments from customers all around the world.
  • Advanced fraud prevention: Elavon offers advanced security features like tokenization and encryption to protect sensitive payment data and prevent fraud.
  • Customized solutions: Elavon works with businesses to provide customized payment solutions tailored to their specific needs.
  • Next-day deposits: Receive deposits quickly with no additional fee.
Elavon Fees

In-Person Transactions

Qualified Rate1.45%
Reward Credit Card1.99%
Non-Qualified Rate2.07%
Premium Credit Card2.07%
Super Premium Credit Card2.8%
Manual Keyed-In2.8%
Minimum Monthly Charge$10/month

Online Transactions

Starting from2.07%
helcim logo
Helcim
Summary

What We Like:

  • ✅ Simple pricing
  • ✅ No chargeback fees if merchant wins dispute

Helcim is a Canadian payment processing company based out of Calgary that offers a variety of services including credit card processing, e-commerce payments, and point-of-sale systems. It stands out for its transparent pricing and exceptional customer service.

Some key features of Helcim include:

  • Transparent pricing: With no hidden fees or long-term contracts, Helcim offers transparent pricing with low transaction fees.
  • Dedicated support: Helcim provides personalized customer service with a dedicated account manager for each business.
  • Customizable solutions: Helcim offers customizable payment solutions to fit the unique needs of each business.
  • Helcim Fee Saver: Pass on credit card processing fees to your customer, allowing you to accept credit cards at no cost to you.
Helcim Hardware

Helcim offers a standalone terminal with a built-in thermal receipt paper, as well as a portable card reader for tap and chip transactions.

Helcim Smart Terminal$399
Helcim Card Reader$139
Helcim Average Fees

In-Person Transactions

Mastercard

Consumer1.43% + $0.08
Mastercard Premium1.77% + $0.08
Mastercard Corporate2.46% + $0.08

Visa

Consumer1.59% + $0.08
Premium1.76% + $0.08
Corporate2.38% + $0.08

American Express

Consumer2.27% + $0.08
Premium2.27% + $0.08
Corporate2.28% + $0.08

Online Transactions

Mastercard

Consumer2.57% + $0.25
Premium2.80% + $0.25
Corporate2.56% + $0.25

Visa

Consumer1.98% + $0.25
Premium2.30% + $0.25
Corporate2.58% + $0.25

American Express

Consumer2.71% + $0.25
Premium2.71% + $0.25
Corporate2.71% + $0.25
clover logo
Clover
Summary

What We Like:

  • ✅ Get access to your funds within minutes, for an additional fee.
  • ✅ Accept payments, track inventory, and manage staff all using one system.

Clover is a payment processing company owned by First Data, which handles almost half of all credit and debit card transactions in the United States. In Canada, Clover provides services like in-person credit card processing and point-of-sale systems. Clover stands out for its user-friendly technology and variety of features.

Some key features of Clover include:

  • Simple setup: Clover offers easy setup with no complicated setup process.
  • All-in-one system: With Clover, businesses can manage payments, invoices, and customer data all in one place.
  • Mobile payments: Clover offers a mobile app for businesses to accept payments on the go using their computer, smartphone, or tablet.
  • Business tracking: Clover's point-of-sale systems include features like reporting and analytics to help businesses track their sales and products.
  • Variety of payment options: Clover allows businesses to accept payments through various methods including debit/credit cards, digital wallets, and contactless payments.
  • Repaid deposit: Get funds within minutes for a 1.5% fee.
Clover Retail Hardware

Clover’s retail systems come with a monthly fee, even if you pay in full for the hardware.

Starter (Mini Touch Screen POS)$799 + $14.95/month
Standard (Station POS)$1,799 + $49.95/month
Advanced (Station POS with Handheld POS)$2,398 + $64.90/month
Clover Fees

In-Person Transactions

Credit Card2.3% + $0.10
Manual Keyed-In3.5% + $0.10
paypal logo
PayPal
Summary

What We Like:

  • ✅ Well known globally for online transactions
  • ✅ Fast setup with easy integration

PayPal is a well-known online payment processing company that is widely used by businesses of all sizes and stands out for its user-friendly platform and wide range of payment options. For a 1.5% fee, you can get instant withdrawals to your bank account.

Some key features of PayPal include:

  • Fast setup: With PayPal, businesses can start accepting payments in minutes with no complicated setup process.
  • Multiple payment options: PayPal allows businesses to accept payments by connecting to an ecommerce platform, by sending an invoice, sharing a payment link, a QR code using the PayPal app, and even accepting payments manually using a virtual terminal.
  • E-commerce integration: PayPal offers easy integration with popular e-commerce platforms like Shopify, WooCommerce, and Wix.
  • Buyer protection: PayPal's buyer protection policy provides an added layer of security for customers making purchases from businesses using PayPal, adding trust and increasing conversions.
  • International reach: With over 325 million active accounts in over 200 markets, PayPal allows businesses to accept payments from customers all around the world.
PayPal Fees
Credit Card2.9% + $0.30
Credit Card - US3.7% + fixed fee
Credit Card - All Other Countries3.9% + fixed fee
QR Code Transactions - $10 and below2.40% + $0.05
QR Code Transactions - $10.01 and above1.90% + $0.10

Frequently Asked Questions (FAQs)

What is payment processing and why is it important for businesses?

Payment processing is the handling of electronic transactions between a merchant and their customers. It involves authorizing, capturing, and settling payments made through credit or debit cards, as well as other forms of digital payments. You’ll need to have a payment processing provider if you want to accept payment methods such as credit and debit cards.

How do payment processing companies ensure the security of transactions?

The best payment processing companies use advanced encryption and fraud detection technologies to protect sensitive customer information and prevent fraudulent activities. They also comply with industry standards and regulations to ensure the security of transactions. Fraud and chargebacks cost businesses money, making security a top priority for payment processing companies.

What are the top features to look for when choosing a payment processing company?

Some key features to consider are the types of payments accepted, transaction fees, integration options, customer support, and security measures. It's important to choose a company that offers a variety of payment options and has transparent pricing and reliable customer service.

Can payment processing companies help businesses save money?

Yes, by choosing a payment processing company with competitive transaction fees and no hidden costs, businesses can save money on payment processing. Additionally, some companies offer discounts for high-volume transactions or for using their own equipment.

What are the benefits of using a reliable payment processing company?

A reliable payment processing company can help businesses increase sales by providing a seamless and secure payment experience for customers. It also helps in managing cash flow, reducing the risk of fraud, and improving overall efficiency.

Can payment processing companies help businesses expand globally?

Yes, many payment processing companies offer international payment options and support multiple currencies, making it easier for businesses to expand globally. They also provide fraud protection and compliance with international regulations, making it a safe and convenient option for businesses to accept payments from customers worldwide.