With more than 400 payment processing companies in Canada to choose from, finding the best processor for your business can be quite challenging.
After working with and testing hundreds of companies, we have been able to narrow down the options to the top 3 best merchant account providers in Canada.
The companies listed below are the most transparent, cost-effective and customer service oriented processors in the country.
More importantly, each of the companies listed below offers full rate guarantees to every merchant they work with.
They each guarantee the quoted rate plans for the full length of the chosen term (usually 3-4 years). Some offer rate guarantees even longer than that!
As long as you work with one of the companies listed in these pages, you can rest assured that the rates you agree to will not only be clear to you prior to signing, but they will also never be increased during the entire length of your contract.
#1 Digitech Payments
Our top pick this year, by quite a large margin is Digitech Payments.
Digitech has far surpassed our group’s expectations and consistently delivers not only fair and transparent pricing, but provides unparalleled customer service as well.
Digitech payments offers the most cost effective and transparent Cost-Plus Pricing.
As the most transparent pricing program, it’s easy for merchants to understand the initial quote and the subsequent monthly statements.
Due to their commitment to transparency, Digitech has grown exponentially since 2012 and has far surpassed every single one of their close competitors.
Digitech remains committed to providing excellent merchant services and continues to enjoy an A+ Rating with the Better Business Bureau.
Regardless of monthly processing volume or method, Digitech offers Interchange-Plus (Cost-Plus) Pricing to all their merchants.
Cost-Plus Pricing allows for the most clarity, as all you pay is the Interchange Rate (Cost), as set by Visa and MasterCard directly and just one simple markup on top of that.
Where most processors add their desired markup to the most expensive card, ensuring large profits for themselves, with Cost Plus Pricing, you know how exactly much your processing company is making on your account.
This gives you a much clearer picture as far as where there may or may not be room for negotiations and potential reductions.
This also allows for ease of comparison with competing offers as the processor’s profit margin is the only negotiable part of your processing costs.
Digitech Payments takes great pride in their lifetime rate guarantee. They guarantee every single merchant they work with not to increase their rates for as long as they are working together.
No other payment processor in Canada offers such a solid and comprehensive rate-lock guarantee.
Whether you are a retail business, a wholesaler, a restaurant, or working entirely online, Digitech Payments has the perfect solution for you.
Join the fastest growing payment processing company in Canada and enjoy the lowest rates along with a rate-lock guarantee and outstanding customer service!
For help in negotiating the lowest rate plan with Digitech Payments, feel free to reach out and contact us!
#2 Elavon Canada
Elavon Canada is the second largest processing company in the country, best known for their fantastic customer service and their partnership with Costco.
Elavon offers a host of pricing options including; Interchange-Plus, Tiered and Flat-Rate Pricing.
Generally speaking, we recommend Cost-Plus Pricing as it’s the most cost effective as well as transparent, but there are some rare cases where other options are preferable.
Elavon Canada provides full rate guarantees for the full length of the term (4 years). In other words, you can be assured of rate stability for at least 4 years if you choose to work with Elavon.
Elavon has an award winning virtual merchant and offers integration with the most popular shopping cart applications for e-commerce as well.
Elavon Canada offers outstanding customer service and low rates to all business types and processing methods. Another solid option for small and medium sized merchants.
For help in negotiating the fairest rates, feel free to contact us and have a rate specialist negotiate on your behalf!
#3 First Data Merchant Services
First Data is our third choice overall for Canadian merchants. First Data is one of the largest merchant account providers in North America and offers many solutions to merchants of all sizes.
First Data is currently the only payment processor to offer the newest smart terminals: The Clover and Clover Flex.
We are including First Data in the top 3 overall because they also offer cost-plus pricing as well as rate guarantees for the length of your term (3 years).
First Data’s virtual merchant is fully compatible with Beanstream and is a popular choice for accounting offices.
Particularly with First Data, it is advisable to have a merchant account specialist negotiate the rates for you as their billing structure is quite a bit more complicated than Digitech and Elavon.
For help in getting the best rates with First Data, reach out and have us negotiate the lowest rates for you!
Final Thoughts
The payment processing industry in Canada has changed quite a bit over the last several years.
Canadian merchants now enjoy the benefit of a Code of Conduct outlining merchants rights and the parameters account providers must operate within.
The companies listed above are all in complete compliance with the Canadian Code of Conduct and remain committed to surpassing the Code’s suggested “best practices”.
If you are looking for cost effective, transparent and worry-free payment processing in Canada, any one of the 3 companies listed above would be a great choice.
If you are looking for a little extra guidance and would like to have your current processing account analysed, don’t hesitate to get in touch.
We’ll have one of our merchant account specialists give you a call within 24 hours.